Hello dear children, look up, what is written on the top?
Form 10 IE, this is the topic of our discussion today.
What happens, why it happens, how it happens, why it
happens, we will discuss this in this clip with you and the
trend is changing a bit.
This time instead of writing like this on the pad, I am
thinking of typing things in front of you.
You will also like it, I will also have a little typing
practice.
So once there is a little noting related to Form 10 IE,
let's do it together.
I will type, you keep writing to yourself and then we will
understand those things.
And then we will continue to do what we have been doing, we
will take it to the portal.
After the conceptual discussion, we will show the whole
live, how to fill 10 IE on the portal.
If you have not seen our ITRU clip, then be sure to see it.
You would feel that we take you to the portal by doing
analysis in how much depth.
And then how to show you practically everything in detail
on the portal.
All those things are explained very beautifully.
So let's have a discussion related to Form 10 IE with you
first.
Come friends, let's go, come friends, let's go.
I have kept it here, writing pad, you don't need to sit.
Writing pad got angry, said good time came, said another
technique, so put me aside.
No one, when you will question, then I will need it.
Yes, then she will call you back, brother, now calm down
for a while.
Now I will type from the laptop, we will write in Form 10
IE, it is an online form.
Sir, sir, sir, we can't see, sir, I know before you, son.
I have said for the first time, now slowly slowly brother,
After a few years, this is what I have to do, I have to say
son.
Now let's go, you guys are together, the age is growing
slowly.
Children come to us at that age, our age is growing slowly.
So as an experience, I left for the first time today.
For now, I will stop, although I will not say again, but I
will have to say after a few years.
No problem, that will also be an experience of a good life.
I increased its size a little bit.
So friends, right now we can see, sir, we can see now.
Cool, it is an online form.
Filed when the taxpayer having income from PGPP, PGPP wants
to opt for new tax regime of income tax.
Wants to opt for new tax regime of income tax act.
The taxpayers not having PGPP income can simply select new
tax regime in their ITR form only.
In their ITR form only.
Keep writing, keep writing, keep writing, keep writing.
And also keep fighting with the problems and the hurdles of
the life.
Keep writing, keep fighting.
This is the ultimate crux of life.
Under new tax regime, under new tax regime, lower tax rates
are available.
But some deductions and other tax benefits are taken away,
are taken away.
So it depends on client wise analysis that whether to opt
for new tax regime or stay under old tax regime or stay
under old tax regime.
Keep writing.
For new tax regime to opt for new tax regime.
Such 15-digit number, such 15-digit number is available
only after filing form 10-IE, only after filing form 10-IE.
So, form 10-IE has to be filed before filing of ITR, has to
be filed before filing of ITR.
Keep writing.
Keep writing this much and then we will do some more noting.
Keep writing this much and then we will go quickly.
Keep writing.
Done.
Yes.
Keep writing.
Let's make it more beautiful.
If anyone has not written, then pause the video and write.
Okay.
All these things will be useful when 10-IE will be
practically live.
So it is necessary to make a little base.
It should not be on YouTube video that come and start
directly and then this is form 10-IE, this is to press this
button, this is the process, this is the detail.
That someone will tell you.
What is the use of connecting with us?
That we will make a base first and then tell you.
That thing will last for a long time.
That would be worth it.
Okay sir.
Okay.
It is not a big noting, just a few things are left.
Following contents are required to be entered in form 10-IE.
Name of the Assessee.
Without pen number, income tax people do not move.
Address.
Date of birth or date of incorporation.
Nature of business.
Details of 10-IE.
Previously filed or declaration.
Note this down.
Spelling spelling is correct.
Do not make a mistake.
Spelling spelling is correct.
If the spelling is correct, everything will be fine.
Name of the Assessee.
Pen number.
Address.
Date of birth or date of incorporation.
Birth in the case of an individual.
Incorporation in the case of an entity.
Nature of business.
Details of 10-IE.
Previously filed.
Declaration.
These are the basic details that have to be filled up.
Okay sir.
Challenge.
Okay, so let's discuss what is written about it, what is
it, what is it, what is it, what is it, it is an online
form filed when the taxpayer having income from PGVP wants
to opt for new tax regime of Income Tax Act, friends, there
used to be only one tax regime in the Income Tax Act.
Tax regime means how much tax will be imposed on which
income, how much tax will be imposed up to where.
Slab rates used to be, but a new tax regime has also been
introduced, which means one tax slab is different, the
other tax slab is different, the taxpayer who likes it, he
can choose it.
