Yes friends, good morning, good evening, good afternoon.
How are you all?
Are you having fun?
Is everything going well in your life?
Are you happy?
Are you able to understand things?
Friends, if you are able to understand things.
You have seen 2, 3, 4 lectures now.
If you are able to understand the concepts in your mind.
Previous year, assessment year.
Are you able to understand all these things?
It's okay, right?
What's the problem then?
Slowly, slowly.
If you do it step by step, you will climb the mountain.
Learn from a small kid.
See, when a small kid is born.
First, he walks on his knees.
Slowly, slowly, he starts walking on his knees.
After that, he starts running.
And nowadays, sky gliding and all that is happening.
People fly in the air.
Sir, you can't fly so fast in the air.
First, learn to walk on your knees.
Understand the strength of your knees properly.
Run slowly, sir.
Fight.
If you don't understand anything, fight.
I want to tell you one thing.
This life is not so easy that you will get everything by
decorating yourself in a plate.
Today, you need a shirt.
Because the world is such that you don't get it today.
You have to fight for it, sir.
You have to fight.
To achieve your dreams, you have to fight with people day
and night.
You have to fight with yourself.
Because the inner voice will tell you to sleep.
Don't wake up now.
It's too early.
Sleep.
The other voice will tell you to sleep and dream.
I will fulfill this dream.
Are you understanding?
You have to fight.
With yourself.
With the people around you.
Who tell you that you can't do this.
You can't do this.
You can't do that.
Who are those people to judge you?
You have unlimited opportunities to move forward in your
life.
Not just studies.
I am not talking about studies.
I am talking about other things too.
You can go for studies.
You can do business.
You can do teaching.
You can do anything in life.
You have so many opportunities.
Love yourself.
Recognize yourself.
What is your USP?
What do you like?
You are living in a time where everything is easily
accessible.
You open your mobile.
Upload it to YouTube.
Check your information.
Why don't you take advantage of this?
25 years ago, we didn't have all these facilities.
To gather information, you had to go to the library.
You didn't get all the information there.
You have all the information.
Take advantage of it.
Become something in life.
Become something that the world wants to be like you.
Do something that will make God happy.
Life is fun when you become something in life.
The peak, the peak.
The view is beautiful from the peak.
The view is beautiful from the top of the mountain.
Friends, with this hope that you will do something better
in life.
Let's start our new lecture.
We are talking about income tax.
In the last lecture, we talked about the previous year and
the assessment year.
What was the previous year?
The year you earned income, we call it the previous year.
The year you earned income, we call it the assessment year.
Tax shall be charged at the rate prescribed by the annual
finance act or income tax act or both.
What does this mean?
What does this poet want to say?
What does this poet want to say in this poem?
I remember we used to do this in Hindi in school.
What does this poet want to say?
What is the feeling of the poet?
I ask you, what does the poet want to say?
Tax shall be charged at the rate prescribed by the annual
finance act or income tax act or both.
There are two types of rates.
One is the rate in the budget.
As I told you, every year the rate is increased or
decreased in the budget.
These are all normal rates.
The rates on your normal income.
We will study the slab rate later.
We get to know the normal rates from the budget.
What is the general rate of the income tax this year?
Generally, how much income will be exempted?
What will be the general rate of the income tax in India?
We get to know that from the budget.
Why did he say income tax act?
The poet could have written tax shall be charged at the
rate prescribed by the finance act or budget.
Why did he write this?
Sir, he wrote this because in the income tax act, there are
some special rates of special income.
What did I say?
I am saying that in the income tax act, there are some
special rates of special income.
For example, your share market income.
It takes a rate of 15% in the short term.
If you buy a share for a short period of time and then sell
it, it has a special rate of 15%.
It has nothing to do with the normal rate.
It is a special rate.
It runs separately.
It does not change.
There is no requirement to change it every year.
It is a special rate of income.
It is a special income of the share market.
It is divided according to long term and short term.
If it is long term, it will be at this rate.
If it is short term, it will be at this rate.
It is a special rate of income.
So, the special rate of income will always be charged at a
special rate.
Special income will be charged at a special rate.
Who tells us this?
Income tax act tells us.
In the act, it is written that this is the income.
So, this income will be charged at this rate.
For example, lottery income.
You play lottery.
You win the lottery.
You bought a lottery ticket worth Rs.10.
