Yes, friends, how are you all? Good morning, good
afternoon, good evening.
Whoever is watching me at this time, a hearty welcome to
you all.
Friends, I am your friend, your companion, your companion,
your companion in this discussion of tax.
My name is CS Shreyagupta, friends.
How are you all?
Great fun outside.
Let me tell you, I am also very good.
Friends, your blessings are making me like this.
What else do I need?
Friends, in the last lecture, we had discussed a lot of
things.
We were reading the definitions.
Before that, we had also discussed about the previous year
and the assessment year.
What is the previous year and what is the assessment year?
Friends, now let's come to the main crux, the main thing,
how do we calculate the income tax?
What did I tell you?
That the total income of any previous year,
the total income of any previous year, when does it get
taxed?
In the assessment year.
If my previous year is going on now, 22-23, then I will
keep a complete account of the income of 22-23.
When this year ends, after that, my assessment year will
start.
In that year, tax will start being imposed on my income.
In the same year, I will pay my return.
In the same year, I will deposit my taxes.
Previous year and assessment year.
This was the concept, friends.
Come, let's slowly start, how do we calculate the income in
this?
Look, we are talking about the income tax.
And we are saying, we are asking the question that what is
the tax imposed on?
It is imposed on the income.
If there is income tax, then it is obvious that it will be
imposed on the income.
Now, what is the income?
The amount of money I earned in that year, my total income.
What did I say?
I said, the amount of money I earn in the whole year, the
amount of money I earned in the whole year, total it once.
All your accounts, your profit and loss accounts, your bank
statements, find all that information from there, see how
much money has been received from where, calculate the
total of all the money. It will be known that how much
total income you have earned in the whole year.
Which year is this?
Previous year.
Which year is previous year?
The year in which you earn money.
Once I will have all these accounts, that how much money I
have earned, I will pay tax on that.
It is a big concept.
Till now, I am talking in desi language, I am telling you
desi things.
Did I say anything different?
Come, I want to discuss a format with you all.
I would like you to note this format in your notes.
Please note this format.
Because now, let's catch up a bit.
Come here once.
We are discussing how to calculate the total income.
The income on which we pay tax, the income on which we pay
tax, how is the computation of that income done? How is
that income calculated?
How is that income calculated?
It is the income of the whole year.
It is not a small thing to calculate it.
What is the first step?
You will see whether you are a citizen of India or not.
The first thing.
Are you a citizen of India? Yes.
If you are a citizen of India, whether you have earned
money here or abroad, tax will be imposed on every money.
First, you have to see the citizenship.
If you are a citizen, wherever you have received money,
wherever you have received or accrued money in the whole
world, you have to pay tax on it in India.
First, you have seen the citizenship.
Sir, the second step.
You will calculate your income.
How will you calculate your income?
I had said, in this world, whatever is your income, income
from anywhere, whatever income it may be,
it is categorized in five heads.
As it is said, after death, our body gets dissolved in five
elements.
It feels very strange to hear that today we are standing,
I am teaching you, you are listening to me, you are also
studying.
One day, nothing will remain.
Neither I will remain, nor you will remain, nor these
classes will remain.
Nothing will remain, sir.
All of us will get dissolved in five elements.
This can be avoided, sir.
But, before getting dissolved in five elements, why don't
we do something like this, why don't we invent something
like this, make a name like this, so that even after our
death, people remember us and remember us in a positive
way. Sir, to live for a hundred years, it is not necessary
that you should live for a hundred years.
Do something in a day, so that people remember you for a
hundred years.
One should try in life to do something like this, to do
something good, which is good for people even after our
death.
People should remember us, sir.
Life is going on like this.
You all are my friends.
I don't consider you all as younger brothers or sisters.
Life is going on like this.
Don't you know who you are, where you live?
Life is
very large.
Public should know who a person is.
You have an aura.
People should feel that there is something special about
this person. There is something special about him.
As I keep saying in every lecture, do something so that the
world wants to become like you.