Sir, he will choose the same option in which his tax is
coming down.
Yes, this is what you have to know, in which tax is coming
down.
New tax regime comes with less tax, we will calculate and
see when it comes in old, when it comes in new, when to
take old, when new, but if the new tax regime of the Income
Tax
Act comes with less tax, then you have to tell the
government that we want to opt for a new tax regime, our
tax is less in it, we want to pay tax according to that, so
the new tax regime that you have to select, it is selected
through a form, a form is filled on the Income Tax Portal,
what is the meaning of the online form, go log in, fill in
the details and choose your option.
It is not like downloading any form, like ITRU, you have to
download the utility, fill it, generate the JSON and then
upload it.
No, no, no, everything is there on the portal, complete
online, fill in the details, fill in the details, update
everything.
Taxpayer having income from PGVP, remember this thing, who
is mandatory to fill Form 10, who has PGVP income, Profit
and Gain from Business and Profession, there are 5 heads in
the Income Tax Act, Salary, House Property, PGVP, Capital
Gain, etc. Whose PGVP income is there, if he wants to opt
for a new tax regime, then it is necessary to fill 10 IE,
if a taxpayer does not have PGVP income, he wants to select
a new tax regime, then there is an option for him, he can
select in the form of his ITR,
does not need to fill 10 IE separately, he does not need to
fill 10 IE separately, he can select in the form of his
ITR, when he will fill the form of his ITR, when he will
fill the form of his ITR, then there is an option, that
brother, are you taking a new tax regime, yes, then you can
select there in the new tax regime, under the new tax
regime, lower tax rates are available, but some deductions
and other tax benefits are taken away, friends, see there
is no free fund in this world, nothing
free of cost, something has to be paid, so if you want to
reduce your tax rate by coming to the new tax regime, which
is available in the new tax regime, then you have to give
up the deductions that you get in the old tax regime and
some other tax benefits, means like LIC, student children
fees, MADI claim, interest on housing loan, all these have
deductions, friends, you get it in the old tax regime,
there the tax rate is high, but in the new tax regime, if
the tax rate is reduced, then
are also taken away, so friends, which scheme is better for
which client, for whom the low tax rate will come in the
old tax regime, for whom the low tax rate will come in the
new tax regime, how will we know, so it depends on client
wise analysis that whether to opt for new tax regime or
stay under the old tax regime, how will we know this, we
will have to do client to client analysis, friends, I will
also do some case studies, client to client, you will be
able to find out where old is
where new
scheme is better, so you should know where the new scheme
is better, if you do not know where the new tax regime is
better, you will select someone like this and fill the form
10I, no, the client has come to you, the client is saying
that save as much tax as possible, so you will say yes,
let's compare your old and new tax regime, where is the tax
rate coming down, we will select that option, so that
comparison will be taught to you, and
the new tax regime is better, which is better, it means
less, there is benefit for that, then fill 10I, in ITR
form, 15 digit acknowledgement number is mandatory to be
entered to opt for new tax regime, and in ITR form, the one
whose PGP income I am talking about, when you fill ITR form
while having PGP income, and want to go to new tax regime,
then a 15 digit you have to enter an acknowledgement number
of 15 digits and that acknowledgement number is generated
from
Form 10 IE Such 15 digit number is available only after
filing Form 10 IE
So, Form 10 IE has to be filed before filing of ITR
So, if a SSE having PGVP income wants to opt for new tax
regime he has to file Form 10 IE before filing ITR because
in ITR you have to enter the acknowledgement number of Form
10 IE
You have to enter that
Yes sir, I understand
After that, what are the contents that you have to enter in
Form 10 IE
It is a very basic form I am saying that it should not be
called a form
It is a means of fun
Never get in a mood
Don't feel like it
You are getting bored sitting idle Then log in to Income
Tax Portal and let's fill Form 10 IE
Do it, it is a matter of time pass
It is not a big concept What are the basic details
Enter the name of the SSE Enter the PIN
Enter the address
Enter the date of birth and co-operation
Enter the nature of business
Enter the details of Form 10 IE and give the declaration
What is the declaration for?
I say it in my mind that I want a new tax regime I don't
want an old tax regime
I have to tick the declaration
That's it
It is very simple
But, what is there to learn in this? Should we opt for old
or new?
We will teach you in the next clip through some case studies
What is good for your client? Old tax regime or new tax
regime?
Thank you for now
Bye bye and take care
Hello everyone
We welcome you in another beautiful clip
In this, we will see
Old tax regime should be selected or new tax regime?
