Hello friends, welcome to our new lecture.
We were discussing about TDS, how it is spent on TDS
salary, how it is spent on interest on securities, interest
other than interest on securities, like interest on FD, how
it is spent on that, at what rate it is spent, at the time
of payment or at the time of credit.
We were discussing all these things. Now I would like to
focus on a new section.
Section 194b and section 194bb. Sir, one is 194b means
badmash and 194bb means big badmash.
Sir, why are you calling it badmash? Why are you calling it
badmash?
Sir, these are the people whose income is coming from
winning a game show, from playing lottery, from solving a
crossword puzzle.
For example, your luck is very good, you have reached the
stage of becoming a millionaire.
Mr. Bachchan is sitting in front of you and says, tell me,
I don't believe that it is a question of 7 crores, what
should be the option? You tell him option B.
And he says, congratulations, 7 crores are yours and this
is your cheque.
You become a millionaire.
What will you do with so much money?
Now suppose you get 7 crores.
Will you take all the money home with you?
Sir, you cannot take 7 crores home with you.
What will be deducted from that?
Income tax. What are we talking about income tax? We are
talking about TDS.
So TDS will be deducted.
Who is giving? Is Amitabh Bachchan giving?
He is not giving.
Is the company giving?
The company that manages KBC is giving.
When the company gives you a cheque, when the company gives
you a cheque, then 30% of the money will be deducted and
that cheque will go to you.
If it is 7 crores, then 30% will be deducted.
If it is 2 crores, 10 lakhs, then 4 crores and 90 lakhs
will be received in your hands.
The rest of the money, the company of KBC will deduct that
money and deposit it on your behalf.
The 30% tax that will be imposed on you, the 30% that you
were going to deposit next year, that money will be
deducted today.
This is the point of 194B.
If you get money from crossword puzzles, game shows,
lottery, if you get money from here, then the TDS will be
deducted from your hands.
This was the point. Come to the second point. 194BB.
Look at this. What is this image of? Can you see the image?
Zoom a little.
What is this image of? This is the image of a horse race.
194B was a ruffian. He used to play lottery. But 194BB is a
big ruffian.
He used to bet money on the horse race.
Now if you bet money on the horse race, you bet money on
the horse race, and there you win some money.
He used to say, 1 for 10, 1 for 10, 3 for 10, 7 for 10, 1
for 2.
Something like this happened.
Your luck was good.
The horse on which you bet money, that horse won.
Or it is also possible that you bought all the other horses.
And because of this, your horse won.
Anyway, whatever the case, if you get a winning from the
horse race, then the money you get will also be deducted
from TDS.
But in this case, what will be the rate? 30%. Sir, this is
a ruffian section.
If you have money from ruffians, then the TDS rate will
also be 30%.
If you have winnings above Rs. 10,000, then the 30% rate is
applicable in both the sections.
194B, this is about 194BB. Now there is a point in 194B
also.
That point says, suppose you get Rs. 7 crores. You win in
KBC and you get Rs. 7 crores.
Suppose you also get a car. Sometimes it happens like Bigg
Boss.
Who has won in Bigg Boss recently? MC Stan has won.
So MC Stan has got a car. He has got an i10 car, a
red-coloured i10 car of Hyundai.
And he has got Rs. 31 lakhs. He has got Rs. 31 lakhs and he
has got an i10 car.
Now what will the company do, which manages the Bigg Boss
show?
Either they cut the TDS on that money and give him
everything.
Or they can insure that the other party is giving it to MC
Stan.
So MC Stan will go and deposit his TDS.
Release the winnings only when it is confirmed that the
other party will either deposit it
or we have deposited it on his behalf.
Before that, don't release the winnings.
Come with me. This was the section. It is not that big.
194B and 194BB. B means Badmash. Badmash means Bigg Boss,
KBC.
What other shows are there? Director sir, please tell me.
Director sir is saying, I don't know. I watch Netflix shows.
KBC, Bigg Boss, Khatron Ke Khiladi, 190 and BB.
This is the risk of horses.
The rate of tax will be 30%.
It is a casual income.
If the amount of payment is more than Rs. 10,000, then the
rate is 30%.
And at the time of payment, the TDS will be deducted.
You don't have to do anything about the credit or general
entry pass.
At the time of payment, your TDS will be deducted.
And this is the same case that the winnings are partly kind.
Like the car was given to MC Stan.
Red colour Hyundai i10 and cash was also given for Rs. 31
lakh.
So in case where the winnings are wholly in kind, or partly
cash, partly kind.
But the part of cash is not complete to meet the liability
of deduction of tax.
You gave so much cash that the liability of TDS was more.
The amount of 30% was more.
But the winnings that were given in cash, were not of that
amount that TDS could have been deducted.
For example, the amount of TDS would have been Rs. 11 lakh.
And the winnings that you are giving in cash, they would
have given Rs.
8 lakh.
It is possible that a car is going in winnings for Rs. 50
lakh.
Suppose a Mercedes car is given for Rs. 1 crore.
A car is given for Rs. 1 crore.
And Rs. 8 lakh is given in cash.
What is the total? Rs. 1 crore and Rs. 8 lakh.
TDS will be deducted for Rs. 30 lakh.
Now the TDS that will be deducted for Rs.
30 lakh and Rs.
31 lakh, my TDS is Rs.
32 lakh.
How much will be deducted?
If I divide Rs.
1 crore and Rs.
8 lakh by 3, it will be Rs.
36 lakh.
Approximately.
Rs. 35, Rs. 34, Rs. 35 lakh.
From where will I deduct Rs.
35, Rs.
34 lakh?
I am giving winnings of Rs. 8 lakh.
So the part that I am giving in cash is not sufficient.
That is not sufficient to meet the TDS liability.
The liability is Rs. 35, Rs. 34 lakh.
And I am giving Rs. 8 lakh in cash.
The rest is the car.
So what to do?
Part in cash is not sufficient to meet the liability of
deduction of tax in respect to the whole of the winnings.
So the person responsible for paying shall, before
releasing the winnings, ensure that the tax has been paid.
Either he will pay the tax himself or before releasing the
winnings, he will ensure that the NC stand has been
deposited and the tax has been paid on that money.
It is a simple point, sir.
Release the prize money, the prize car only when it is
confirmed that the other party has deposited the tax.
Otherwise, the car will be full.
It will start singing.
Come, sit in my car.
I will take you for a ride.
I will talk to you politely.
Okay, sir?
This also has a threshold limit of Rs. 10,000.
If it is above Rs.
10,000, if it is in excess of Rs.
10,000, then your tax rate will increase by 30%.
Is there any problem in this?
Is there any problem?
Any problem?
I will stop this video here.
We will meet in the next section with 194C.