How to save taxes legally? 

Tanmay's CA be like: Bol vo rahe hai but shabd hamare hai...

Honestly I've been so grateful to Tanmay for teaching such topics in a fun way..... Topics crucial for life which school never taught lmao

I am just 16 years old but just watch this for learning and also tell my father to watch thnx tanmay HATS OFF TO YOU ♥️

We want a second part with title how to save taxes illigaly

taking PCM and learning economics and commerce😂😂 with Tanmay bhat

Tanmay's IQ on tanmay bhat-noob Tanmay's IQ on honesty- all asia conquer no. 1 elon musk jeff Bezos Warren Buffett

"Tax jo hai wo mere Jangho ke peche ek Massa hai" - Tanmay Bhat 2021

I usually never comment on RU-vid videos. However, I just wanted to appreciate you Tanmay for coming out with this channel and such helpful videos in an easy to understand format. Also, I have been a fan since your AIB days. All the best!!

A comedian taught me more about finance than I learnt in my entire school life.

After taking over the job of chefs, vloggers, gamers he's now taking over my job😭

CA's be like - Ha yeh dekhlo pehle 🙄😂

Kya samjhaya hai yar Bhatt bhai ne...sidha dimag mai bethgaya yaarrr🔥🔥🔥...books padhke ye sab bhul jata mai to😂

Tanmay had so much income last year , that he has to learn all the things....

me who took 3 CA attempts to clear Income tax paper just to file other people's return just because syllabus pura nhi hua: Tanmay is a genius.

Tax Smart Tips Section 80GG: Rent paid for accommodation - If you do not receive House Rent Allowance (HRA) as part of your salary, or if you are not a salaried employee, only then can you claim this deduction. It is available for the rent paid by the taxpayer for his accommodation in a financial year as per prescribed Limits. You can contribute an additional amount up to Rs. 50,000, to the National Pension Scheme if cash flow permits and claim deduction under Section 80CCD (1B) of the I.T. Act. The section 80E allows you to claim the interest amount being paid on education loan availed for self, children or spouse or the student for whom the individual is the legal guardian. There is no limit on the amount, but the deductions are valid until 8 years from the year of the first interest paid. Section 80U allows deduction of Rs. 75,000 if you are suffering from a disability (40% disability). In case of severe disability (80% disability), the amount of deduction will be Rs. 1,25,000. However, the section covers only the taxpayer but not the dependents. Joint home loan borrowers can claim the maximum tax benefits individually. It means each holder can get a tax rebate of Rs. 1,50,000 for principal repayment under Sec 80C and Rs. 2,00,000 for interest payment under Sec 24. Keep saving taxes on your post-retirement fund by investing into a combination of Tax-saver FD to have liquidity & ELSS to enjoy tax-free higher returns! HUF is a separate entity, and can claim deductions under various Sections of Income Tax. Life insurance surrender value is tax-free, subject to certain conditions. For ULIPs the tax-free redemption period is 5 years while for regular plans the period is 2 years. Debt mutual funds give you an indexation benefit which reduces your tax outgo if you redeem the funds after 36 months. Section 80DDB: Expenses on treatments for specified diseases qualify for deduction from Total Income. The maximum amount of deduction is Rs. 40,000 for patients below 60 years, and Rs. 1,00,000 for senior citizens (Above 60 year of age). This exemption can be availed for treatment of self or dependents. If you are an NRI (Non-Resident Indian), you can claim Income Tax relief granted under provisions of DTAA (Double Taxation Avoidance Agreement) or Section 91 of the Income Tax Act. Section(s) 80QQB and 80RRB of the Income Tax Act, offer relief on royalty income for Authors and from artistic works or patents. Any royalty income from literary work is exempt up to Rs. 3,00,000 under 80QQB, similarly for patents the same exemption is provided under Section 80RRB. Being a salaried employee, you can avail a standard deduction of Rs. 40,000 on your taxes. Indian companies donating an amount to any political party, in any form other than cash, can avail for tax deduction under Section 80GGB. Tax deductions are available on any donations made to political parties in any form other than cash by an individual under Section 80GGC. Expenditure incurred on medical treatment of a dependent disabled relative are subject to tax deduction under Section 80DD. It is limited to Rs. 75,000 for disabled and Rs. 1,25,000 for the severely disabled individual. If you are buying a home for the first time, you can claim income tax deduction on the home loan interest up to Rs. 50,000 per financial year, there are conditions for loan sanction period, value of property etc. You can continue to claim the deduction until you have fully paid your loan. If you make frequent donations to registered charitable organisations or NGO’s, you can claim tax deductions from 10 to 100 percent depending upon the organisation, under Section 80G. Donations made towards rural development and scientific research are eligible for tax deductions under Section 80GGA of the Income Tax Act. You can get relief from capital tax gains under Section 54 of the Income Tax Act. If the proceeds of the house sold are used to purchase another residential property within prescribed time limits, the capital gains are exempted. Any amount received in the form of gift up to Rs. 50,000 is not taxable in the hand of the receiver for a financial year under Section 56 of the Income Tax Act. However, if the amount goes above Rs. 50,000 that the whole received amount is taxable. If you own a hotel or convention centre in specified districts having a world heritage site, you are eligible for tax exemption under Section 80-ID, subject to conditions. If you are in a business of collection and processing of biodegradable waste to generate power or produce biological products than you can gain tax exemptions under Section 80JJA. ULIPs can help you avail significant returns on short-term equity investments while reducing your taxable income by up to Rs. 1,50,000 under section 80C. With ULIPs, your investment returns are safe from the brunt of a short-term capital gain tax. Also, you have an opportunity to maximise your earnings by switching between multiple fund options for as many times as you want in a financial year, during the lock-in period. A registered co-operative society that has income through specific business or activity can claim tax deduction under Section 80P if the income is included in the total gross income of the society. If your annual income is less than Rs. 5,00,000 you can claim tax rebate under Section 87 A of the Income Tax Act. However, the rebate amount is only available for an individual assessee not to HUFs.