Which client should opt under which regime? So that his tax
liability does not become more
So that his TDS does not cut more
All this preparation and hard work
We are going to learn in this clip
So, I believe you all are ready Because, I am also ready
Yes sir, we both are ready to understand this beautiful
topic
This is a very red hot topic It is in high demand
Many people want to know
Should they opt for old tax regime or new tax regime?
If in old tax regime you feel that tax liability is
increasing TDS is cutting more
So, we should try new tax regime So, you should know
How can you come in new tax regime?
All these things We will tell you in this clip
When, where and how it will be better
Through some case studies
But friends, we will keep the calculation complete
Will understand everything And will go to the depth of
things
So, don't be in a hurry with me
I don't take your time as much as needed
I take a little less than that
And I explain everything to you
If you have any problem in that You should improve your
approach
Okay sir?
No problem sir, we are ready
You make us do things
I said okay, let's start
Okay, write
Old tax regime vs new tax regime Which one should we do?
This is today's fight
Old tax regime
vs new tax regime
Wrestlers got their hands
Let's see who wins
In which case Let's start writing through some case studies
No.1 Example No.1
Everyone has to write
Please write
An Assessee
Mr. Rajeev
Welcome movie
We have called Akshay Kumar
An Assessee Mr.
Having Salary income
Of Rs.
Rs. 7,50,000
Deduction
Under section
ATC is available
To the full extent
Deduction under ATC Is available to the full extent
Okay sir, please write
In this scenario We have to find out
Which tax regime will be good
For this client How will we do?
We will compare his income
On his income How much tax is being made in old tax regime
And how much tax is being made in new tax regime
After that we will see which one is good for him
Yes This is salary case
If new tax regime is good for him
And he has to opt for new tax regime
Then there will be an option in his ITR form
To accept new tax regime
But if
I write PGPP income instead of salary Then he will have to
fill
Form 10 IE Don't take it as a big difference
If he has salary then he will not have to fill
If he has PGPP income instead of salary
Then he will have to fill form 10 IE
Okay sir
Solution
I will write the solution on the next page, write down
friends, new regime, old regime, income under head salary,
income under head salaries, 7,50,000, income will be
7,50,000,
income tax act.
There is a section of income tax act, which gives deduction
on salary of 50,000, Rs, 50,000 Rs.
Let me show you, wait.
You should see fully.
You get feel from this, confidence is increased.
The thing remembers you for long, right, right?
Right sir, I will show you the bare act only, give me some
time, I will show you the bare act only, it is not written
in the act at all.
I will go to the income tax site only with you, give me a
sec.
Here I have opened Google, I will also serve you, Google
Devta is present, Google Devta is present.
Here it is, Google Devta is here, welcome Google Devta,
welcome, welcome.
Here you will write income tax, and by writing income tax,
income tax India, click here, income tax India.
Do not go to e-filing portal, ladies and gentlemen, please
mark a point, we do not want to go to income tax e-filing
portal, no, no, no, no.
We have to come to this website, incometaxindia.gov.in,
incometaxindia.gov.in.
So here you will come, click on the first link, and below
you can see, here is tax laws and rules acts.
So click on acts, click on acts, at the top is income tax
act 1961, income tax act 1961 is at the top, we will click
on it.
And friends, its section number 16, section number 1, you
have to go to section number 16, you have to visit there,
you will be welcomed there.
Section 16, come quickly, children are waiting.
Section 16, deduction from salaries, open this, open this,
bear act is opening, bear act is opening.
Come, friends, let us read.
Sir, I cannot see anything, it is looking small.
I said, take this, I made it big, now you must be able to
see.
Yes sir, now I can see.
The income chargeable under head salary shall be computed
after making the following deductions, namely a deduction
of 50,000 rupees, 50,000 rupees or the amount of salary
whichever is less.
I said, 50,000 rupees is a fixed deduction.
If someone's salary is more than 40,000, then he will get a
deduction of 40,000.
Then if we give a deduction of 50,000, then it will be said
that the government is making a tax of 10,000, take it from
us, you are more poor.
Donation is not going on here.
If someone's salary is more than 50,000, then he will get a
deduction of 50,000.
This is called standard ad-hoc deduction.
Close your eyes and take a deduction of 50,000.
This government brings these things to get votes.
If someone's salary is less than 50,000, then he will get a
deduction of the same amount.
The salary of the one who is less than 50,000 is 40,000,
30,000, 20,000, whatever it is.
Okay sir, we understand what you are saying.
So this 50,000 rupees will be deducted from there.
Let's go back there, let's go back again.
