Good morning, good evening, good afternoon.
To everyone who is watching me right now,
I would like to extend a hearty welcome.
How are you all?
I hope and hope that you are all healthy, happy, and happy.
And friends, you must be studying a lot.
In the last lecture,
I had made a format.
If you remember, do you remember the format?
Do you remember the format
I had made for you?
It was the format of Total Income.
How was Total Income calculated?
Because you have to pay tax.
And on what do you have to pay tax? On Total Income.
So, how will Total Income be calculated?
All the income in the world that you have, put it in five
heads.
If you want to club someone else's income from those five
heads, do it.
If you have losses of 5, minus them.
If you have deductions, minus them.
Total Income will be calculated.
In that Total Income, see if there is any income of special
rate.
There is no income of lottery.
There is no income of gambling.
There is no income of capital gain in the share market.
I will tell you which ones are there.
Separate that income and normal income.
On normal income, on budget, on special income, there is a
special income tax rate which is written in the Act of
Income Tax.
Till now, we have only discussed about this.
I want to build up your base.
Don't take too much pressure.
There is no pressure of classes.
Our work is pressure-less.
The work of taking pressure is of pressure cooker.
We are discussing and discussing.
This is not a class loss.
This is a simple discussion.
I am telling you things.
You are asking me questions.
I am answering them.
This is not a class loss.
Let's discuss about normal rate.
Is this normal rate?
It has been a long time.
A lot of suspense has been created.
What is the rate of income tax?
What is the normal rate of income tax?
I want to tell everyone that our country's government has
said that in this country, in our whole India, all the
people who are paying income tax, we will give them an
income tax of 2.5 lakhs.
What did I say?
I want to say that all the people in our country who want
to pay income tax, we will give them an income tax of 2.5
lakhs.
If you earn 2.5 lakhs in a year, a year means previous
year, if you earn 2.5 lakhs in a year, then my dear, no
income tax will be imposed on you.
No income tax will be imposed on anyone for 2.5 lakhs.
If you are below 60 years of age, if you are below 60 years
of age, if you are below 60 years of age, if you are below
60 years of age, then you can earn 2.5 lakhs in a year.
No tax will be imposed on you for 2.5 lakhs.
If, suppose, someone has taken tax from you, then that
person is definitely a fraud.
He has cheated you.
Go and catch him.
Because the government says that there is no need to pay
any tax for 2.5 lakhs.
It is a basic amount.
See, what does 2.5 lakhs mean?
That person is earning 20-22 thousand rupees in a year.
Now, the person who earns 21 thousand rupees has to feed
himself in today's inflation.
That is a big thing.
The poor guy is earning 21 thousand rupees in a month.
What tax should we take from him?
See, understand the logic of things.
What is his income?
It is enough for him to feed himself.
That is why the government gave an exemption.
Exemption.
Exemption limit.
2.5 lakhs is the exemption limit.
If you earn more than that, then you will have to pay tax.
There is no need to pay any tax below that.
Okay, sir.
Look at this.
I have put an image on the back.
Mr. Virat Kohli, a former captain of the Indian team, and
his wife,
Anushka Sharma.
I have a question, sir.
Is there a limit for men and women of 2.5 lakhs?
No, sir.
We don't discriminate.
We are income tax people.
We don't discriminate.
We don't discriminate on the basis of caste and religion.
Whether you are a male or a female, the exemption limit of
2.5 lakhs is applicable to you.
So, there is a limit of 2.5 lakhs for men and women of 2.5
lakhs.
And this is applicable to all Indians.
Unless they are individuals.
They are not a company.
I am talking about individuals.
I mean, if Amitabh Bachchan is an individual, then this
limit is applicable to him.
If Mr.
Modi pays his income tax returns, then this exemption limit
of 2.5 lakhs is also applied to him.
It is also applied to Virat Kohli.
It is also applied to Anushka Sharma.
Okay, sir.
Where the total income does not exceed 2.5 lakhs, then your
tax will be nil.
You won't have to pay any tax.
But if your income exceeds 2.5 lakhs and it is up to 5
lakhs, then in that case, there will be a 5% tax.
I mean, the amount above 2.5 lakhs.
The amount above 2.5 lakhs has a 5% tax.
What am I saying?
What I am trying to say is that whatever you earn from 2.5
lakhs to 5 lakhs, you have to pay a 5% tax only on this.
For example, if you have an income of 5 lakhs.
If you have an income of 5 lakhs.
Can someone calculate and tell me how you will do it?
Okay, let me tell you first.
If you have an income of 5 lakhs, then there is no tax till
the first 2.5 lakhs.
It becomes zero.
Now, what is above the next 2.5 lakhs?
You have to take a 5% tax on the next 2.5 lakhs.
So, this will be 12,500 rupees.
So, if you earn 5 lakhs per year, then you will pay zero on
the first 2.5 lakhs.
And how much will you pay on the next 2.5 lakhs? 5%.
Is the point clear?
Okay, sir.
So, if I earn 5 lakhs, then I have to pay 12,500 rupees of
income tax every year.
Now, let me tell you that you earn 3.5 lakhs per year.
If you earn 3.5 lakhs, can someone calculate and tell me
how you will do it?
You earn 3.5 lakhs per year.
So, what will you do first?
You will see till 2.5 lakhs.
