Yes, friends, how are you all? I am your friend, your
companion, your sympathizer, your well-wisher, Shreya Gupta.
And friends, now this topic is counting down from its last
year, there are 2-3 sections left to count.
This whole topic, we have made it like a series of cards,
like a palace of cards keeps falling down, similarly we
have made this topic as a pile, this is a very tough topic,
things were becoming complex, but we did not let them
become complex.
Our objective is simple, we are moving on the same
objective, that from the angle of a businessman, we were
understanding, that what will be the objective of a
businessman?
To show his profit, not to earn, but to show.
If he will earn a lot, he will show less, how will he show
less? By spending.
And what will be the objective of the government?
I will put a limit on these expenses, so that we don't have
to spend more than this.
This is what we were studying.
Mostly all the sections of expenses, all of them have been
covered by our friends.
You have a very good wish for this.
You have covered all the sections of expenses.
And till now if you are sitting in momentum,
Sir, I am assuming that you will earn 3-4 lakhs per month
very easily.
In the market, people like you have a lot of requirements,
there are jobs, and if there are no jobs, then a person
like you, who is watching this video with such caliber,
will easily do some business, I have a guarantee of this.
All the principles of business, all the knowledge of
business, how to show the expenses in tax, you will get to
know.
If your tax is increasing, you will show some expenses.
Yes, the bill of that expense should be proof.
Sir, what is the big deal in getting a bill in today's
world?
Get a fake bill made.
I can't tell you much about gambling.
I also have some limitations.
I am a medium of video, so I can't say much openly.
If we meet face to face, I will definitely tell you.
Come and meet me and tell me your success stories.
Sir, I will wait for the day when you will be earning 3-4
lakhs per month and will say, Shreyas Sir, I have bought a
car, come and sit in my car, Master.
Sir, I am waiting for that day.
What people around you are saying, what they are
understanding, what they are listening, I don't care about
that.
You should understand my point,
I should understand your concern.
That's it.
Come Sir, pay attention.
The last few topics.
The last 2-3 topics.
They are saying that you have to maintain your books of
accounts compulsorily.
Till now, in this entire chapter, in this entire chapter,
what were we talking about?
In this entire chapter, we were talking about increasing
our expenses as much as possible, so that our profit is the
lowest.
But where do we have to put all these things?
Where do I put my expenses?
I don't put my expenses in my pocket, Sir.
Where do I put my expenses?
Books of accounts.
Who maintains it?
Accountant maintains it.
What will come?
P&L account will come.
I will put my expenses in P&L only.
Someone has to maintain this P&L account.
Someone has to make it.
So, the government said,
They simply said that in some cases, they made it
compulsory.
What did they do?
They made it compulsory and mandatory that if you fall in
this category, they made a category that your income should
be more than this.
More than this.
They made a category.
If you fall in this category, then you have to compulsorily
make accounts.
Basically, you have to make accounts.
This is the concept.
You have to make accounts.
Why do you have to make accounts?
Sir, so that I know whether I am in profit or loss in that
business.
One thing, remove income tax.
Remove it.
Forget about income tax.
If you start a factory or start a business, won't you keep
an account of how much money I have invested and how much
money is in it.
How much debt I have to take from people and how much I
have to recover.
Won't you keep an account of all this?
Today, your brother has started a business.
Your brother has started a factory.
You will see.
Will you do it like this?
You will be robbed.
You won't even know who took the money.
Will you give it today?
After two years, I will ask you everything.
You won't even remember.
You won't even remember what I sold to this person.
So, you will have to maintain books of accounts whether you
think from the angle of income tax or you think from the
point of view of business.
Maintaining books of accounts is an art.
You should have this art if you want to do business.
If you don't like accounts, you will have to study.
Because without it, you won't even know what is happening
in my business.
Come to the section.
Section says that if you come in this category, then you
will have to maintain books of accounts compulsorily.
So that we, the income tax department, get to know what you
have earned and what you have lost in the whole year.
