Yes friends, how are you all?
Great fun outside?
It should always be like this sir.
Nothing else in life.
Be happy, be happy.
Keep studying.
Move ahead in your career.
Nothing else sir.
In the last lecture you may remember we had discussed about
TDS.
What is this TDS?
Who cuts?
How does it cut?
We had discussed about this sir.
Okay.
You have earned money today.
You will deposit the tax next year.
That is why the government said that the money will come
after a year.
Why don't we take money from this person today?
Whoever will pay this person should cut some portion and
pay.
He will receive 90%, 95%, 98% whatever money he receives.
Rest of the money will be deposited in the government
account as income tax for this person.
Who? The person who is paying this person.
This is what we had studied.
Sir, let's start a new section.
Salary.
This is the section of salary.
Very, very, very, very, very, very, and more than that, it
is a very important section according to practical life.
Why am I saying this?
That is why I am saying that tomorrow wherever you go and
work, wherever you go and work, you will take salary.
Now on that salary,
TDS will be deducted.
If you have a package of 6 lakhs, or a package of 6 lakhs,
or a package of 7 lakhs,
TDS will be deducted from that.
What will be left in your hands?
This will also become a point to think about.
Whenever you join a job, calculate and see how much TDS
will be deducted.
How much salary will be received in your hands?
After calculating all these things, you can take up any job.
These are all things.
Now let's see how TDS is deducted on salary.
Sir, give it carefully.
Section 192 is its name.
It talks about salary.
How, how?
You don't have to do anything.
You basically have to make an income statement.
This is your income statement.
What is your salary?
What is your income from your salary?
What is your rental from your house property?
Do you have any bank interest?
What is your income from other sources?
Did you sell any property throughout the year and earn any
capital gain?
What is that?
Apart from this, do you have any other side business?
Calculate the total of all these incomes.
You will get a total figure.
On that total figure, your income tax will be calculated.
You don't have to do anything.
You will divide the income tax by the income.
This is an average.
The average rate will be calculated.
On that average rate, on that average rate, on that average
rate, according to that average rate, your TDS will be
deducted on salary.
Assume that the average rate is 10%.
If the average rate is 10% and your salary is 1 lakh, then
how much will you get every month?
How much will you get every month? 10% TDS will be deducted.
How much money will you get? 90,000.
Your salary?
Even though it is 1 lakh, you will only receive 90,000.
What will happen to the remaining 10,000?
Your employer will deposit 10,000 rupees on your behalf in
your government's income tax account.
Your annual income tax will be 1,20,000.
Finally, when you start calculating at the end of the year,
that how much tax did I get?
Assume that your tax was 3 lakhs.
Now, from that 3 lakhs, deduct 1,20,000 which you have
already deposited.
Now, the remaining 1,80,000 will have to be deposited.
It is a simple point.
Now, try to understand what I am saying.
What am I saying?
I am saying that when you go for a job, you receive income
from your salary.
On that, what are the provisions of TDS?
Our discussion is going on on that.
At what rate is TDS deducted?
How much percent should be deducted?
If your salary is 1 lakh, how much percent should I deduct
from that?
If you assume that the fixed rate is 10% or 20%, there is
no fixed rate.
It has to be calculated.
In your office, your HR department, you will submit a
detail that this is my salary income, this is how much
income I receive from my house property, this is how much
income I receive from my business.
Are there any deductions from this?
I have paid tuition fees,
I have given some money for health insurance.
Assume a total of 5 heads of income.
Minus the deductions from that.
You will get a figure of total income.
What is your income tax on that total income?
Assume that.
Divide the tax from your income.
You will get an average rate.
According to that average rate, your income tax will be
deducted.
This is the point.
Take a look.
In the case of salary, there is no fixed rate.
In the case of salary, we always take an average rate.
Always.
We always take an average rate.
Sir, if there is any loss in this, should we take a loss?
Sir, what is the loss in salary?
I couldn't understand the loss in salary.
Are you trying to say that the loss in salary means that
wherever you go to work, you don't get a salary.
Instead, you give some salary.
Is this what you are trying to say?
No sir, I am not saying this.
Then what are you saying?