So friends, there will not be a tax on 7.5 lakhs.
Before this, the standard deduction is minus, there is a
deduction.
Minus standard deduction.
What is the fun?
This standard deduction of 50,000 rupees is in the old
regime.
And it is said that you do not get deductions in the new
tax regime.
You will not get 80C, but the latest budget introduced this
scheme.
That they allowed the salary of 50,000 rupees to the
standard deduction in the new regime.
When the new regime came, this standard deduction did not
happen.
50,000, they allowed.
Now in the new regime, this 50,000 will be minus in both
places.
Okay sir, so friends, how much income will be left?
This is called GTI Gross Total Income.
That is, the income that comes after deducting the standard
fixed deduction from your actual income.
That is called Gross Total Income.
In both cases, this is 7 lakhs.
In both cases, this is 7 lakhs, my dear friend.
7 lakhs, 7 lakhs.
Yes sir, okay.
After this, the deductions of Chapter 6A.
Your income tax faculty must have told you that deductions
are obtained in Chapter 6A.
Minus deductions under Chapter 6A.
This is the same deduction that was being discussed here.
Deduction under 80C.
LIC, PF, school fees of children, PPF.
All those investments of yours, all those deductions are
obtained under 80C.
And full deduction is allowed.
That is, maximum 1.5 lakh deductions can be obtained under
80C.
And your example had written that 1.5 lakh deductions are
allowed.
And your example had written that 1.5 lakh deductions are
allowed.
We have made so many investments according to 80C that we
can get 1.5 lakh deductions.
But, but, but.
This 1.5 lakh deduction from Chapter 6A to 80C section is
available only in the old regime.
It is prohibited in the new regime.
Why?
The new regime says that we will reduce the tax rate and
take away the deductions.
The old regime says that we will give deductions.
Tax rates are a bit expensive in our country, so what?
Now, we are doing the same analysis from case to case.
The new regime says that we will reduce the tax rate and
take away the deductions.
Tax rates are lower.
The old regime says that deductions are allowed, but tax
rates are higher.
Now, we are seeing which one will be better according to
this.
So, what will come out now is the taxable income.
The income that will come out now, which will now give
vision is the taxable income.
This is 7 lakh and this is 5.5 lakh rupees.
5.5 lakh rupees.
This is the taxable income.
This is the income on which tax will be imposed.
On which tax rates will be imposed.
Slab rates will be imposed.
This is the income.
Put the tax rate.
According to the new regime, what is the tax slab?
According to the new regime,
First, the total income.
7 lakh rupees.
According to the new regime.
Let's find out how much tax is being imposed on this.
Sir, the slab rates of the new regime.
Your income tax faculty must have told you.
If I start discussing slab rates to you, then our journey
will go somewhere else.
That's why I request you not to ask me slab rates.
I will show you the percentage.
How much tax is coming.
But if you want to discuss the slab rates, then it will not
be possible.
I will not be able to do that.
The income tax faculty must have told you.
Sir, in the new tax regime, first 3 lakh.
First 3 lakh.
There is zero tax rate on income from 0 to 3 lakh.
There is a nil tax rate.
The basic exemption limit is 3 lakh rupees.
After that, from 3 lakh to 6 lakh.
From 3 lakh 1.
From 3 lakh 1 rupee.
To 6 lakh.
To 6 lakh rupees.
The tax rate on the next 3 lakh is 5%.
Are you understanding?
First on 3 lakh, nil.
Then from 3 lakh 1 to 6 lakh.
Means on the next 3 lakh.
From 3 lakh 1 rupee to 6 lakh.
How much will it be? 3 lakh.
That 3 lakh will be 5%.
How much will that be?
15,000.
That will be 15,000.
After that, the rate from 6 lakh to 9 lakh is 10%.
And you don't have to go to 9.
You have to stop at 7.
So this will be from 6 lakh 1 to 7 lakh.
Sorry.
10%.
10% on the next 1 lakh.
Sir, this is 10,000 rupees.
This comes, my dear friends.
25,000 rupees.
How much? 25,000.
And the fun part.
A rebate comes in section 87A.
Rebate comes under section 87A.
Rebate says,
All the taxes on the income up to 7 lakhs,
All are forgiven.
So 25,000 will be forgiven.
And finally, your tax payable would be
Zero.
Your tax payable would be
Zero.
New tax regime.
New tax regime says that there is no tax on the income up
to 7 lakhs.
Yes.
The tax was being made, 25,000.
But it is forgiven.
Through a new section.
I should not say new.
Through a separate section.