What is your profit and what is your loss?
If there is a profit, then we will take income tax from you.
And if there is a loss, then we will minus this year's loss
from next year's profit.
This is the objective of maintaining books of accounts.
Come here.
There are two categories in this.
There is a chapter of business and profession.
So obviously, what we are talking about till now, we are
talking about businessmen, but we are also talking about
professionals like CA, doctor, lawyer.
Actors, they also come under profession.
Cricketers.
Sir, these professionals, do they also have to maintain
books of accounts?
Yes, definitely.
Sir, actors also maintain.
Salman Khan, does he also maintain?
Of course, he does.
Really, what else?
Sir, does he know how to do accounting?
Will he do it himself?
Will an accountant do it?
Will he leave his Big Boss, leave his Katrina Kaif and sit
here to do accounting?
His luck is not as bad as yours and mine, that he will sit
here all day.
He will hire a staff, right?
Come, let us see what are the conditions.
First of all, it is a simple thing that you are a notified
professional.
The government has told us that you are a notified
professional.
The government has told us that these professionals, those
who are in this business, not in the business, but in this
profession, they have to be maintained if some conditions
are met.
We are reading about it now.
Okay, sir?
And if you have a business, and these conditions are
fulfilled, then also you have to maintain your books of
accounts.
Come with me, read and try to understand what is going on.
First, let us talk about the name of 44 AA section.
Okay, sir?
Can you see this?
Yes, sir.
Maintenance of Books of Accounts
Notified.
What is he saying?
He is talking about a notified profession.
He is not talking about a business.
He is still not talking about a business.
He is talking about a profession.
Like a doctor, a lawyer.
I am myself.
Sir, do you also maintain books of accounts?
Yes, I do.
Who is stopping you from maintaining books of accounts?
Shall I show you?
Maybe the accountant has it.
I will show you in the middle of the lecture.
This section provides that every person carrying on legal,
medical, engineering, architect's profession.
Accountant, CA,
Technical Consultancy,
Interior Decorator.
Who is Akshay Kumar's wife?
Twinkle Khanna.
Interior Decorator.
So, does he also have to maintain books of accounts
compulsorily?
Does he not want to maintain?
Yes, he does.
Sir, who will do it?
Akshay Kumar will do the section.
Akshay Kumar's section is already there.
Or any other profession as has been notified by the CBDT in
the official case must statutorily maintain such books of
accounts and other documents as may enable the assessing
officer to compute the total income.
Make such books of accounts so that your assessing officer
can calculate your income.
Who is he talking about?
Is he talking about a lawyer?
Is he talking about a businessman?
He is talking about professionals.
We will talk about businessmen later.
These are the professions which have to be compulsorily
maintained.
He has told us about the notified professions.
Which professions are there?
Legal, medical are there.
Legal, medical and accounting are there.
What are the other notified professions?
Read this green box.
Profession notified are
Profession of Film Artist
Sallu Bhai will have to maintain such books of accounts.
Sallu Bhai
Actor, Cameraman
Our director also has to maintain such books of accounts.
This is our director.
Would you like to show yourself in the camera?
Please come.
Let me introduce myself.
Our director is feeling shy.
Director sir, you will also have to maintain our books of
accounts, music director Anu Malik,
Anu Malik will also have to maintain books of accounts,
because he is in a profession.
Art director, editor, singer, our Sonu Nigam sir, Arijit
Singh sir, Armaan Malik, he will also have to maintain
books of accounts.
Sir, everyone does it, no one tells.
He will come in public and show how much of a loafer he is.
His entire department is running on this thing.
Lyricist, Javed Akhtar sir, Javed Akhtar will also have to
maintain.
Story writer, screenplay writer, dialogue writer, dress
designer.
The profession of company secretary has come.
Software, IT professionals have come, they will also have
to maintain their books of accounts.
Why will they have to do it?
So that it is known how much profit you have earned and how
much tax you have to pay.