Hi friends, how are you? I hope you are doing well.
We were discussing about salary head and today I want to
discuss a new topic with you.
Before discussing, I want to ask you a small question.
Suppose you have a job and suddenly you have a dream of
becoming a big man.
And you decide to start a business.
Would you like to take this risk?
Sometimes in life you have to take risks.
If Mahendra Singh Dhoni had got a government job as a
ticket collector.
He also took a class from us and saw the benefits of
government job.
If he had not played cricket, would India have won the
world cup?
Sometimes you have to take risks in life.
But you have to see whether the risk is practical or not.
This is what I wanted to tell you.
This is an example of Sushant Singh Rajput.
He did a great job in this movie.
We still miss him.
In this case, Dhoni is a ticket collector.
He is thinking whether to take this risk or not.
Suppose he leaves the job of a ticket collector.
In that case, when you take voluntary retirement from
yourself.
You have not been retired.
You are voluntarily leaving your job.
Because you have got some other opportunity in life.
Or you want to do something for yourself.
Or you don't want to earn a lot of money.
Now you have to spend this money.
When you take voluntary retirement.
In that case, the company gives you some money.
You get some money from the company.
Sir, are there such companies?
Whether there are such companies or not.
Forget that.
I am just asking you this.
One question and all the answers will be clear to you.
Can an employer give some money to his employee at the time
of voluntary retirement?
The answer is, he can give anything.
He can give anything.
The problem is whether he is taxable or exempt.
This is the problem.
We just see whether he is taxable or exempt.
So in this case, something can happen to Mr. Dhoni at the
time of retirement.
At the time of his voluntary retirement.
At that time, he gets some money.
So how will he be exempted?
Let's see what needs to be done.
First of all.
First of all, you see.
Your salary.
You take a salary of 3 months.
Multiplied by how many years have you completed?
How many years have you completed?
This is the first point.
Wait, wait.
I know you are having doubts.
What is the meaning of salary?
Don't you want to round off in the completed year?
Calm down.
Let me do it. I will explain everything.
Second.
Salary.
Multiplied by how many months of service do you have
remaining?
Multiplied by how many months of service do you have
remaining?
Third. Actual.
What did you actually receive?
Actual.
Received.
And fourth.
5 lakh rupees.
Out of all this, what will be the least?
Exempt.
On top of that, whatever you get is taxable.
In whose hands? In the hands of the employees.
Why?
Because he has voluntarily retired.
With his own will, he has taken retirement.
To move ahead in life.
The employer has given him some money for good luck.
Take this, good luck.
You came to our office on my behalf.
This is a good luck gift from us.
Of 11 lakh rupees.
Now he has got the money.
He is checking whether it is taxable or exempt.
This is a simple point.
Look at this once.
Let's discuss this further.
Come here.
First question.
The first doubt that will come to you.
I will clear your doubts.
Sir, what does salary mean?
What will come in the salary on the first day?
And round off in the completed year.
Sir, do you want to do it or not?
Come, I will tell you.
Sir, salary means salary.
Plus DA.
Plus turnover commission.
What he was taking last, that will come.
No need to do average, no need to do anything.
Take the last one.
Simple salary plus DA plus commission.
Any problem? Is the point clear?
Multiply it by 3 months.
Do not round off in the completed year.
If 30 years will be 7 months,
then take 30 years only.
No need to round off.
No rounding off.
First look at the first point.
Do you understand what salary means?
Salary plus DA plus commission.
Multiply it by 3 months.
Multiply it by the completed year.
Which year is the completed year?
Rounding off or non-rounding off?
Do not round off.
If 30 years is 7 months,
then take 30 years only.
Do not round off.
If 30 years is 7 months,
then take 30 years only.
Check the full completed year.
Is the first point clear?
Second point.
Salary multiplied by remaining months.
What does remaining months mean?
Salary is clear.
Salary plus DA plus commission.
What does remaining months mean?
Assume that Dhoni was 20-24 years old.
Assume that Dhoni was 59 years old.
In his 60th year, he was retired.
His age was 59 years.
9 months.
So the remaining months of his service.
How many remaining months of his service?
3 months.
Assume that Dhoni was 59 years old.
In his 60th year, he was retired.
How many months of his service?
Remaining 12 months.
If he was 58 years old,
24 months.
Remaining months of his service.
Multiply it by that.
Is the point clear?
Actual.
You know what you will get.
And this is 5 lakh rupees.
If you compare these four,
the one which is less,
the one which is lowest,
you will get the same amount.
Exemption.
Whatever will be on that is taxable.
Assume that there is a person.
He will get 20 lakh rupees.
He left his job and
on voluntary retirement,
he will get 20 lakh rupees.
How much is the actual receipt?
20 lakh.
If there is 5 lakh here,
we will compare it with 5 lakh.
Assume that the salary of that person is 1 lakh per month.
So 1 lakh multiplied by 3 months.
Assume that his completed year of service is 10 years.
So 1 lakh
multiplied by 3 months
multiplied by 10 years.
30 lakh rupees.
30 lakh.
Actual 20 lakh.
Come to this point.
How much is this?
Salary multiplied by remaining month.
Assume that his job was
his job was still there for 12 months.
Job for 12 months.
Job for 12 months was still there.
So 12 months multiplied by 1 lakh rupees.
12 lakh rupees.
Now what will you do from this?
Look at the one which is lowest among the four.
What is it?
How much is it? 5 lakh.
How much is the actual receipt? 20 lakh.
So out of 20, 5 has gone.
15 lakh rupees will be in your hands.
It will be taxable in the hands of that employee.
In the hands of that employee,
the person who wants to leave his job
or wants to do business
or wants to go somewhere else.
According to his capability.
To follow his passion.
So friends, this point
was a very interesting point.
You take a risk in life.
You leave your job and do some other work.
Contrarily, you have to leave that job.
And your employer gives you some money for good luck.
Or during your voluntary retirement,
he gives you some money.
So what is taxable and what is exempt?
We have read that.
There are four things.
The lowest among these will be exempt.
What you got on top of that,
all that is taxable.
This is the point, friends.
Okay?
Thank you, friends.