172,500 will be your answer
My answer is 172,500
Simple thing is that the income upto 10 lakhs was 112,500
and above that was 2 lakhs and above 2 lakhs 30% was added,
so it became 60,000
So the total tax is 172,500
I hope this point will be clear
How to calculate slab rate
We have seen 3-4 examples
But keep in mind that the limit of 2.5 lakhs is called as
Exemption Limit
This is called as Exemption Limit
There is no tax upto this point but the income tax will be
added
And this limit is for those people who are below 60 years
For example, I have made this image Can you see this image?
Mr.
Mr. Kohli and Mrs.
I was very sad when I got married to Anushka Sharma
I was very sad
I was very hurt
But what to do?
You are someone's love
Someone else loves you
But this has nothing to do with our topic
Even today I have memories of her in my heart
This is why it is mentioned in some topics
Because she is below 60 years
So the basic exemption limit of 2.5 lakhs is applied on
both of them
This 2.5 lakhs limit is applied on every person
In India, whoever pays the income tax this 2.5 lakhs limit
is applied on them
On every person
Sir, you just told
that the people who are below 60 years this 2.5 lakhs limit
is applied on them
But the people who are above 60 years Sir, what about them?
Tell me about them also
The people who are above 60 years
Is this 2.5 lakhs exemption limit applied on them also?
Does the government give them 2.5 lakhs benefit?
Are they above 60 years?
It is obvious that when you are above 60 years
If you are doing a job you will be retired by that time You
will be retired
Medical expenses of a person increases
There is a little expense of medicines
Okay? Medicines like sugar, BP etc.
are started There is pain in joints and knees
Suppose someone is getting pension income
Some income comes from pension If there is a lot of expense
of pension income then it comes out like this
Like a helper is kept, a nurse is kept
Sir, in that case, the government said that a basic
exemption limit of 2.5 lakhs we have given to people below
60 years
But the people above 60 years those who are 60 plus
to them
we give 3 lakhs exemption limit
If you are above 60 years to 80 years means in previous
year What did I explain in previous year?
Previous year means the year in which you earn money
If you become 60 years in that year any day
As soon as you become 60 years not 2.5 lakhs but 3 lakhs
exemption limit will be applied on you
So whatever calculation you will do till 3 lakhs basic
exemption limit take care of it.
Yearly 3 lakhs exemption limit means a person above 60
years if earns Rs.
25,000 per month then don't give any tax to that person
It can be of Rs.
25,000. See in your house there will be some grandparents
who are above 60 years and receive some pension
So if their pension is upto Rs.
25,000 then tell them, Grandparents you don't have to pay
your income tax
because in that case
Rs. 25,000 per month multiply it by 12 months you will get
Rs.
3 lakhs exemption limit
It's a simple point
How will it be calculated? It will be calculated as we used
to do in 2.5 lakhs
The only difference is that instead of 2.5 lakhs we get 3
lakhs exemption limit
Earlier we used to give 2.5 lakhs exemption limit
In this case we will give 3 lakhs exemption limit.
What is this?
From 60 years to 80 years
Sir, is there any male-female point in this?
If it is female then give more exemption limit
If it is male then give less
No sir, there is nothing like that
Government has said that we all get the same treatment
It is not necessary that both of us get different exemption
limit
Earlier it used to be that ladies' exemption limit used to
be more but now government has said that all are equal
Everyone's exemption limit has to be equal
If you earn up to Rs.
3 lakhs why are you above 60 years?
For example, our Mr.
Modi is above 60 years
He is the Prime Minister of our country and I remember his
date of birth is 17th September 1950 so according to that
he is 72 years old
He is 72 years old so he is between 60 and 80
Now he also gets salary from the government
He has a package of Rs.
19-20 lakhs which was once disclosed
So how will he pay tax on that?
Come here
If he has up to Rs.
3 lakhs then it is 0 rupees, nothing
It is nil
No tax on income up to Rs.
3 lakhs
If you earn from Rs.
3 lakhs to Rs.
5 lakhs
If you earn from Rs.
5 lakhs to Rs.
5 lakhs then it is 5% 5% 5% If you earn from Rs.
5 lakhs to Rs.
10 lakhs then it is 20% 20% Is it clear?