Through section 87A, it is forgiven. 0 to 7 lakhs in slab
rate
No, only 3 lakhs in slab rate
Calculation will be according to that
But if it is seen in the last
That your total income is up to 7 lakhs
Then your entire amount will be forgiven
Otherwise, if 1 rupee would have been more
Then you would have to pay the entire tax
From 3 lakhs to 7 lakhs 15, 10 and whatever comes
On 1 rupee, you would have to pay that too
You would have to pay the entire tax
Okay? Okay sir
What comes on 1 rupee? 10% 0.1% If your income would have
been 7.5 lakhs
Then it would not have been forgiven
You would have to pay the entire tax
Then the basic exemption limit would be 7 lakhs
If it is 7.5 lakhs
Then you would have to pay this 15
And from 6 to 7.5 10% on 1.5 lakhs
You would have to pay 15, 15, 30 87 will not be able to
help you 87 will not be able to help you
It helps you with the income
Up to 7 lakhs
What are the things about the old tax regime?
Let's check the old tax regime
Let's talk about the old tax regime
As per old tax regime
What is the total income? 5.5 lakhs
The income is less there
It is possible that the tax is less there
But the rates are also high
Let's see what happens
Total income 5.5 lakhs
As per
Old tax regime
Let's calculate the tax on this
Old tax regime says
First 0 on 2.5 lakhs
After that
From 2.5 lakhs to 5 lakhs
Next 2.5 lakhs
From 2,50,000 to 5 lakhs 2.5 lakhs to 5 lakhs
Means next 2.5 lakhs
Which will be 12,500 Which will be 12,500
And after that
From 5 lakhs to 10 lakhs
You have to give 20%
But we will not go to 10 lakhs
We will stop at 5.5 lakhs 5 lakhs from 1 to 5 lakhs 50,000
So next 50,000 20% means 10,000
Next 50,000 20% means 10,000 12,500 12,500 Health and
education says
You will have to give separately
Sir, here to help
Section 87A rebate will not come
It comes
In old tax regime also
Rebate of 87A comes to help
But it says in old tax regime
If your total income is up to 5 lakhs
Talking about taxable total income
If your taxable total income
Is up to 5 lakhs
Then your entire tax will be forgiven
However much it is
But here the income has gone up to 5.5
So 87A help
Will not be able to do
And friends are you seeing the result
Are you seeing the result
For a common man
How much is this money
You can clearly see
New tax regime
And old tax regime 22,500 Plus 4% health and education says
separately
Please be very careful
While deciding the regime
Be very very careful
You can see it here
How much difference is there
It is a very small case
Think how much difference can come in crores
Yes sir we are understanding
Good good good
Very good
Comparison like this
And then
Select new or old
Like in new regime
Tax is less
And this guy is salaried
So when we fill his ITR
ITR 1
ITR 1 for salary
Do you want to opt for
New tax regime
Calculate the tax accordingly
Will come
Okay But If it is PGVP
PGVP income
Business income
I taught you during concept
What did I teach you during concept
This is what I taught you
During concept
Then it will have to fill form 10 IE
It will have to fill form 10 IE
First then it will go to fill ITR
If you fill form 10 IE 15 digit acknowledgement number will
be generated
Will put it in ITR
Will come in new tax regime
Okay sir salary or business income
Calculation will remain the same
How will form 10 IE be filled
When will it be filled, when will it not be filled
I told you here
Okay sir one more
Case study should also be done
In this
New tax regime is good
Old tax regime can also be good
Sometimes both can be the same
We will cover all the cases
It is our duty
Write example number 2
And how did you take 7 lakhs
Why did you accept the salary of 7 lakhs
We will accept in some other examples
But 7 lakhs is accepted
Basic limit is 7 lakhs
There is more discussion
Understanding Okay We are giving you concept
Your client's salary is 7
Less than 7, more than 7
You have to apply
You will find that you are able to solve
Example number 2
Let me write now
Give me a sec
Example number 2
Having income from salaries Rs.
7,50,000 Sir, you took the same amount, you took the same
amount.
Last time also it was Rs.
Yes, yes, we will make some changes in deductions.
Deductions under section ATC and ATD are available to the
full extent, are available to the full extent.
Friends, let's do the solution for this.
Everybody write this down.
This time there is a change, you can feel it.
If deductions are available under ATD.
See, do you know what are the main deductions?
There are three main deductions, which are discussed a lot.
ATC, ATD and that interest on housing loan, ATE.
These are the main deductions, which are discussed a lot.
