Yes, let's move ahead.
These points have been covered.
Friends, the benefits of electric vehicle were that the
government gives us so many benefits that we can't handle
them.
I will direct you to the next section. Section 80G. This
section talks about some donations.
Yes, friends, you must have heard that if you do some
charity or give some donation,
then you get the deduction of those donations from your
gross total income.
The amount of
donation you give in some approved places, the amount of
donation you have given, we can deduct that from the gross
total income.
It is about donations.
So, sir, how much
money can I deduct? Suppose I have given 1000 crore rupees
in donation, will that also be deducted? Sir, in this
section, there could have been a problem.
Because some charitable
trust, some private person, like I am a person, I have
opened my charitable trust.
I have registered in 80G.
And I have said that whoever will give me donation, his
gross total income
will be reduced.
So, the person who would have given me donation, what would
he have done? He would have deducted the cheque of 1000
crore rupees.
Suppose his income was 1000 crore.
And he had to reduce that income to zero.
So, he would have deducted the cheque of 1000 crore rupees
and would have said, take this cheque.
What would be his income?
Zero. He would have got the deduction from the gross total
income and how much would that have become? Zero.
Now, I would have got 1000 crore rupees in the charitable
trust.
That too from number one.
I would have shown a fake bill and claimed his expenses.
I would have got the money from my own people.
In a way, I would have transferred that money to him later.
In cash or by showing the expenses from the cheque.
In a way, he would have reduced his income to zero.
And ultimately, he would have got the money.
So, the government would have said, we have accepted that
we are a bit crazy.
But we are not that crazy to understand all these things.
The government said, sir, there will be some genuine
donations and some donations according to fraud.
Do you understand this? What is genuine donation?
If you live somewhere and someone comes to your house and
says, sir, I have heard that you are taking tax coaching.
Very soon, God will show you that day when you will see the
transactions of crores and crores of rupees and will be
able to save their tax.
He will say, yes, that is absolutely right. So, in the name
of God, give me 10 rupees.
You have given 10 rupees to that person.
This is a genuine transaction.
You go to a temple or a mosque.
You donate something to the poor.
The country is in chaos.
The Prime
Minister comes and says, I want to collect 50-50 rupees
from everyone and we will help the poor.
You donate genuinely.
In that case, there is no point in setting a limit.
Those are genuine transactions.
So, sir, what is genuine and what is not genuine? For this,
let us read a new section.
Section 80-G.
Sir, it has four categories.
It has four categories.
These four words are very important words in life.
Why? Because you see, if someone taunts you in life, there
will be only four people.
And those four people will say four things.
Four people will say four things.
The number four is a very strange number.
Sir, where do you go in philosophy?
Sir, what is this income tax? You go into philosophy. Come,
sir, let us go.
I said, we do donations. We do donations. This is a
donation. And it has four categories.
It has four categories. One is the category where you get
everything. There is no limitation.
There is no limitation. No limitation. These are the two
categories. You will get 100%.
Then there are some where you get 50%. Then there are some
where you get within a limit.
Donation qualifying for 100% deduction. You will get 100%.
There is no limit.
You will get 100% deduction. These are genuine
transactions, friends.
And what are genuine transactions? Who did you donate to?
National Defence Fund.
If you donate to our nation's backbone, defence, if you
donate to them, that take my contribution, buy weapons from
them and destroy the enemy from the country's bricks.
If you donate for that, the government will be happy,
friends.
In that case, why will no one put a limit on you?
Okay, you are donating to us. You will get weapons from
that donation.
Our soldiers' uniforms will be made with the same money.
They will salute you, but we will not salute them. We will
salute them.
Whatever they are doing today, we are alive because of that.
We sleep peacefully because of their sacrifice.
Friends, if you ever meet an army soldier, stop for 2
minutes and salute them.
Come to the next point. Prime Minister's Relief Fund.
Like if there is a drought, you will get 100% donation from
the Prime Minister's Relief Fund.
Sir, if I donate 1000 crores, I am Mukesh Ambani. Yes, you
will get it.
Sir, this is a very good thing.
Suppose, I have an annual income of 15 lakhs. I just want
to make it zero.
Okay, then donate 15 lakhs to the Prime Minister's Relief
Fund.
Don't even keep 1 lakh with you. Your gross total income
will be zero.
And if it becomes zero, there will be no tax on it.
Whatever you give here, basically, write it down, that
whatever you give, you will get it.
Whatever you give, you will get it.
You will get it 100%.
Whether you give 1000 crores or 50,000 crores, you will get
it.
But remember, in the first lecture of the deduction chapter,
I said that our deductions can never exceed the gross total
income.
The maximum deductions you can get is the gross total
income.
Let's move on.
These are some more points.
Armenia, Africa, National Children's Fund.
For children, you can donate something.