If you earn from Rs.
10 lakhs to Rs.
10 lakhs then it is 30% 30% Always remember this
See it once
Basic exemption limit is up to Rs.
3 lakhs if you are above 60 years
Your tax from Rs.
3 lakhs to Rs.
5 lakhs will be on 5% rate
From Rs.
5 lakhs to Rs.
10 lakhs it is 20% and from Rs.
10 lakhs to Rs.
10 lakhs it is 30%
It will be applied on you
Let's do a question so that the point is clear
Let's calculate Modi Ji's income
Modi Ji has said that he has a package of Rs.
20 lakhs
Modi Ji says that he earns Rs.
20 lakhs a year
So, my dear friends
My dear friends
Tell me how much income tax should I pay?
Modi Ji has an income of Rs.
20 lakhs
First of all, you will make a return on anyone
This is the mantra of life
Check the age of the person
Take the proof of his date of birth
Give a proof, a pen card or an Aadhar card so that it can
be proved that how old is that person
If he is below 60 years, I will put a limit of Rs.
2.5 lakhs
If he is above 60 years, then there is a limit of Rs.
3 lakhs
Modi Ji is saying that he has an income of Rs.
20 lakhs
So, up to Rs.
3 lakhs there is nothing, only Rs.
Rs. 3 lakhs to Rs.
5 lakhs
Rs. 3 lakhs to Rs.
5 lakhs is 5%
Rs. 2 lakhs to Rs.
5 lakhs is Rs.
Is it clear so far?
If he earns Rs.
5 lakhs to Rs.
10 lakhs then in that case, it is 20% 20% means Rs.
1 lakh
Director, please move the camera a little
This is not clear
Is it clear?
Okay, fine
And above Rs.
10 lakhs, from Rs.
10 lakhs to Rs.
20 lakhs there is 30%
So, how much is here? Rs.
3 lakhs
Calculate the total Rs. 4 lakhs to Rs.
This is Modi Ji's tax
Rs. 4 lakhs to Rs.
See the calculation I did not do anything
The government increased the exemption limit for people
above the age of 60 Is the point clear?
Let's read the text
I have tried to put an image in this case
For senior citizens being resident of the age 60 years 60
years or more but less than 80 years
There is a Modi Ji 72 years
There is Anil Kapoor
He is around 65 years
I am telling you, he is 65 or 66 years old
But looking at this photo, he looks like he is 24 years old
This is it Take care of your fitness
Our Modi Ji is also fit
Don't go for a white beard
He keeps his fitness
This is a very important thing
Along with money, education
Keep yourself fit
Health is wealth You must have heard of Rakesh Jhunjhunwala
He was the king of the share market
He was a chartered accountant
He had an empire worth Rs.
40,000 crores
The only mistake they made was that they didn't pay
attention to their health.
Smoking cigarettes and drinking alcohol.
There is nothing in these things.
There is so much wealth.
What happened ultimately?
They couldn't enjoy it.
They have reached the age of 62.
Tell me, what is the age of 62?
If you want to enjoy your life for a long time, then you
should always stay away from wrong things.
So that you can enjoy the money that you are earning.
You are not earning for others.
You should enjoy it yourself.
When you won't be healthy, you won't be able to eat sweets,
then what will you do by buying sweets?
That's why you should focus on your health.
Anyway, we were talking about the slab rate.
Come here.
3 lakhs is nothing.
If you earn from 3 to 5, then it's 5%.
After that, from 5 lakhs to 10 lakhs, it's 20%.
And above 10 lakhs, it's a simple thing.
The slab rate of 30% will come.
Definitely.
Is the point clear?
Shall I move on?
Sir, next point.
A kid came to me with a doubt.
He said, sir, you told the people below 60 years of age
that it's 2.5 lakhs.
You told the people between 60 to 80 years of age that the
exam limit is 3 lakhs.
We agreed to it.
But suppose, there is a person above 80 years of age, then
what should we do?
A person above 80 years of age earns income.
For example, our superstar Amitabh Bachchan.
He is above 80 years of age.
Our Dharam Baji.
He is above 80 years of age.
And he definitely earns income.
So, he will also stand in line.
He will also say, you have given 2.5 lakhs exemption to
people below 60 years of age.