CA Final Income Tax revision lecture 😂

I’m 15 years old and learn a lot from you more than we could have learnt from the school just an appreciation comment for you

@7:26 totally wrong! Rebate u/s 87A is of tax amt or 12500 which ever is lower So you never get refund of 12500. Refund can be claimed only if your tax liability is less as compared to TDS/Advance tax deposited

I have been paying taxes for the last 3 years, only now I understood why my 30% calculation is more than my total TDS amount is.

bhai such a selfless person, he is just taking his time and making us save more.... Bhaiya luv you 3000

I'm a CA aspirant & i have to say everything was on point not too much not too less it was just perfect...more power for helping people to understand the importance of Financial literacy

I laughed so hard when you said .... " The govt. needs money for highway, dam, hospital, airport, 'CORRUPTION'..." as if it's one of them....

Learnt more about taxes in 12 mins than ever did.

⚠️ *This should be a mandatory part in school/College syllabus* ❤️❤️❤️

CA be like - CHILA CHILA KAR SABKO SCHEME BATA DE 🤣🤣🤣😆

A big fan of Tanmay just because his explanation is very simple. Even a rickshaw wala can understand. Simple uses of words make you more confident towards english as english language or language used in videos are still hawwa for the Indians.

I see Tanmay opening his own college in the upcoming few years jaha log marr rahe honge admission ke liye😂😂❤❤❤

Hi Tanmay, sharing this for information purpose - in Shikha's example, she has one more exemption available under section 80TTA - Upto Rs 10,000 savings bank account interest is exempt. Also, when it comes to investing under 80C, if you want to invest long term, you can invest in PPF as compared to FD as PPF interest is tax exempt but on FD interest you end up paying taxes. Also, the donations that we make to various funds like PM-CARES or Feeding India or various other places, they are also tax exempt to the extent of 50% / 100% of the sum invested (most funds come under 50% where they are not government operated) ALSO, employer's contribution to EPF which is generally included in the CTC of a person will not be considered as part of taxable salary. So if Shikha's CTC is 13 lacs and her employer contributes 80k as EPF, her salary for the purpose of income tax computation will not be 13 but 12.2 lacs. She will also get a professional tax deduction which is around Rs 2400 per year. Hope this helps. :D

