All Things Tax

Welcome to the “All Things Tax” series, where we simplify the essentials of tax for every Indian taxpayer. From salaried individuals to the self-employed, our videos can help you make informed tax decisions.

For salaried individuals, we’ll first break down confusing income tax terms, slabs, declarations, and both the tax regimes. The videos will also offer key tips on deductions, exemptions, and investment strategies to smartly plan your taxes.

You’ll also learn about many last-minute tax-saving hacks, from real estate and medical deductions to niche investments and donations. These could help you lower your tax liabilities and save more money.

We will also help you understand the finer details of TDS for salaried individuals. These videos will cover the deduction process, ways to minimise impacts, and claim refunds. Similarly, for self-employed individuals, we will cover the inner workings of TDS on rent, property sales, FDs, and more.

Finally, we will detail down income tax filing, ITR forms, and online filing tips for both salaried and self-employed Indians. Together, this series could empower you to manage your taxes confidently.

6 Seasons

Season

Income Tax 101 Salaried

Welcome to Income Tax 101 for Salaried! In this season, we will break down the essentials of income tax for a smooth, stress-free filing experience. From understanding tax terms to filing your ITR, our videos can guide salaried individuals through each step with ease. We start by exploring key tax terms and navigating between the Old and New Tax Regimes, along with an overview of the 2023-24 tax slabs. You’ll also learn about essential declarations needed when filing your ITR to potentially maximise your tax benefits. Speaking of ITR, the videos will also help you distinguish between ITR-1 and ITR-2. Our step-by-step guide could simplify your ITR-1 online filing process to help you avoid common mistakes. You could also get clarity on crucial forms like Form 16, Form 10IEA, Form 26AS, and other ITR forms. Lastly, we will also delve into ITR refunds, explaining why they might be delayed and what you can do. Together, these videos empower you to manage your taxes with confidence and accuracy.

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E01: Income Tax Terms for Beginners

03 mins

Filing your income tax for the first time? Don’t worry—it’s not as complicated as it seems! You could easily navigate the process with the right understanding of key terms. Let’s go over them. Your Gross Total Income includes your salary, capital gains, property income, business profits, and other sources like lottery winnings or investment earnings. Next, we’ll touch upon Deductions, which help lower your taxable income. These can be house rent allowance, health and life insurance, interest on education loans, and more. Finally, you will learn about your Net Taxable Income. This is what’s left after tallying the deductions from your gross total income. In this video, we’ll also talk about what’s known as the Previous Year and the Assessment Year. For example, if you’re filing taxes in FY2023-24, that is the assessment year, while the previous year is FY2022-23. Next, you’ll learn about TDS (Tax Deducted at Source) and how it applies to certain payments, such as salary or bank interest. Finally, we will discuss your Income Tax Return (ITR) and how you could report your income and taxes with the help of Form 16. Now that you know these tax terms, you might be able to file your ITR without breaking a sweat!

E02: Old and New Tax Regime: A Comparison

03 mins

Deciding between the New and Old Tax Regimes might be tricky for salaried employees. Don’t worry, this video could help you simplify that decision by comparing their benefits and differences. First, we’ll discuss the Old Tax Regime. Here, you can claim deductions like HRA, LTA, etc., under Section 80C of the Income Tax Act, 1961. The tax exemption limit here varies by age. It is ₹2.5 Lakhs for those aged under 60, ₹3 Lakhs for senior citizens (60-80 years), and ₹5 Lakhs for super senior citizens (above 80). You’ll also learn that if you choose the New Tax Regime, you will benefit from a tax exemption limit. This is applicable for all age groups, on income up to ₹3 Lakhs. Next, we’ll discuss the tax rebate applicable in each regime. There’s a tax rebate of up to ₹5 Lakhs in the old regime, while this limit is ₹7 Lakhs in the new regime. But remember, you cannot opt for tax deductions under Section 80 in the new regime. Finally, we try to answer the question – how to choose? Though the New Regime is now the default, the Old Regime is still an option. You can choose between them based on your taxable income and investments.