So, once you have taken ATC, if ATD also comes in the
picture, because there are a lot of clients like this,
whose ATC and ATD have deductions in both.
So, they will also have to be seen, and then what is
happening in that case.
Someone is not in ATD, only in ATC, he has seen the last
case.
Someone's ATC is also ATD, he sees this case.
Okay Sir, okay, okay.
Write it down.
Write the solution.
Income under head salaries, 7,50,000.
7,50,000, 7,50,000, 7,50,000.
Minus standard deduction under section 16.
Standard deduction under section 16.
50,000, 50,000.
Gross total income.
7,00,000, 7,00,000.
Very good.
ATC and ATD deductions will not be found in this.
You get it in the old regime.
In old regime only you will get
Less deductions under section 80C and 80D
New regime says don't take name of deduction in front of me
if you want to take deduction then go to old regime
I can do tax rate cheaply and old regime says tax rate is
expensive but if you have full deduction of 80C then come
and take 1.5 lakh and in 80D you know how much is full
deduction in 80D it is 50,000 minimum 50,000 in full also
there are many 50, 75, 1 lakh so we have taken very less
deduction very less what happens in 80D you can separate
your medical insurance from family and parents sir parents
don't come in family in income tax act parents don't come
in family spouse and children come in
spouse means life partner if you are spouse then she your
she ok sir so it is like
for parents you can take 25,000 and for self and family you
can take 25,000 25 and 25 becomes 50 sometimes it becomes
75 sometimes 50 so it is analysis of 80D we are not doing
analysis of 80D ok sir be very clear on it so this will be
taxable income which will be tax
in new tax regime it is 7 lakh and in old tax regime it is
5 lakh
in old tax regime it is 5 lakh what is interesting
according to new tax regime we deducted 7 lakh how much was
coming? it was 25 but it becomes 0 because of 87A so how
much will be tax on it? 0 on 7 lakh income 0 and in old
regime whatever tax will be there on 5 lakh that will also
become 0 because because in old tax regime 87A says
whatever tax is there on total income of 5 lakhs it will be
deducted on total income of 5 lakhs it will become 12,500
first 0 on 2.5 lakhs then 5 on next 2.5 lakhs
it will be deducted because of 87A so if your salary is 7.5
lakhs and in 80C 1.5 lakhs and in 80D even 50,000 deduction
is there if it is 1.75 lakhs then it is different even if
it is less than 50,000 deduction is there then in both
regimes your tax will be 0 in both regimes your tax will be
0 ok so in this scenario both regimes become equal in this
particular scenario both regimes are equal yes sir you can
see both regimes are equal all of them are equal both of
them are equal so what was
in first regime sir new one was good new one was better and
here both are same take any one example 3 example 3
an assessor
an assessor Mr.
having income from salaries
Rs. 12,50,000
deductions under section
80C and 80D are available to the full extent
means in second case in second example what will happen if
salary amount increases
write it down
an assessor Mr.
Rajiv having income from salary
Rs. 12,50,000 deductions under 80C and 80D are available to
the full extent deductions under 80C and 80D are available
to the full extent
Mr. Rajiv
Income under head salaries, 12,50,000, 12,50,000,
12,50,000, 12,50,000, 12,50,000, 12,50,000, 12,50,000,
12,50,000, 12,50,000, less standard deduction under section
SOLA, 50,000, 50,000, gross total income, 12,00,000,
12,00,000, gross total income 12,00,000, 12,00,000,
less deduction under chapter 6A, 80C, 80D, 1,50,000, 50,000,
taxable income, 12,00,000, 10,00,000, 12,00,000, 10,00,000,
taxable income, 12,00,000, 10,00,000, taxable income,
12,00,000, 10,00,000, 10,00,000,
taxable income, 12,00,000, 10,00,000, 10,00,000,
Let's move ahead. Tax on 12,00,000 under new regime.
Tax on 12,00,000 under new regime.
First 3,00,000 is nil.
First 3,00,000 is nil. 0 will come.
After that, 3,00,000 from 1 to 6,00,000.
1 to 6 lakh. This is 5% which will become 15,000. After
that from 6 lakh 1 to 9 lakh.
In the next 3 lakhs, in the first 3 lakhs nil, in the next
3 lakhs 5%, in the next 3 lakhs 10%.
They made a slab of 3 lakhs.
30,000. And then in the next 3 lakhs, in the next 3 lakhs 9
lakhs, 1 to 12 lakhs.
15%. 45,000.
This is your 90,000, 90,000 separately.
And 87A will not come.