You are telling people above 60 years of age that there is
a health issue.
There are health concerns.
You spend a lot on your health.
So, they limit your exemption to 3 lakhs.
I am above 80 years of age.
It is a different matter that I earn a lot of money from
KBC.
I run from place to place.
That is a different matter.
But I am above 80 years of age.
I can also have health issues.
I also spend a lot on my health.
Sir, in that case, the government told them that first of
all,
I salute you a lot.
You are above 80 years of age and you still have the
passion to work.
Whereas, today's youth just sit and eat.
You are a role model.
Mr. Bachchan, you are a role model.
We look upon at you.
We take inspiration from you.
So that we can also work at that age.
Mr. Bachchan, we will never disappoint you.
We will definitely give you the advantage of a celebrity.
In Mr.
Bachchan's case,
Mr. Bachchan is standing in the queue.
He is asking for a celebrity.
Mr. Bachchan said,
I want a celebrity.
Ms. Nirmala said,
Mr. Bachchan, you have come.
You are inspiring us.
So, we will give you up to Rs.
5 lakhs.
If you earn Rs.
5 lakhs in a year, then you don't need to pay any tax on it.
Exemption limit, which was Rs.
2.5 lakhs in a normal person's case, was Rs.
3 lakhs in a 60-80 year old person's case.
In Mr.
Bachchan's case, if you are 80 plus, then it becomes Rs.
5 lakhs.
You don't have to pay anything up to Rs.
5 lakhs.
Rs. 5 lakhs to Rs. 10 lakhs is the same.
The old one is 20%.
And above Rs. 10 lakhs, it is 30%.
Is the point clear?
Let's ask a question.
Suppose, Mr. Bachchan also comes to us.
Mr. Bachchan says that he earns Rs.
20 lakhs in a year.
He earns Rs. 20 lakhs.
He is 80 plus.
Sir, is there a bifurcation between male and female?
Is their exemption limit different?
No, sir.
There is no difference.
Gender based discrimination doesn't work in our country.
We don't like it.
Whether you are male or female, your exemption limit will
remain up to Rs.
5 lakhs.
I am asking you a question.
Mr. Bachchan says that he earns Rs.
20 lakhs in a year.
Calculate it for me.
How much tax will come?
We will do it simply.
Nothing will come up to Rs. 5 lakhs.
How much is up to Rs.
5 lakhs?
Zero.
And from Rs.
5 lakhs, how much will come up to Rs.
5 lakhs to Rs.
10 lakhs? 20%.
That means Rs.
1 lakh.
Rs. 1 lakh.
And from Rs.
10 lakhs, how much will come up to Rs.
20 lakhs? 30%.
That means Rs.
3 lakhs.
So, this is a simple thing.
Mr. Bachchan's tax is Rs. 4 lakhs.
See, it was the same income.
Mr. Modi's income was Rs. 20 lakhs.
So, Mr. Modi used to pay tax of Rs. 4 lakhs to Rs. 10 lakhs.
Here, Mr.
Bachchan got an advantage of Rs.
10 lakhs.
The exemption limit is up to Rs. 5 lakhs.
Whatever is there on it, this is what the calculation says.
The total tax is Rs. 4 lakhs.
Mr. Bachchan's tax is Rs. 4 lakhs.
Sir, this was the slab rate.
Slab rate means normal rate.
Normal rate means the rate which is printed in the budget
every year.
Every year, it comes as a part of the finance act.
Every year,
Ms. Nirmala comes to the parliament and says that this is
our budget.
And according to this budget, the rates are normal.
These are not special rates.
For a special rate,
I will have to open the act.
The rates are written in the act.
These are the rates which are printed in the budget.
Friends, I hope the calculation is clear to you.
The slab rate.
We talked about three parties.
One is the one whose age is less than 60 years.
In their case, the exemption limit is Rs. 2.5 lakhs.
The one whose age is between 60 and 80 years, in their
case, the exemption limit is Rs.
3 lakhs.
The one whose age is between 60 and 80 years, the exemption
limit is Rs.
5 lakhs.
The exemption limit, my dear.
Practice this at home.
We will discuss this in the next lecture.
Until then, good night.
Thank you very much, friends.