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Bites

9 Mistakes to Avoid While Filing Your ITR 261 views

What is the difference between AIS and Form 26AS 231 views

Do You Know About These Changes to Your ITR Forms 146 views

What is Form 10 IEA 151 views

5 FAQs on ITR Filing for Salaried Individuals 240 views

Waiting for ITR Refund Here is Why it Might Be Stuck 2642 views

ITR Filing Ke Liye PAN-Aadhaar Linking Mandatory Hai! 792 views

Do You Know What Is the ITR Filing Portal 2.0? 713 views

How to File Your ITR in a Few Easy Steps 283 views

Here's How to Verify Your ITR 91 views

Do You Know What is Form 16? 81 views

Season

Income Tax Planning Salaried

Welcome to Income Tax Planning Salaried! Here, we will walk you through the nitty-gritties of income tax, how to save smartly and meet your financial goals. These videos will help to break down tax planning essentials, helping you make the most of available deductions and exemptions. We begin with explaining the objectives and advantages of tax planning. Then you will get to learn how to calculate your taxable income accurately. We’ll also cover how to start planning your taxes effectively and provide insights on why it could be crucial for long-term financial health. Here, you can also know about valuable tax benefits available on education loans and EV loan interest. Similarly, we will offer insights on how charitable and research donations could help reduce your tax burden. Our videos also walk you through deductions available for National Pension Scheme contributions and life insurance premiums. Finally, you could discover tax relief options for disabilities and specified medical treatments. Together, these insights could help you approach your tax planning like a pro!

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E01: Tax Planning: Objectives & Advantages

03 mins

Welcome to a new season of All Things Tax! In this episode, we’re diving into the objectives and benefits of income tax planning. First, we’ll cover what exactly is tax planning. It’s the process of organizing your finances to legally reduce your tax liability while staying compliant with tax laws. Tax planning is crucial as it helps you save more of your hard-earned money by reducing your tax burden. Next, we’ll discuss the key advantages of properly planning your taxes. First, it lowers your tax liability by allowing you to take advantage of deductions and exemptions. Second, your cash flow could improve, meaning you’ll have more income available for savings or investments. Effective tax planning also supports the growth of your wealth. So, you’ll also learn how you could grow your money while also saving on taxes. For example, you can do so by investing in tax-saving instruments like ELSS, PPF, or life insurance. This video will also explore how tax planning could help you prepare for retirement. Finally, we’ll go over how tax planning ensures compliance with tax laws, helping you avoid hefty penalties. Stay tuned for our next episode where we’ll discuss how to calculate your taxable income!

E02: How to Calculate Your Taxable Income?

04 mins

Tax season often brings the need to carefully calculate your taxable income. If you're a salaried individual with specific investments and insurance payments, this video could guide you through the tax calculation process. First, we’ll look at what deductions can you utilise in the Old Tax Regime to help reduce taxable income. These include deductions under sections like 80C for investments (e.g., life insurance, Equity Linked Saving Schemes, etc.) and 80CCD for contributions to the National Pension Scheme (NPS). We’ll also explore what standard deductions are applicable. Additionally, you’ll find out that once these deductions are subtracted from your gross income, the result is the amount subject to tax. Based on your income after all these deductions, you’ll fall into a tax bracket. This video will then discuss how the tax rates apply accordingly via a step-by-step calculation. After that, we will come to the New Regime, where only a standard deduction is applied; you can claim little to no tax exemptions or deductions. This could make your calculations simpler but allow lesser tax benefits. The remainder of your gross income is taxed according to the applicable slab. Hence, you’ll see that the tax due ultimately depends on your deductions, investments, and chosen regime. This understanding can guide you to make tax-efficient financial decisions.

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Bites

Tax Deductions on Donations Towards Scientific Research 99 views

Disability and Tax Deductions 57 views

Treatment of Specified Diseases and Tax Deductions 42 views

Life Insurance Policies & Taxation 65 views

NPS Contributions & the Subsequent Deductions 93 views

Tax Deduction on Donations 49 views

Bachao Tax on EV Loan Interest 48 views

Tax Benefits on Education Loan 54 views

Why is Tax Planning Necessary? 38 views

Season

Last-Minute Tax Saving Hacks

Welcome to Last-Minute Tax Saving Hacks! With this season, we will try and help you make smart, timely tax-saving moves. When the financial year draws to a close, these videos could help you find effective ways to reduce your taxable income without the last-minute stress. We begin with some eleventh-hour tax-saving investment strategies and tips to avoid common tax-related pitfalls. You can also learn how to calculate your optimal investment amount to invest for maximum savings. We will then discuss potential benefits in property investments and charitable contributions that could make a big impact. From medical expenses to niche investment options, our videos could help you explore lesser-known ways to save on taxes at the end minutes. We’ll cover often-overlooked tax benefits in real estate and donations. Plus, you could find lesser-known ways to maximise your medical-related deductions. With these videos, you might be able to make swift, strategic choices that can help you save on taxes effectively, even when time is almost up.