You did not want to buy it.
You were standing at the bus stand.
You were waiting for the bus.
A person wearing a t-shirt came to you and said,
Father, try it.
Try your luck today.
Today, it is the turn of fate.
Try your luck.
It is a ticket worth Rs.10.
If you are lucky, it will be worth Rs.10.
Your next day will be worth Rs.10 crores.
You thought, today I am going by bus.
In future, if I win the lottery worth Rs.10 crores,
I will run my own bus in the city.
What came to your mind?
You bought a ticket worth Rs.10 crores.
You won the lottery.
The next day, you put it under your pillow and slept.
The next morning, you saw the number on TV.
You won the lottery worth Rs.10 crores.
You said, I am Naveen Nishtal.
I am Tipu Sultan.
I am coming.
You kicked your job.
You abused your boss.
You left your job.
You have Rs.10 crores in your pocket.
This is a special income.
You don't get income every day.
This is a special income.
The government says, a special 30% rate will be imposed on
this special income.
We did not write this in the budget.
We wrote this once and left it in the Act.
We wrote it once and left it in the law.
If there is a lottery income, a 30% rate will be imposed on
it because it is a special income.
When you take out the tax, you will have to see the income
tax in the Act.
You won't hear about the normal budget.
In the budget, there are normal rates for normal income.
The normal rates for the salary business.
These are normal rates.
These are special rates for special income.
Where are they written?
In the Income Tax Act.
This is why the poet says, tax shall be charged at the rate
prescribed in the budget or in the Income Tax Act.
In the Income Tax Act, you see the rates for special income.
There was a small point that I wanted to share with you.
Let's go to the definitions and then do the last Sanskar of
this chapter.
What do we say?
Let's go.
We talked about the definition of a person yesterday.
What is a person?
I will tell you about a person.
I will take you to the definition of a person.
Give me a minute.
Actually, the content is so much that I can't handle it.
Let's see what SSE means.
What is SSE?
These are some definitions.
SSE Not Assi.
SSE Assessee, what does it mean?
Assessee is a person on whom assessment is going on.
Assessee is a person on whom assessment should be done.
It can be done or it is going on.
Assessee is a person who is liable.
Assessee is a person who is liable to pay income tax.
Do you earn an income?
Is your income above the exemption limit?
Do you also have to pay income tax?
Yes.
So you also become a miter, an assessee.
Assessee is a person who is liable to pay tax.
It is called an assessee.
It is said that an assessee has received a notice of 80
lakhs for income tax.
An assessee is a person who is earning money and has to pay
income tax.
You, me, every person is an assessee.
It is called an assessee.
It is also possible that you are responsible for paying tax
for another person.
For example, you have a child who is less than 18 years old.
You are his father.
The child has an income.
How will the child pay the return?
He is not able to solve his homework.
The child is in a situation where he is nibbling a pencil.
He breaks his friends' pencils.
He steals from the shop.
He beats each other.
Do you think he will pay the return?
His nose is swollen.
He puts a pencil in his nose.
He pierces his ear with that.
Sir, please stop.
What are you saying?
What I am trying to say is that a minor child has an income.
He has won a lottery.
You are responsible for that.
Who will be considered an assessee in that case?
Who is liable to pay tax?
You are.
You are paying tax on behalf of the child.
So, you will be called an assessee in that case.
What is the definition?
An assessee is a person by whom tax or any other sum of
money is payable under this Act.
It includes every person in respect of whom a proceeding
has been taken for the assessment.
An assessee is not just a person who is liable to pay tax.
He is also a person against whom a proceeding has been
taken.
A legal action has been taken against him by the income tax
authorities.
A case has been filed against him.
There has been a raid in his area where he works.
Along with the raid, the income tax authorities have opened
an old case against him.
He will also be considered an assessee.
An assessee is someone who is deemed to be an assessee.
And every person who is deemed to be an assessee in default
under the provision will also be considered an assessee.
When we will study the concepts of TDS, we will cover all
these things.
An assessee is a person who is liable to pay tax.
Whether on his own money or on someone else's money.
What is the meaning of assessment?
I told you about assessment in the last lecture.
You earn money this year.
Next year, you will file a return.
Next year, you will pay tax.
The officer sitting there does not sit with a Geeta.
Whatever income I am telling in my return,
I will tell the truth.