Sir, I am trying to say that like you said, we have to take
the income of PGBP.
Assume that there is a loss in business.
Do we have to take that loss?
You don't have to take any head of income except the loss
of house property.
Your employer will consider only the loss of house property
in this calculation.
In this calculation, only the loss of house property will
be considered.
The loss of business or any other head of income will not
be considered.
Assume total income.
If there is any loss of house property, subtract it.
If there are any deductions, subtract them.
Total income will come.
The rate on that, the slab rate of income tax, subtract the
tax according to that.
Subtract the tax according to that.
Divide it by income.
The average rate will come.
It is a simple point.
But you have to give proof of this.
As you are telling about the income, give proof of this to
your employer.
The HRA that you are taking, give proof of this to your
employer that you are giving house rent allowance.
And I actually live here on rent.
These are my rent papers.
Take this.
You have to give proof of leave travel concession.
If you are giving deductions, like you have given
deductions to a charitable trust, you will get a receipt
from there.
Go and deposit that receipt.
You say that
I have got health insurance done.
Subtract that deduction.
Show the receipt of health insurance that you will give as
premium.
If you claim deduction of life insurance, what do you
deposit of life insurance?
Go and deposit the documents that you have so that all the
deductions from your total income will be less.
Is the point clear?
In the case of salary, there is no fixed rate.
According to the average rate, your TDS will be deducted.
And in the practical life of a salaryman, it never happens
generally that he has to deposit his TDS at the end of the
year.
Because whatever his tax is, we have taken it at the
average rate.
The same TDS is being deducted.
Suppose his tax was
Rs. 1,50,000.
We would have deducted his TDS in the whole year.
Ultimately, how much was the tax payable?
Rs. 1,50,000.
But how much was the TDS paid?
Rs. 1,50,000.
He does not have to deposit anything from his pocket.
His TDS will be deducted.
He does not have to deposit anything at the end of the year.
Whatever tax he was supposed to pay, his employer has
deducted his tax today.
Is this the point?
Is the point clear?
Shall I ask a question? 90% of people will give the wrong
answer.
Shall I ask?
Sir, are you giving a challenge?
I am giving.
Shall I ask?
You go to a 5-star hotel.
On 14th February, with your girlfriend, you go to a 5-star
hotel. went to eat food.
You ate food worth Rs.
5000 and your waiter who was bringing food for you, you
gave him a tip of Rs.
500 to make your impression in front of your girlfriend.
Sir, although you had borrowed money from your friends, you
had borrowed a coat, you had borrowed a red shirt and you
ate food worth Rs.
5000 and you gave a tip of Rs.
500 to the waiter.
Now tell me, thinking about it, is there any TDS on this
tip of Rs.
What will be deducted? Think about it.
TDS, because ultimately who is taking this tip? The waiter
is taking it.
Why is he taking it? Because he is working there, that is
why he is taking it.
Should there be a TDS on this tip as well?
The answer is no.
Sir, the TDS will not be deducted. The reason for this is
that you don't get a fixed tip.
If there is a salary, we are talking about TDS on salary.
Your salary is fixed, that you will get so much salary
every month.
You have a paper, a letter of appointment, that take this
letter of appointment.
It is written here that you will get so much salary every
month and you will get this date.
The tip is dependent on whom you are serving.
It can be of Rs. 500 or Rs. 20.
It is not fixed, it is giving you a kind of tip.
No TDS will be deducted on tips.
You don't get a salary there.
Although you are getting a receipt from your employer.
You are getting a receipt because you are working.
But it is not a part of your salary.
Why not?
It is not written in your letter of appointment.
And you don't receive a fixed amount that you will get a
tip of Rs. 31 every month.
It is the mood of the customer.
If he wants to give, he can give a tip.
And if he wants to give, he can abuse as well.
This is the thing.
Is the point clear?
Is this point clear?
Let's see what it says on the screen.
Let's move ahead.
Try to absorb what I have said.
Because this is a very important thing.
This is a very important thing.
Which will be useful in your life.
Till the time our screen starts.
Let me give you one more section.
192A 192A is the name of our section.
I think it will take time for the screen to start.
I will cover it in the next lecture.
Thank you very much friends.