Because where does 87A come? Where your taxable income is
up to 7 lakhs.
But here your taxable income has come far beyond 7 lakhs.
How much is it? 12 lakhs.
That's why 87A can't come here. He says it's not my cup of
tea.
After this, after this, after this, after this.
We will take out tax. We will take out tax. 10 lakhs under
old regime.
Tax on 10 lakhs under old regime.
Yes, sir. How? Come here. First 2.5 lakhs nil.
In the next 2.5 lakhs, 2,50,000 from 1 rupee to 5 lakhs. In
the next 2.5 lakhs, 5%.
12,500, 12,500, 12,500, 12,500.
Thereafter, from 5 lakhs to 10 lakhs, from 5 lakhs to 1
rupee to 10 lakhs.
Sir, 20%. Sir, 20%. So 20% on the next 5 lakhs, this is 1
lakh rupees.
If it would have gone above 10, then 30% would have come.
So how much is this tax being made now? 1 lakh 12,500
rupees.
87A won't work here either.
Because in the old regime, he says that I will pay tax on
taxable income up to 5 lakhs.
Here it is 10 lakhs. So friends, in this scenario too, the
new regime proved to be beneficial.
In the first scenario, the new regime. In the second, both
are equal.
In the third scenario, the new regime again. Sir, old is of
no use to anyone.
Now friends, if the government is bringing the new regime,
then the effort will remain the same.
As many people as possible come in it and the benefits of
the new regime are a little more.
That's why the new regime is still looking beneficial to
you.
But still, the old regime can be very beneficial for you.
This will show you the coming case studies.
In the coming case studies, you will also see the benefits
of the old regime.
Come on, dear children, write.
Scenario D.
Sample 4.
Scenario D.
Let's write it directly.
Scenario D.
Wait, wait, wait.
Scenario D.
Interest on loan taken for residential house property.
Scenario D.
Interest on loan taken for residential house property.
Scenario D.
Example 5
Salary income is 15 Lakh Rupees
And deductions are available as I told you
ATC, ATD and 2 Lakh Rupees
Interest on housing loan
Example 6
I think we have to make some changes
Wait
Friends, make a small change here
Write Section 24 here
Now it is final, Section 24
Ok, let's go
Solution particulars, new regime, old regime, income under
head salary 15 lakhs, 15 lakhs, standard deduction under
section 16, 50,000, 50,000, GTI 14.5 lakhs, 14.5 lakhs, and
basically this 2 lakhs will be minus from here, this is
also a kind of fixed deduction or standard deduction,
so minus it from here in section 24, deduction under
section 24, interest on housing loan 2 lakhs, you will not
get it in new, you will get it in old, 2 lakhs, now your
gross total income GTI will come, here 14.5 lakhs and here
12.5 lakhs, you will minus the deductions of GTI,
deductions under chapter 6, 80C and 80D, there is nothing
in new regime, in this regime there is 1.5 lakhs and
50,000, 150 and 50, so your taxable income will be 14.5
lakhs and 10.5 lakhs, 14.5 lakhs and 10.5 lakhs, 14.5
and 10.5 lakhs, yes sir, tax on 14.5 lakhs in new regime,
first 3 lakhs on nil, 0, next 3 lakhs, 3 lakhs on 1 to 6
lakhs, 5%, 15,000, next 3 lakhs on 6 lakhs to 9 lakhs, 10%,
30,000, next 3 lakhs on 9 lakhs to 12 lakhs, 15%, 45,000
and after that from 12 lakhs to 14.5 lakhs, next 2.5 lakhs
on 20%, 1 lakh, sorry 50,000, so here your tax will be
1,40,000 plus S and 87A will not come because taxable
income is more than 7 lakhs, now we will take tax on 10.5
lakhs in old regime, first 2.5 lakhs on
0, next 2.5 lakhs on 5%, 12,500, next 5 lakhs on 5%, 20%, 1
lakh and after that taxable income is more than 10 lakhs in
old regime, 50,000, 30%, 15,000, so this is your 1,27,500
plus S, 87A will not come, so in this scenario you can find
old regime is successful here and old regime is successful
here, so there are different cases, do not be in doubt that
in every case new regime will be beneficial, in every case
old regime will be beneficial, there are different cases,
just my dear friends,
are different cases, you have to understand according to
the scenario and situation, that's it, nothing
is wrong, so this was the case study, write everything, I
will make myself small,
do do do do do do do do do do do do do do do do do here,
here here here here here
You don't have to do anything, you have to go inside and
confirm, I am telling you, then you will go to the basic
information tab, the name will come, the PAN number address
will come automatically, whether the individual has any
income under PGPP, you will have to do yes here, because
those who have PGPP income, they file 10 IE, they will
write the date of birth or date of incorporation, if it is
an individual, then the date of birth will come, if it is
an organization, then the date of
nature of business or profession, please select nature of
business profession applicable to you.