If I ever become a millionaire in life someday 50% of its credit would go to Tannu bhaiyya ❤❤

I'm a CA student and I can say he explained it perfectly

Thankyou tanmay bhai. 4 saal ki engineering me kuch bhi yeh sab kabhi bhi nahi sikha tha. Boht sukriya.

This guy has helped us to understand tax regime easily Honestly as a CA Student I don’t think anyone could have explained it any easier. Thanks Tanmay.

im just 18 but truly , this cluless series of tanmay bhai is so easy to understand , it is really preparing youngsters to gain knowledge on such an important part of one's life ,

I recently got fond of your videos(the funny ones) all the old aib videos and now I am here Looking at one of the most funniest comedians talking about stocks, mutual funds, finances....I really appreciate the way you explain such vast topics of finance in such a simple way....You are doing a great job sir!!!

Tanmay sir u reaching new hights Ye bohot zaruri topics hai YouTh ke liye aur apane ye bohot achhe se samjha re ho bohot he mast tarike se❤️❤️❤️

So happy to see ClearTax mentioned here. Itni achi, straightforward website hai ki aaj mann hi kar gaya to pay them. So many other websites will ask you all the questions and fir bolengi ki mail ID do uspe send karenge 🤦

Ye Comment RU-vid Algorithm ke liye because Tanmay is working hard

As a teenager, getting to know many new things here. Thanks Tanmay bhai.

Thanks for another great lesson Tanmay!

I really want a teacher like you sir .❤❤

This is a treat for all the Company Secretary (CS) & Chartered Accountant (CA) aspirants 😂💙 Love from Bengaluru, Tanmay! 💛❤️

If tanmay would be my school teacher then definitely my parents will see me as a topper 100%

Tanmay giving gyaan on Tax !! 🔥🔥🔥 Bahut sahi 👍👍👍

Everything was perfect just a small clarification regarding 87A rebate. In the text, it was correct but in explanation it was slight incorrect. No refund is given due to 87A rebate

12minute mai business taxation padaya jo professor ne online mai 4 mahine liya fir bi kuch nahi samja Thank u bhat sab😍😍🤗

Abhi and niyu be like: Job risk main hai boss😂

The "legally" in the title hints that soon you'll come up with part 2 talking bout illegal ones

Arey maalik. Dhanyawaad. 🙏🙏🙏. Mere sar ke upar se jata tha pehle ye sab.

As a accounts and tax professional, I can vouch that Only Tanmay bhat can make such complicated topics seem easy. Kudos to you and your team.

me at 17 years of age : wow itna paisa bacha sakte hai........... my dad : abbe saale paisa kaise banate hai wo to sekkh le........... good one dad!!

Other day me and office colleague were discussing in college they should teach us income tax filling and investment. Because most of us don't know how to calculate tax and how much to pay!

our big brother always there for us..

heyy Tanmay, Learning 'bout finance being a sci student is greatt. Thank you so much man! ✌🏽❤️

Hey Tanmay ! I am a 10th class student and I love talking and gaining knowledge about finances ... Thankyou for the knowledge. I know I am very young though but I love talking and discussing about money ... Thankyou for guiding me how money works ❤😊

Thanks Tanmay, just started earning, and somebody told me that I have to pay taxes. All of their explanations were too complex but you made it very clear. Thanks

Seen many videos on finance by now but not like these you make. Never Imagined you would be making finance videos. Loving it........!