Chief Minister's Earthquake Fund of Maharashtra.
If there is a state government fund, which helps poor
people in medical relief,
Army Fund.
See, I told you, whenever the name of the army comes, you
will get 100% deductions.
Sports Fund.
National Sports Fund.
Because the objective of our government is to keep our
country's name high in sports, army, medical facilities.
So if a person starts working for the government,
and the government allocates funds, and that person says,
let it be, I will give.
Then the government will shake hands and say, Namaste.
And will say, you take 100% deductions.
See this, Swach Bharat Kosh.
Clean Ganga Fund.
These names are such that you must have heard or seen them
somewhere.
This is the Clean Ganga Fund.
If you donate something here, you will get 100% deductions.
Next point.
Now there are some names, if you donate something here, if
you donate something here, then whatever donation you give,
the amount of donation you have given, you will get 50%
deduction.
Sir, I have given a donation of 100 crores, yes, give me
50% deduction of 50 crores.
I have given a donation of 100 crores, yes, give me 50%
deduction of 50 crores.
There is no limit, just 50%, whatever amount of donation
you give, whatever amount of donation you give, you will
get 50% deduction.
These are just four, and the way to remember these four is
to become a Prime Minister.
You will get 50% deduction, there is no limit, whatever
amount you give, there is no limit, just give 50%, you will
get that.
Let's move ahead.
Now these are three and four points.
In these three and four points, it is said that we have put
a limit that you will get 100% or 50% deduction up to this
limit.
If you have invested any money in these funds, as I will
tell you, whatever amount you have invested, either you
will get 100% or you will get 50%, but how much, you will
get up to a limit, if there is a donation above that, then
you will not get it.
Assume there is a limit, that limit is of 25 lakhs, you
have made a donation of 50 lakhs, so if you come in the
100% category, then you will get a maximum of 25 lakhs.
You have put a limit.
Sir, what is that limit?
First let's talk about that limit, what is there in the
name? We will read the name later.
First I will tell you what the limit is. The limit is 10%
of adjusted total income.
The limit is that you will get up to 10% of ATI. ATI means
Adjusted Total Income.
What does ATI mean? ATI means Gross Total Income.
Do you know?
What will be the total income of all the heads? Gross Total
Income.
What will you minus from that? Any special rate income? Do
we have any income of special rates?
Special rates means, the 30% rate income that I told you,
you got money from gambling, you got money from betting,
you won some amount from horse race, you got that money,
which is taxable on 30% flat rate.
Minus that and minus other deductions from this.
In this chapter, except this section, the section we are
talking about, except this, you get other deductions like
health insurance, like life insurance.
Minus that.
This figure will come and this figure is Adjusted Total
Income.
Adjusted Total Income. Director sir, please focus here.
Adjusted Total Income.
What are we doing first? First of all, we are saying that
there are some donations which you get up to a limit.
Point no.
3 and point no.
4 are covered.
We are discussing about the limit.
How much deduction will you get?
You will get 10% of Adjusted Total Income.
What is Adjusted Total Income?
Gross Total Income. You will minus from that, Special Rate
Income.
You will minus from that, deduction which is available in
this chapter.
You will get Adjusted Total Income. You will get 10% of
that in these two cases.
Maximum that is allowed. Let's move ahead and see what is
there.
Please come to point no.
3. Point no.
3 says that there is a donation and it is qualifying for
100% deduction, subject to the limit.
If there is a limit, let's say there is a limit and your
Adjusted Total Income has come out.
Let me explain to you. Your Adjusted Total Income has come
out.
For example, Rs. 1 crore. Your ATI has come out. Rs. 1
crore.
The donation that you have given, you have donated it in
such a way that you will get a 100% deduction subject to
the limit.
So, what is your donation? Let's say you have donated Rs.
20 lakhs.
Now tell me, how much will I get on this? 100%.
Maximum, you are saying you will get 100%.
But how much should I get?
Maximum 10% of this. So, what is 10% of this? 10 lakhs.
Although you have donated Rs.
20 lakhs, but what is the maximum you will get?
Rs. 10 lakhs. You will get a deduction of Rs. 10 lakhs.
Suppose, this was in the category of 50%.
If it was 50%, then also the answer in this case would have
been Rs. 10 lakhs.
Because you have donated Rs. 20 lakhs.
Government says that we will give you 50% of this, subject
to the limit.
Subject to the limit. You have donated Rs. 20 lakhs.
You have given 50%. That becomes Rs. 10 lakhs.
And does this limit of Rs.
10 lakhs come as a part of 10% of adjusted total income?
Yes, it does.
10% of ATI is there? Yes, it is there.
So, take this.
I have given you the deduction.
Is the point clear?
Let's move ahead.
Let's see which donations are there. Then I will make a
chart for you.