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E01: Last-Minute Tax-Saving Investments: Where to Put Your Money

03 mins

Is the tax deadline approaching? Are you looking for last-minute ways to save? In this video, we will explore some tax-saving investment options to help ease your tax burden! First, we’ll go over some market-linked investments like the Equity Linked Savings Scheme (ELSS). It offers tax benefits under Section 80C and has a shorter lock-in period of three years. Next, we’ll learn about the options for risk-averse investors, like the Public Provident Fund (PPF). It offers guaranteed returns and has a 15-year lock-in. Next, you will learn about the National Pension Scheme (NPS) and how it could help in retirement planning and tax benefits under Section 80CCD(1B). But remember, NPS has a longer lock-in and requires you to buy an annuity on maturity. We’ll also cover the basics of Unit-Linked Insurance Plans (ULIPs). These provide dual benefits of insurance and investment, along with returns under Section 80C. If you are looking for more stable options, this video will also take you through Tax-saving Fixed Deposits and National Saving Certificates (NCS). These have relatively lower risk and come with a five-year lock-in period. Remember to consider your financial goals, risk tolerance, and liquidity needs before investing. In this way the right choices could help you save more by the end of the financial year!

E02: Common Tax-Saving Mistakes To Avoid Before The Financial Year Ends

03 mins

As the financial year wraps up, rushing to file taxes can lead to common yet avoidable mistakes. In this video, we’ll discuss some such common tax-filing mistakes and share insights on avoiding them. First, let’s talk about documentation. Many miss out on deductions simply because they lack organized records. Make sure you keep all receipts, invoices, and statements related to income and expenses handy. By doing this, you’ll ensure every eligible deduction is claimed and save time when filing. We’ll also explore the importance of making informed investment choices. In a rush to save taxes, some taxpayers make last-minute investments that don’t align with their financial goals. Avoid rushed decisions by planning early, considering factors like risk tolerance, liquidity, and long-term objectives. Compliance is another area we’ll go over, as overlooking tax laws can lead to penalties. Missing filing deadlines or providing incorrect information may cost you. You will also learn about the importance of staying informed about the latest tax regulations and accurate tax-filing. In summary, careful planning and attention to detail can help you maximize savings while reducing stress. Keeping organized records, making strategic investments, and staying compliant will lead to a smoother tax season. Remember, a proactive approach makes all the difference.

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Bites

Quick Guide to 2024 Last-Minute Tax Planning for Indians 294 views

Tax Hacks Creative Approaches to Quick Investment Benefits 153 views

Wealth and Wellbeing: Maximising Tax Benefits on Medical Expenses 180 views

Last-Minute Giving Charitable Contributions for Tax Relief 89 views

Real Estate Revelations Overlooked Tax Benefits in Late Investments 151 views

Strategic Savings Calculating Your Ideal Tax-Saving Investment 46 views

Steer Clear of Mistakes: Last-Minute Tax-Saving Pitfalls 108 views

Eleventh Hour Tax Saviours Quick Investments for Indians 31 views

Season

TDS for Salaried Individuals

Welcome to TDS for Salaried Individuals! Here, we will try to simplify Tax Deducted at Source (TDS) for working professionals. These videos could offer you a clearer understanding of the basics of TDS, ensuring you stay informed and proactive with your taxes. In our first video, we’ll explain what TDS is, dive into its importance, and discuss ways to check your tax deductions accurately. Next, we will work with some numbers and explore how TDS is calculated on your income. You will also gain useful tips on how to legally minimise its impact and retain more of your earnings. Finally, we will unravel the inner workings of TDS refunds. Here, we will try to cover everything you need to know to claim your TDS refund. Our videos will also help you check your refund status and handle any delays smoothly. With these insights, you could feel ready to tackle your TDS and keep your finances in check.

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E01: TDS 101 What You Should Know

02 mins

Tax Deducted at Source or TDS is a system designed to make tax payments easier by collecting them directly from your income. In this video, we’ll break down TDS in simple terms, explaining how it works and why it’s essential. TDS is deducted at the source of your income, whether it’s your salary, interest from fixed deposits, or rent. This system ensures that taxes are paid in small amounts throughout the year rather than as a lump sum and could make tax management easier. We’ll also explain who deducts TDS, such as employers, banks, and tenants. You’ll learn about Form 16, a crucial document issued by your employer that details your income and TDS deductions. This form helps you file your income tax return accurately and ensure you’ve paid the correct amount of tax. TDS is intended to provide the government with a steady revenue flow while reducing the chances of tax evasion. By understanding TDS, you could take better control of your tax obligations and avoid unexpected liabilities during tax season.