I will not tell anything other than the truth.
I am the Satyawadi Harishchandra here.
I am the great grandson of Harishchandra.
Whatever I will say, I will speak the truth.
This does not happen.
Your balance sheet will be checked regularly.
Your profit and loss account will be checked regularly.
This checking is called assessment.
We calculate your income.
What does assessment mean?
This is the procedure by which the income of the assessee
is determined.
Assessee means you who is liable to pay tax.
How will your income be determined?
By the procedure by which the income of the assessee is
determined.
It may be by way of normal assessment or by way of
reassessment.
Of income previously assessed.
No problem.
Let us come to the definition of person.
What does a person mean?
In the last lecture, I touched upon the meaning of a person.
What does a person mean?
What are the individual meanings of a person?
You ask, who is there in a person?
Are you a person?
Yes.
Is there a person everywhere?
Yes.
What does a person mean?
Till now, what you have understood in the common language,
person, that you go and tell that person.
Go and give money to that person.
Person means an individual.
Till now, you have understood that person means an
individual.
But the income tax people have increased the scope of this
definition.
My brother, my master, my friend, my master.
The income tax people have increased the scope of this
definition.
Till now, you have understood an individual as a person.
Now, along with an individual, an HUF, a company, a firm, a
local authority, they will also be considered as a person.
That means, they will also have to submit their income tax
under the law of income tax.
Whenever a word comes, person,
So, the definition of an individual, along with a person, a
company, a firm, the definition of all these are also there.
Look, sir, these are the things.
They say, these are the principles of the law.
These are the principles.
Who are we?
We are mechanics.
I am teaching you how to repair a car.
I am teaching you how to open the car's principles.
This is the first step.
How to open a car's wheel,
How to open a car's wheel.
This is how you have to open it.
This is what I am teaching you.
What is the meaning of a person?
These people also have to pay an income tax.
It depends on different rates.
An individual has a different rate.
A company has a different rate.
A firm has a different rate.
But, sir, we will not leave anyone.
Whatever money you are earning, whether it is a company, a
firm, whether it is a man, an animal, a horse, a donkey,
money, tax, as a tax, we will definitely take a tax from
you.
No matter who you are.
That is why the definition of a person is so big that no
one will be able to say in the future that I am not being
covered in that definition.
This is the thing.
Let's move ahead, sir.
I have explained the H.U.F.
Hindu Undivided Family.
You can read it.
There is not much left to explain.
These are the things, sir.
Company.
Company, I will tell you.
Friends, there are two types of companies.
One is a domestic company.
The other is a foreign company.
Domestic companies are the companies of India.
Indian companies like Reliance,
Tata, Qajariya, Desh Ki Mitti,
Desh Ka Namak.
These are all Indian companies.
And there is one foreign company.
There is a foreign company which has established its base
here.
Ultimately, all operations are carried out from abroad.
It is a foreign company.
Nestle.
Nestle, I think, is a foreign company.
It is a foreign company.
Now, why am I telling you about the company's bifurcation?
That's why I am telling you, friends.
Because the company is also a person.
And when it becomes a person, income tax is imposed on the
person.
We had read a definition that income tax is imposed on
every person.
Now, when the company becomes a person, tax will be imposed
on the company as well.
Domestic and foreign.
A separate rate of a domestic company and a separate rate
of a foreign company.
We will slowly open all these things.
Okay, sir?
A separate rate of a foreign company.
These were some definitions, friends, which I wanted to
cover with you.
Now, let's wind up this in the next lecture.
I had some basic definitions.
Why am I teaching you the definition of a person?
Because you had read it in between.
We had read the word somewhere that any person whose income
tax is imposed on a person is imposed on the previous
year's income.
If a person earns a total income in a previous year, then
income tax will be imposed on him.
So, I wanted to break this down and explain what will be
imposed on a person.
Total income.
We will discuss this in the next lecture.
And what happens in the previous year.
So, from today, any company, any firm, any individual, any
HUF, any association of persons, if they earn money in any
previous year, then in the assessment year, tax will be
imposed on them.
Individual, company, everything.
Basically, in India, whichever business they are doing,
business they are doing, whichever way they are
incorporated, they will have to pay income tax.
Definitely.
In the next lecture, friends, we will try to wind up this.
We will discuss total income.
Till then, keep revising.
Bye-bye. Good night.