Good Morning, Good Evening, Good Afternoon to all of you
who are watching me on YouTube.
Friends, how are you all?
Mr. Gupta, how did you come up with this new setup today?
You always teach us with enthusiasm and energy.
How did you come up with this chair today?
Friends, the greed for a chair is very bad.
Now I have got a chair and I am sitting on it.
Friends, this is the greed for a chair.
You will not even know what all work it will get you to do.
Anyway, friends, jokes and all will continue.
Let's come to the serious point.
Friends, we have finished all our theoretical topics and
provisions.
But in Income Tax, theory is not enough.
We have to understand its practical aspect as well.
Sir, what do you mean by practical aspect?
Friends, I want to say that the most important thing in
Income Tax is to create income tax returns.
You should know how income tax returns are made.
And how the returns are filed.
You should know all these things.
In the chapter of PGPB, we had studied the point of tax
audit.
How the tax audit report is made and how it is filed.
We have studied all these things on a theoretical basis.
But now let's talk about how these things are done
practically.
Friends, in these practical sessions, I will teach you how
to file an ITR.
How income tax returns are filed.
I will teach you about TDS returns.
We say that TDS is deducted.
The points we have studied in the chapter of TDS are these
points.
When one person pays the other, TDS is deducted.
Now, TDS is deducted.
But one has to deposit it somewhere.
So, we will discuss about how to deposit TDS.
Where to deposit it?
At what rate?
I will teach you on a practical basis.
These are some practical sessions.
And they are very useful sessions.
In actual life, no matter how much knowledge you have,
The theory of driving a car is that it is a steering wheel,
an accelerator, a brake.
But until you put that car on the road, how will you know
how the car runs?
Now, I will teach you how to drive a car on the road.
Friends, let's start our video.
We will start with the basics.
We will discuss about ITR-1.
ITR ITR stands for Income Tax Returns.
Income Tax Returns.
Sir, what is a return?
We understand the meaning of return.
When we used to go for a birthday party, we used to give
gifts to our friends.
In return, we used to get a return gift.
Sir, what is a return?
Will the government return the income tax that we are
paying?
Income Tax Returns is the name.
Will the government return the income tax?
No, friends. It is not like that.
The meaning of return is a simple point.
Return means summary.
Income Tax Returns.
Summary of Income Tax.
Summary of all the transactions that you have done in a
year.
In which year?
In the previous year.
How much income did you earn from where?
You have put all that income in 5 heads.
After putting all that income in 5 heads, what deductions
have you taken?
The provision of clubbing is not applicable to you.
You have to see the provision of clubbing.
You have to see the losses that you have incurred in the
previous year.
You have to see the losses that you have incurred in the
previous year.
You have to make a summary of all the transactions and show
it to the government.
Government, take this. These are my transactions for the
entire year.
According to this, I have this much income.
And on this income, I get this much tax.
You have to present this summary to the government.
And along with this summary, if you have to make a tax
payable, then you have to make a tax payment along with
this.
I will tell you how to do it.
Now I am just telling you the basics of what we are going
to do in the next few lectures.
The government will be presented with a summary.
How much tax payable is made?
Yes, even if a refund is made.
It is possible that the tax payable is Rs. 1 lakh.
And a person has deducted more than my TDS.
So, I will have to take a refund from him.
I will have to take a refund from the government.
So, the details of the refund are also shown in my income
tax return.
It is a very simple format.
It works in two ways.
The concept of income tax return filing is based on two
things.
Nowadays, you can do online return filing.
Or you can do offline return filing.
Online return filing is a very simple system.
There is no problem.
First, you will register yourself on the income tax website.
After that, your details will come there.
After that, you start filling your income tax details.
One is offline system.
In offline system, you will have an Excel sheet.
Fill the Excel sheet.
Validate it.
Check if there is any error.
After that, you can upload the Excel sheet on the income
tax website.
By showing that this is my summary.
Let's start once.
We have talked a lot.
Let's start once and show you.
You don't have to do anything.
First, I am telling you about offline.
How to do offline?
You don't have to do anything.
You just have to put the symbol on Google.
IncomeTax.gov.in This is the website of income tax.
You have to put this website in your blood.
You have to love this website.
They say, what is there in the name?
Sir, this name is something like this.
It will earn you all your life.
If you have taken the theory knowledge about income tax.
You will learn practical from here.
Tell me, who can fail you in the market?
That's why I am telling you to look at our topics carefully.
It is very easy.
We are starting from the basics.
ITR 1.
Income tax return 1.
Look, you have come to the website.
You don't have to do anything.
You have gone to the downloads.
It will open in the downloads.
Click on income tax return.
Select your assessment year.
Which year was the assessment year?
Tell me.
One was the previous year.
One was the assessment year.
What happened in the previous year?
Tell me.
Now you can tell me.
What happened in the previous year?
You used to earn income.
And what happened in the assessment year?
Whatever income you have earned,
You had to pay tax on it in the assessment year.
This year, if it is going on 22-23.
In 22-23, I earn money.
I earn a salary somewhere.
When will I pay tax on it?
Next year.
When will I pay tax?
When I file my income tax return.
Whenever I file my income tax return.
Then I will pay tax on it.
Along with this, there is a point to pay tax.
We will see that.
Come on.
You don't have to do anything.
You have opened the website for e-filing.
You have gone to the downloads.
In the downloads, income tax returns are coming.
Look, there are many things here.
There are also income tax forms.
There are many forms.
15CA, CB, 3C, EB.
There are many forms.
We will talk about this too.
Not now.
Let's talk for a while.
First, you have to come to the point of income tax returns.
There is a common utility.
In a way, there is an app.
In a way, there is an interface.
Download it.
There is nothing in it.
It is of 104 MB.
Download it.
When you download this,
After that, you see,
ITR, Look, all the apps have options.
There are 7 types of ITR.
There are 7 types of ITR in India.
You can earn any income from anywhere.
Any of these 7 types of ITR will be applicable to you.
This is ITR 1.
And as soon as you open any of their points,
They also tell you in detail.
You don't have to remember
Which form is applied on me.
There is nothing like that.
Look here, I opened ITR 1.
In this, it has told you in a simple way that
On whom is it being applied.
Read it.
For individuals, being a resident,
Having total income up to 50 lakhs.
Having income from salary.
This is from house property.
If you are getting any interest from other source,
Agriculture income up to 5000 rupees.
If you fall in this category.
You are a salary class person.
This is your income from house property.
Now ITR 1.
Download the form
It is utility Excel based
Download it
It is downloading
Let's open it
Downloading...
I have already opened it
Let's close it
I will open the file
Let me open it
Let me open the file .