E02: TDS on Salary Explained What Every Employee Should Know

03 mins

TDS on salary ensures that taxes are deducted directly from your income. This could simplify tax compliance and timely payments. In this video, we’ll dive into how TDS on salary works and its impact on your finances. Your employer deducts TDS by calculating your annual salary and adjusting for exemptions and deductions. These could include those under Section 80C for investments or HRA for rent. This might ensure that the taxes are paid regularly, rather than as a lump sum at the end of the year. We’ll also explain the role of Form 16, an essential document that provides a detailed breakdown of your income and TDS deductions. It could help you file your income tax return accurately, avoiding potential errors. Regularly reviewing your payslips might be crucial to ensure correct TDS deductions. Errors like under-deduction could lead to additional taxes with interest. Alternatively, over-deduction might result in a refund claim. Finally, we’ll discuss strategies to reduce your TDS legally by maximising deductions through eligible investments and savings schemes. Through an understanding of TDS, you could manage your taxes effectively and optimise your take-home pay.

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Bites

TDS Refund Follow Your Money Trail 90 views

Season

Income Tax 101 for Self employed

Welcome to Income Tax 101 for Self-employed! These videos are designed to help in making tax filing clear and manageable for all self-employed individuals. We start with an overview of filing your Income Tax Returns (ITR) with a focus on self-employed individuals. You will learn about all the essential steps for a smooth online ITR filing experience. Next, we will discuss the differences between ITR-3 and ITR-4. This could help you choose the right form based on your business structure and income type. Similarly, our videos on key documents required for filing ITR-3 and ITR-4 could help you gather everything you need in advance. This, in turn could make your filing process efficient and error-free. Finally, we will address some common doubts that you might have about ITR filing as a self-employed taxpayer. Armed with this knowledge, you might find it easier to ensure accurate submissions and optimal financial outcomes.

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E01: ITR for Self employed Individuals Explained

03 mins

Ready for tax season, or still feeling a bit confused? Don’t worry, we’re here to make things clearer with this video. First, we'll discuss ITR-3. This can be the ideal form for anyone running a proprietary business or profession. If you’re running a ‘one-man-show’ —like a doctor, lawyer, or consultant—this form is for you. It includes your total income from your practice. Next, you'll understand all about ITR-4 and the presumptive taxation scheme. With this scheme, your income is calculated as a set percentage of your turnover under Sections 44AD, 44ADA, or 44AE. We’ll also look at finer details under each. For instance, Section 44AD applies to business owners with a turnover up to ₹2 Crores, Section 44ADA to professionals earning up to ₹50 Lakhs. Similarly, Section 44AE applies to those working with goods carriages who own up to ten vehicles. Finally, the video explores other forms like Form 16A, Form 26AS, Annual Information Statement, and Form 3CB-CD. You’ll also learn about Forms 15G and 15H, which are needed to avoid TDS deductions on your interest income. Filing ITR may initially seem tough for self-employed individuals. However, with the right forms and a little preparation, you’ll soon become a pro at filing your taxes!

E02: Comparing ITR 3 and ITR 4 Which One is Right for You

04 mins

Choosing the right ITR form between ITR-3 and ITR-4 can be confusing for self-employed individuals in India. If you’re also reeling from this confusion, join us as we clear the air in this video! First, we’ll discuss ITR-3. This form can be ideal for business owners like shopkeepers, consultants, freelancers, or anyone running their own practice. If you're filing taxes on business income as a Hindu Undivided Family, ITR-3 could be your go-to option. However, remember that those with foreign income or single-property rental income cannot use ITR-3. Next, you'll understand which incomes ITR-3 covers. For this form, you can include business earnings, professional income, and other sources. These could be capital gains and income from multiple rental properties. We’ll explain how this could help those with a more complex income structure. Then, the video will explore ITR-4. This is for individuals or HUFs whose income comes from a business or profession under the presumptive income scheme. Here, business income is calculated at 8% for non-digital transactions and 6% for digital ones. You’ll also learn that it’s set at 50% of gross receipts for professionals. In summary, ITR-3 could be better suited for complex income structures, while ITR-4 might be ideal for simpler ones.

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Bites

5 Questions on ITR Filing for Self employed Answered 149 views

Key Documents Required to file ITR 3 and ITR 4 83 views

Season

TDS for Self employed Individuals

Welcome to TDS for Self-employed Individuals! These videos could help you clarify the essentials of managing your TDS effectively. Here, we will try to provide valuable insights into TDS deductions, rules, and online payment steps to ensure smooth tax compliance. You will be able to dive into understanding the basics of TDS on Fixed Deposits. We will explain how TDS could impact your interest earnings and guide you on claiming a refund if needed. Next, we will explain the inner workings of Section 194C. Our videos will cover TDS rules for contractor payments, including rates, conditions, and exemptions. This could help you keep your payments compliant and hassle-free. Finally, we will walk you through the e-Filing portal, from inputting your TAN to verifying and submitting your payment. Here, you will also understand the online TDS payment process to manage your taxes with ease. So, get ready to master these TDS essentials to ensure smooth sailing on tax waters.

