How to Save Money on Income Tax (for Beginners & Salaried Employees)

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ABOUT THE VIDEO:

When someone says Income Tax, a switch in our brain turns off automatically, because who will do all that paperwork and it’s so complicated to understand. But think about it, we are already paying so many taxes. Taxes on food, taxes on clothes, taxes on travel, taxes on movies. So bhaiyoon aur behenoo…..it is time to turn that switch back on, because by doing our taxes, we can save a lot of money and that will inturn get you more money. It’s just like setting up a money tree. I know the concept is sounding like a fraud, but trust me, today I am going to tell you 5 legal ways to save tax and grow your money automatically.
In today’s video we are going to understand:
a)       What is Tax and how much are we paying?
b)      5 easy and legal ways of saving money, which include

    1. Spending Money (House Rent Allowance - HRA, Home Loan, Provident Fund, Education, Relief Fund)
    2. PPF (Public Provident Fund)
    3. Tax-Saving Fixed Deposit
    4. Health Insurance
    5. ELSS (Equity Linked Saving Scheme)

To help you decide, which option is best for you, I’ll compare all of these saving options based on their, a) Lock-In Period, b) Average Returns and 3) Taxation on Maturity so that you make the best decision possible.

c)       But most importantly, towards the end, as a Bonus Tip, I will show you through an example, how to do your tax calculations and pay the least tax possible.

Correction: Tax Calculation of Raj’s Example for 6 Lakh

Raj’s Income: 6 L per annum
Subtract 5 L from it (for 3rd slab): 6 L – 5 L = 1 L
He has to pay 20% tax on the above 1 L = 1 L X 0.2 = Rs. 20,000
Remaining amount: 5 Lakh
Subtract 2.5 L from it (for 2nd slab): 5 L – 2.5 L = 2.5 L
He has to pay 5% tax on the above 2.5 L = 2.5 L X 0.05 = Rs. 12,500.
So, in total, Raj has to pay = Rs. 20,000 + Rs. 12,500 = Rs. 32,500 as tax for an income of 6 Lakh Rupees.

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