Now we are looking at others.
He is like this, he is like that.
Whatever he is, what are you?
Look at yourself.
Make your existence, friends.
Don't be like a person who lives for others.
There is no existence of a person who lives for others.
Make your capability on your own.
Sir, Amitabh Bachchan made his capability on his own.
That's why people give him an example.
Sachin Tendulkar, Virat Kohli.
These people are examples.
That's why they walk in the market.
Why doesn't anyone give an example of their children?
Why doesn't anyone give an example of Abhishek Bachchan?
Sir, make your existence on your own.
And do something so that you become immortal even after
death.
Do something like this.
Anyway, our discussion was going on that the total income
is that no matter how much money I earn in this world, it
gets categorized in 5 heads.
I have to divide it in 5 heads.
What are those 5 heads?
You will earn income from anywhere.
First of all, you will see income under head.
Income under head.
Keep noting this.
First of all, salary.
After that, you will see business and profession.
You can earn money from business and profession.
You can earn money from house property.
You have rented a house.
You can earn money from capital gains.
And you can earn money from other sources.
All the income you have, you have divided it in total.
From different heads, whatever income I have,
I have written it in one place.
Now, there are some provisions of income tax that the other
party, your wife,
or your children, they have some income.
And there are some provisions of income tax that you will
pay tax on their income.
They don't have to pay any tax.
You pay tax on that income.
That is called clubbing.
It gets added to your income.
It becomes a club.
So that too, because it is being included in your income,
so your income is increasing.
So you will pay tax on your income.
So that too, you will have to include it in your income
computation.
Definitely.
This is clubbing.
Clubbing of income.
Note this down.
Then there is a provision in income tax that in the last
few years, if there is a loss,
if there is a profit next year, then minus that loss from
there.
That is called set off and carry forward of the losses.
Don't worry if you don't understand things.
Because on all these things, there is a proper chapter.
In which there are 20-22 lectures.
So if you still don't understand anything, don't worry.
There is a simple format.
You have to see it.
And what you have to do with this format, the format that
you are writing, stick it on your table or on the first
page of your register.
Because this is the format of income tax.
According to this format, our syllabus is designed.
In this order, we will make you do all the chapters.
And this format is such that you can forget to breathe once.
But you can't forget this format.
Whenever you work with income tax,
you should know how to calculate income.
See, income tax.
Tax on the income.
You have to calculate the income.
Come on.
If there is any loss in the previous years,
what will you do with it?
Set off.
total tax.
If your income goes above a particular level, then
surcharge is added.
Health and education says mandatory, it is added every time.
After that you have this tax amount.
Yes, you have given some money in advance.
Tax amount has come, means you have to deposit this tax.
You have to go to the government and deposit this much
money.
You have deposited the tax in advance.
If some other person has deducted some tax for you, deduct
it.
What is the balance that is left? Income tax is payable.
This is the point, sir.
Look at it.
Clear? Okay, point.
Sir, you have been discussing for a long time about the
normal rate.
Sir, tell me the rate.
At what rate does tax apply? Right now you are talking
about different things.
You have not told me at what rate tax applies.
What is the rate? What is the rate? 10% rate, 30% rate.
We have been hearing that different rates are going on.
One old scheme is going on, one new scheme is going on.
Sir, tell me.
Tell me, sir. Friend, I will not tell you today. I will
tell you in the next lecture.
Today you just read this format and go. In the next
lecture, I will start with the rate.
But before that, make me a promise and go that this is your
homework that you will do the reading again.
Don't remember it.
Put it in your veins, the veins of blood.
I mean, if you donate blood to someone, then he should also
have this format of income tax.
If this format of income tax comes out of his blood, he too
will stand on his bed while saying his income tax.
Tear this format and stick it on the first page of your
register.
It is a very useful thing.
Now, as we move forward in our lectures, there will be a
lot of need for this format, friend.
Do something so that the world becomes like you.
Come on, friends.
See you in the next lecture.
Bye bye.