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E01: Deciphering TDS Deduction on Fixed Deposits

02 mins

Understanding the TDS on your FD’s interest could be essential for effective financial planning. In this video, we’ll simplify the concept of TDS on fixed deposits. We’ll begin with an example where if your annual FD interest crosses Rs. 40,000, banks or financial institutions might deduct 10% TDS. This limit is raised to Rs. 50,000 in the case of senior citizens. For instance, if your FD interest amounts to Rs. 45,000, Rs. 4,500 will be deducted as TDS, leaving Rs. 40,500 credited to your account. This system is in place so that taxes are paid at the source, reducing the burden of lump-sum payments later. We’ll also discuss how this deducted amount is deposited with the Income Tax Department and its impact on your tax liability. If your total income falls below the taxable threshold, you could file an income tax return to claim a refund on the deducted TDS. Additionally, we’ll share tips on how you could monitor your TDS deductions and leverage tax-saving opportunities. Understanding TDS might help you ensure your investments yield maximum returns.

E02: Unravelling TDS Rules Section 194C Explained

04 mins

Section 194C of the Income Tax Act could be essential for you to understand TDS on contractor payments. This section defines the rules for deducting tax at source under specified conditions. In this video, we’ll explore the scope of Section 194C. We’ll talk about its applicability to payments made by various entities such as government bodies, corporations, and co-operative societies. You'll also learn what counts as 'work,' including tasks like advertising, catering, and manufacturing products, based on customer needs. We’ll dive into the roles of contractors and subcontractors, explaining their responsibilities under this section. Additionally, we’ll discuss TDS rates, which might vary based on factors like the type of recipient and whether a PAN is provided. You might also learn about thresholds for TDS deductions, that could be applicable when payments exceed certain amounts in a financial year. Finally, we’ll outline scenarios where TDS might not apply and the timelines for depositing deducted amounts. By understanding these rules, individuals and businesses might be able to manage their tax obligations better. This could ensure compliance and avoid potential legal issues.

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Bites

How to Easily Pay TDS Online 63 views

Seasons

All

As a salaried individual, you can calculate your income tax based on your total taxable income. This includes your salary, allowances, deductions, and so on. When adjusting for exemptions and deductions, remember that your employer deducts TDS (Tax Deducted at Source) monthly. Also, ensure you include your other income sources like rent, interest, etc. to calculate your total tax due. You could use an income tax calculator or salary calculator to easily estimate your tax liability.

You might be able to reduce your taxable income by investing in certain tax-saving instruments. These include the National Pension Scheme (NPS), Public Provident Fund (PPF), tax-saving Fixed Deposits, etc. You might also get tax benefits on your health insurance under Section 80D and on home loan interest payments. Using a tax calculator could help assess the impact of these investments and deductions on your overall tax liability.

There are several exemptions available for salaried individuals. These include Leave Travel Allowance (LTA), House Rent Allowance (HRA), and standard deductions. Other exemptions could also help reduce your taxable income. These include interest on savings accounts and Section 80D for health insurance premiums. Ensure that you claim all these exemptions carefully to lower your tax liability.

Tax planning is crucial as it could help optimise your financial strategy and minimise your tax liability. You could effectively lower your tax payments by utilising various tax deductions and exemptions as available under the Income Tax Act of 1961. There are many tax-saving investments and other strategies that you could explore. Careful planning allows you to allocate funds wisely and meet financial goals, while staying compliant with tax laws.

Yes, salaried individuals could file their ITR online through government portals or trusted tax platforms. Online filing could help ensure accuracy, security, and compliance with tax regulations. To simplify the process, keep essential documents like Form 16 and investment proofs handy. Digital platforms often feature online ITR filing tools and calculators. These could further assist you in accurately determining your tax dues and refunds.

Bajaj Finserv Direct Limited ("Bajaj Markets") offers to its customers, various financial products and services through its digital platform as a registered Corporate Agent with IRDAI, registered Investment Adviser with SEBI, registered Third-Party App Provider (UPI payments), and as DSA or Digital lending platform of its Partners. Further, Bajaj Markets also offers a marketplace e-commerce platform to facilitate transactions between customers and sellers on-boarded on the platform. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522 Corporate Agency (Composite) Registration no.CA0551 (valid till 10-Apr-2027) Investment Adviser, SEBI registration: INA000016083 (Validity - Aug 11, 2021 - Perpetual)