This man has really been a very good mentor and is really explaining us like an older brother. Thank you Tanmay❤

Tax is simple until It's in Tanmay's videos and not ICAI syllabus

I just started working I’m 20 and jokes apart its fun learning from Tanmay Ji!! Please continue thiss pleaseee because i need more help in understanding finance management better

No one can make it as simple as this in 10 min

You just reminded me of my CA COACHING days DIRECT TAX CLASSES😆🙏❣️

Teenager like me are thankful to Tanmay Sir! RU-vid dekhne ke fayde is watching This channel!

Tanmay being a comedian was good, but he speaking abt finance is even better. ❤️

Thanks tanmay lots of love .!!!A medical student here ..Everyone says start investing early..but I'll start earing in my late 20s maybe early 30s....a little worried but lets c what happens ..still a little clueless!!!!

You should also mention "Your Chartered Accountant" in "Other Tax Calculators"

I would like to request Anshuman to run a discussion channel where finance enthusiasts can share and discuss their views too!

Nobody has ever described tax in a very interesting way.👍

National pension scheme can also be added where you get 50k tax deduction over and above 80c

This gave me solid understanding of something which many ppl of my age literally have no clue about

My parents don't understand these things. So now i can explain them. Thank u Tanmay

You explain very simply and intersting way thanks for educating us

I though him dumb but the way he explained financial stuffs I feel he is the best teacher

I THOUGHT THE SECOND QUESTION WAS " IS THE GOVERNMENT FUNCTIONNG PROPERLY?"🤣🤣🤣😆

when is the "saving taxes illegally" coming out?

8:48 - "Good for shikha" by Chat In case you missed it.

I myself am a financial advisor. But the way you explained the thing, i learnt a lot. I have been also watching your other videos about finances. You are doing great great job. It was so much needed. Thanks a lot, Tanmay.

From random aib bakchodi to taxes... Wow this guy has really grown ❤️

Me after becoming CA: Ye kis line mei aa gaye tannu bhaiya.. Kyu gareeb k pet pe laat maar rahe.. 😝

we're just grateful for you explaining these necessary topics in detail mann!

HRA is not always completely deductible. 80C also has a limit of Rs 1.5L.

Tanmay - I'll be posting link in Description to calculate your Taxes Me - Who does not find a Single Link except for Sponsor

Modi ji would be like: Areeee bete moj kardi...areee bete,..tum toh bade heavy tax payer ho!

For those who are criticizing CAs in the comments, Bro this is not even 0.0001% of our syllabus. This is the first chapter of our direct tax module. But I'm jealous that you can understand this without having to face the pressure have to face 👍

This is real knowledge without any propaganda 💯😭.... Thankyou Tanmay, Don't stop👍

Now I can fill my own tax returns with confidence, high time to say -" Aaj main bharke aaya !" Great content Tanmay

Even before watching this, by the title, I know that it's about Section 10, 80C to 80U of Income Tax Act, 1961

Much better than simple hahaha huhu huhu that you used to do earlier 🙂 That's awesome to do but with kaam ki baat... your reach is so high that you'll change lives

Also you can contact and consult tax planner and you can turn out more cards

Tanmay bhai I am a CA Final Student. You are giving the best knowledge for everyone as what are you teaching is not known to almost half population of India Tanmay Bhat OP

1:20 He literally said "Govt. Ke kharche Income se kam hai to Debt to Lena padega"😂🤦🏻‍♂️ actually it's vice-a-versa

Thank you for posting such stuff for dummies (including me)

Tanmay has explained it well and simply.

CA students be like "chal chal apne baap ko mat sikha"😁

This dude it too funny , too cute and too talented and we don't deserve him

Mereko laga tha ki tanmay sirf comedy hi janta he Very clever bhattaji

I don't know how no one actually noticed that Taxable income is actually Total income- tax deductions- tax exemptions Whereas tax rebate is not subtracted while calculating taxable income, you just get rebate on the tax amount paid. Correct this man

Me as 18 years kid ... Income is 0 but watching how to pay tax 😂 but I learnt a lot ....

Tanmay bhat is a part time investment advisor 😅😂

Its unbelievable a comedian teach us so valuable content

Better than the other channel. Good Stuff