I have taken this wholesale and retail trade, it was
applicable to them, select the applicable relevant on you,
click on the save button below, the basic information tab
will also be completed.
Next, we will go to additional information, one thing is
being asked, whether the individual
HUF has any unit in IFSC, if there is any unit in IFSC,
your no will be there.
And whether under clause 1 of subsection 5 of 115 BSE has
been exercised in Form 10-I for any earlier previous year.
This new tax regime, which you opt for by filling Form
10-I, its provisions are written in Section 115 BSE under
Income Tax.
So they are asking if anyone has filled it before? No.
So we have put No here. If it was Yes, we would have put
Yes. We would have had to put the details of that.
So the additional information tab is also complete.
Next is verification. We will go into this.
And friends, what will we do? We will tick here.
Having Pen Number 1, 2, Exercise and Withdraw.
Two options will come. Exercise and Withdraw.
If you have opted for Form 10-I earlier, you are in the new
tax regime.
Now if you want to come in the old, then you will withdraw
here.
Not withdraw, take the name back from the scheme.
And if you want to come in the new regime by filling Form
10-I, then you will take exercise.
So now we will click on Exercise here.
The option referred to in subsection 5 of Section 115 BSE
of Income Tax Act for previous year, 2022-23 and subsequent
years.
Yes, it is saying that for 2022-23 and subsequent years,
you are exercising the option.
This will continue. Do not fill Form 10-I again.
If you have to withdraw in between, then you will withdraw
here.
And if you have to take it again in the coming years, then
you will exercise again.
If it continues, then keep running.
I understand that the option in the section there.
Means we will tick it, we will tick it too.
Now you will put it in place.
Delhi is Delhi, Gurgaon is Gurgaon, Noida is Noida,
Ghaziabad is Ghaziabad, according to that.
Okay, sir. And click on the save button.
Click on the save button.
After this, friends, you can see what is written on all the
options.
Confirmed, Completed, Completed, Completed.
Now click on Preview.
As soon as you click on Preview, my dear friends, look at
this.
Form 10-I, Application for Exercise Withdrawal of Option
This.
To Assessing Officer This, Sir, Madam, I.
Assessor's name on behalf of this.
House number this.
Assessor's address is written.
Pen number this.
Do hereby exercise the option.
Under section 115 BAC, I want to take a new tax regime.
After that, the name is written.
Automatic, whether the individual HUF has any income from
PGBP.
Yes, pen number, address, date of birth.
Whatever details you had filled there, all the details are
coming here.
Just now what you have to do is Proceed to E-Verify.
Now what you have to do is Proceed to E-Verify, friends.
Click on Proceed to E-Verify.
So what will happen?
OTP will go.
Now you can do it through Aadhaar, through Net Banking.
You can do that.
You will enter OTP and Form 10-I, Application will be
completed.
You will come under the new tax regime, my dear friends.
Okay, sir.
So friends, what was the basic thing to understand in this?
Whom will you bring in the new regime and whom will you not
bring?
That's why its conceptual part was very important.
Now anyone can learn to fill here.
Now friends see, if we also tell you that Form 10-I is
yellow.
Come to the portal, fill this.
Automatic detail is 5 minutes.
Yellow Form 10-I is done.
So you will feel, yes, very good.
And there are thousands of such videos available on YouTube.
But what is the main thing?
What is the main thing?
Now you can deal as a professional.
We want to make you a professional.
Even if you have a graduate degree, you have a
post-graduate degree.
Pure professional in Private Limited.
What is our target?
We want to make you a professional.
As a professional, the client should come and ask this.
What is 10-I?
You can also tell this.
115 BSE is its section.
You can also tell this.
Should I take the new regime or not?
You can also tell by comparing it.
And say, yes, your comparison is done.
You have to take the new regime.
So you can also apply it in the new regime.
You can also fill its form.
Information from A to Z.
This is our goal.
Our objective.
For this, we are working hard day and night.
And we will continue to do it.
You only have this requirement.
You keep taking its benefit.
Keep taking, keep taking.
See you in the coming clips.
With a lot of information.
Thank you for now.
Bye Bye.
Take care.
Have a good day.
Have a good night.
Bye Bye.