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Hello friends, my name is Sahil Khanna and you are watching Intellectual Indies and today we’ll talk about Income tax return How can we file it 31st march is coming Start calculating from now. First of all we need to calculate our income Income is divided into 5 parts. Salary, House income Business Income,Capital gain, other.
Now in salary, from where do i get salary Property rental In Business income, What is your business and how much do you earn? In capital gain The profit i got after selling/buying a property. This comes in capital gain. Like profit from shares. Comes under this. Like if i sold any property or any kind of profit.
Comes under this category Let’s say total tax is 8 lakh If we divide 8 lakh into slaps let’s say from 0-2.5% we don’t need to give tax 2.5-5 lakh , we need to give 5% 5-10 lakh, we need to give 20% and above it, 30% Now in this on the total income, we will add educational tax too 3% I’ll tell you the whole procedure..
If we want we can give our income details on the basis of this But we do need to save some money too Here we have many saving scheme. First is 80CCC Insurance, house loan Our principal amount will be refunded to us. Tution fee. Certificate course is compulsion Mutual fund, FD, pension many things in this category.
In 80C, we can save around 1.5 lakh Now comes 80D Medical insurance Here our cap is 25000. If we are older than 60 then our cap is 30000 Now comes 80E If we have taken education loan Then we will get the refund in 8 years. Now 80DD which means If a person is dependent on me If we need money for that person(medical expenses).
We can get rebate, Now 80G Donation If i donate somewhere I can get 50% debate(maybe) You have to check the category under donation. One more thing, if you are donating something then that small receipt won’t work. You can donate 2000 normally If want to donate more than that Then you have to do it via cheque or demand draft..
Now 80GG It means House rent , Now i can take only 5000 back maximum. there’s a formula here. Given in the video. Now lowest among these three , we need to pay that. In our case, lowest is 5000 So total is 60,000. Let’s say the medi claim of 25000 Got the refund from that 60,000 from rent 15000 from education loan..
3 lakh has been deducted So 8 lakh-3 lakh = 5 lakh So 5 lakh is my taxable income. Now let’s calculate income tax. Above 2.5 lakh we’ll add 5% then 5- 8 lakh , ( 3 lakh we’ll add 20%) Now our total taxable income We’ll add 3% education cess End value is here So this is the basic calculation How you can calculate your income tax..
If your CA does it for you, then you can check How it’s done I’ll say you should do it by yourself. If you hire a CA, then he may tell you more things. WHy am i sharing this> So that How many sections are there and how you can save tax legally. Okay friends, video ends here. I hope you liked it. If any doubts, do ask me.
And do share So that people too know about this If your income is low z If you file income tax by yourself then it’s better. You’ll be able to understand it. If you earn more Then you should definitely hire CA You can track how he’s calculating and will share how you can save tax. Maybe next year i’ll show you how to save money.