So, till 2.5 lakhs, minus 2.5 lakhs from this.
Separate 2.5 lakhs.
Will you pay any tax on this 2.5 lakhs?
You will earn the first 2.5 lakhs.
There is a tax of zero rupees.
You will not pay any tax.
How much will you pay on the next 1 lakhs? 5%.
How much tax will you pay? 5,000 rupees.
Just see.
Nothing till 2.5 lakhs.
From 2.5 lakhs to 5 lakhs.
Whatever it is.
5%.
Now, come to the next.
The total income is more than 5 lakhs.
And it is up to 10 lakhs.
More than 5 lakhs.
Less than 10 lakhs.
In that case, 12,500 came.
Can someone tell me where did 12,500 rupees come from?
Where did 12,500 rupees come from?
This 12,500 came from here.
If a person is earning up to 5 lakhs.
Then up to 2.5 lakhs is zero rupees.
And how much is up to the next 2.5 lakhs? 5% of that.
So, 12,500 is done.
And how much is before that? 20%.
I mean to say that if you earn between 5 lakhs and 10 lakhs.
Then give 20% of that.
The previous one is 12,500.
Now, I will explain more.
Don't worry. First understand the basics.
And then what is he saying?
If you earn more than 5 lakhs.
Then in that case, 1,12,500 plus 30%.
This 30% is the rate.
Where did 12,500 come from?
This 5 lakhs in between.
20% of this 5 lakhs.
Didn't understand?
I will explain. Don't worry.
Don't worry.
I just wanted to show you the basics.
How to do it.
Let's take 3-4 examples.
Then we will do it.
The first example is that a person earns 4 lakhs.
Calculate and tell me.
If someone earns 4 lakhs annually.
Then how much income tax should be imposed on him?
If he earns 4 lakhs.
Then 4 lakhs means.
That first 2.5 lakhs.
When he earns the first 2.5 lakhs.
On the first 2.5 lakhs, he will pay 0 rupees.
Now, how much is the balance? 1,50,000 rupees.
How much is above 1,50,000 rupees? 5%.
How much will come? 7,500 rupees.
How much is the total tax? 7,500 rupees.
Tell me.
Don't do anything.
No matter how much income you have.
Your income is 1 crore.
First, see till 2.5 lakhs.
2.5 lakhs is 0.
Till there, it is 0.
Now, from 2.5 lakhs to 5 lakhs.
From 2.5 lakhs to 5 lakhs.
For example.
Now, this person's income is 6 lakhs.
Now, what do we do?
First, till 2.5 lakhs, it is 0.
Till 2.5 lakhs, it is 0.
This is 0.
Then, from 2.5 lakhs.
From 2.5 lakhs to 5 lakhs.
See, it is very important to know how to pay tax.
How to pay?
I said, if it is at 2.5 lakhs to 5 lakhs, then 5% of 2.5
lakhs to 5 lakhs, means 5% of 2.5 lakhs is 12,500 rupees.
Is it clear so far? Is there still some income left? Still,
yes.
Till now, only 5 lakhs have been utilized. Out of 6 lakhs,
5 lakhs have been utilized.
1 lakh is still left. Sir, this 1 lakh has come.
How much is this 1 lakh? 20%?
How much will 20% be? 20,000 rupees.
So, what will be the total of this? 32,500.
Is the point clear?
Try to understand it again.
See, try to understand it 3-4 times, fix it now.
There won't be any problem in future.
Because in practical life, it is a very important concept
to calculate the tax.
You do any calculation.
First, see, first 2.5 lakhs.
Break up your entire income.
You took out the total income.
You learned the format.
Now, you will see how to calculate the tax.
So, till the first 2.5 lakhs, you have to give 0 rupees.
Then, from the next 2.5 lakhs to the next 2.5 lakhs to 5
lakhs, you will give 5%.
Is it clear?
So, if we look at 5%,
how much money comes between 2.5 lakhs to 5 lakhs? 2.5
lakhs.
And if we look at 5% of 2.5 lakhs, it comes out to be
12,500 rupees.
Is it clear?
Till here, if your income is over, then pay this much tax.
But suppose, your income is more than this, which I want
that the income is of big people.
Then, see, next.
Next, how much?
Between 5 lakhs to 10 lakhs.
How much is it?
Between 5 lakhs to 10 lakhs.
In that case, how much will it be?
Make 20% of 5 lakhs.
Simple.
Make 20% of 5 lakhs.
How much will it be? 1 lakh rupees.
Means, if you earn 10 lakh rupees in the entire year,
if you earn 10 lakh rupees in the entire year, then, don't
give anything till 2.5 lakhs.
From 2.5 lakhs to 5 lakhs, you will give 12,500 rupees.
And then, from 5 lakhs to 10 lakhs, you will give 1 lakh
rupees.
Suppose, you earn more than 10 lakhs.
Then, in that case, whatever is above 10 lakhs,
you have to put 30% tax on it.
This will remain.
1, 2, 5 lakhs will remain.
On that, whatever is there, do that and give the total.
This is the point.
Nothing till 2.5 lakhs.
From 2.5 lakhs to 5 lakhs, 5%.
And whatever is above 5 lakhs, till 10 lakhs, 20%.
And whatever is above 10 lakhs, 30%.
Is the point clear?