So that you don't get confused.
This is a 100% deduction.
That someone gives money to the Indian Olympic Association.
Or you have given money to the government or to an approved
local authority.
50% deduction.
Here is 50%.
Corporation established by the central government.
Renovation of the temple.
Or you have given money to repair the temple.
Mosque, Gurudwara, Church.
Things of artistic importance.
Which is a place of worship.
For example, many of you must have gone to Vaishno Devi.
There is a Vaishno Devi Shrine Board.
So, you can see that.
In Vaishno Devi Shrine Board, when you will get a receipt
of Rs. 100, Rs. 200, Rs. 50 deducted.
They give you a slip.
In that it is written, Vaishno Devi Shrine Board registered
under Section 80G.
So, it will be covered here.
In Section 80G, it will be covered here.
So, what will happen?
The donation that you will do.
When you will go to pray to Vaishno Devi.
And there we will make a donation in the shrine board.
So, whatever amount will be there.
I will get 50% of that.
But, how much maximum will I get? 10% of my adjusted total
income.
Is the point clear?
This is what he is talking about.
He is talking about qualifying limit.
To get the qualifying limit, what did he do? 10% of
adjusted total income.
From that gross total income, what did he deduct?
Special rate income.
Like, capital gains income.
They also had different rates, 15%, 20%, 10%.
Then, he deducted 10% ATI.
Then, he saw the actual donation.
Whatever will be less from both, we allowed that only.
Maximum, we can allow this only.
If it is below this, then it is fine.
If it is above this, then maximum will be till here only.
So, take this.
And, suppose if you have any remaining limit.
Suppose, your adjusted total income, like we are talking
about the same question.
Adjusted total income of 1 crore was there.
Till 10%, we will allow you.
So, 10% becomes 10 lakh rupees.
So, first of all, and you have two donations.
One, on which you can get 100% discount.
Second, you have a donation on which you can get 50%
discount.
Which one would you like to adjust first?
100% or 50%?
If you have given any donation, you will get 100% discount.
First, what will you adjust? 100% or 50%?
Answer is, 100%.
First of all, I would like to adjust the one for which I
will get 100% discount.
So that my gross total income comes down.
So, the remaining limit, first of all adjust the one for
which you will get 100% discount.
After that, adjust the 50% one. This was your point,
friends.
If there is a donation of more than 2000 rupees,
then it won't go in cash, you give it by cheque.
Transfer it online.
Cash is allowed up to 2000 rupees, after that cheques.
Friends, this was your point.
Is the point clear?
If you still don't understand this, I will make a
flowchart, understand.
Like I made earlier, that there are donations.
Total donations, your donations have come.
In this, there were 4 points.
1, 2, 3 and 4.
What was in 4?
In the initial 2, it was 100%.
If you answer, you will get 100%.
Was there any limit? There was no limit.
Was there any limit in this? No.
How much was in this?
Whatever was in this, you would get 50%.
There was no limit.
But here, in the case of these two, the limit was maximum
10% of ATI.
And how much was this?
Will you give 100% of this?
And will you give 50% of this?
Compare the donation with 10%.
Whatever will be less, we will give you.
Mr. Rajesh, please show it till here.
Friends, make this flowchart, it will be useful for you.
Look at this.
Is the point clear?
Shall we go?
Shall we go ahead, sir?
Come, sir.
Let's go to our next section.
Now, this chapter is counting its last breaths.
There are 2 or 3 sections left.
After that, your topic is over.
Friends, don't ever get scared looking at the syllabus.
Sometimes, we also used to be like you.
And we also used to get scared looking at the syllabus.
But then, friends, gradually, we got used to it.
Now, in today's date, the day we don't work, we feel that
we didn't do anything today.
Friends, never get scared of working hard.
And friends, never get scared of failing.
Friends, till you don't fail in life, you won't be able to
learn anything.
Failure teaches us that.
Failure shows us such things that success can never show.
Failure shows us the real colors of people.
That when we are nothing, how do people behave with us?
They do.
Never get scared of failing.
If you fail, then see why you failed.
What mistake did you make?
By failing, I don't mean failing in exams.
Failing in any work.
See the mistakes.
What mistake did I make that I couldn't do it?
They say that the one who falls in the battlefield is the
one who rides the chariot.
What fell?
Those who walked on their knees.
It means that in the battlefield, who has more chances of
falling?
The one who is sitting on the chariot.
The one who is sitting on the chariot and fighting with the
sword.
He has more chances of falling.
The one who walks on his knees.
Does he have chances of falling?
He can't fall.
But when is the fun of living?
When you are sitting on the chariot.
So friends, never get scared of failure.
Consider failure as your friend.
It will always show you the truth.
Never get scared of failure.
Let's come to the next section.
There was a lot of discussion on this section.
Now I will show you the next point.