Good morning, good evening, good afternoon.
How long will this go on?
And how long will our road of struggle go on?
Tell me.
Sir, there is no struggle.
It's just an illusion of your mind.
Your hands and legs are fine.
God has given you the brain to think.
He has given you hands to work hard.
He has given you legs to run.
You are lucky.
It's your job to make it happen.
In this world, there is a place for everyone.
You should have a vision of what you can do.
Sir, recognize your USP.
Unique selling point.
What can you do better than everyone else?
I think that every person is born with a talent.
It's not that something gets published about someone,
something gets hidden.
Do something that you like and you are good at.
You will enjoy the struggle.
I always try to tell you something in every lecture.
Until we are together, do something good in life.
Do something good in life.
Earn so much money that your accounts open in the bank.
Withdraw cash.
But friends, remember, if you withdraw more than 1 crore,
then your TDS will be cut.
Very painful section.
Very illogical section according to me.
According to me, there was no requirement to bring this
section.
This section came unnecessarily in the market.
Just to monitor who is withdrawing how much money from his
account.
What am I saying?
I am talking about 194N.
What does 194N say?
This section applies to every person.
It doesn't apply to companies.
Individual 1 crore, 50 lakhs, nothing.
Everything is applicable to every person.
This section.
Such a section has been brought out by a useless government.
What can I say?
Although I am not giving any political statement.
I am very impressed with Modi ji.
I respect him a lot.
I just find this section a little weird.
This section says that if you have an account in a bank.
For example, this is HDFC bank.
If you have an account in HDFC bank and you withdraw your
cash from it.
What do you do?
You withdraw your money.
On withdrawing your own money, the TDS will be cut.
The government says that if more than 1 crore if more than
1 crore if you withdraw more than 1 crore, then the TDS of
2% will be cut.
It is a simple thing.
Now tell me one thing.
Why do I find this illogical?
What money have you deposited in your bank?
Whatever money has come to your bank, whatever money it is,
it is your income in a way.
You have not hidden it.
If you had to hide it, why would you deposit it in the bank?
I would have taken the money in cash.
I would have taken the payment in cash.
I am giving a declaration to the government
I am giving a declaration to the government that receipts
have come to my bank.
My bank account has been credited with so much rupees.
Next year,
I will go and pay the income tax on it.
I am working honestly.
But the government does not like this either.
You have deposited the income in your account.
No problem.
But when you withdraw cash more than 1 crore, 2% TDS will
be imposed on you.
2% TDS will be imposed on you.
We are not saying anything up to 1 crore.
Because we understand that the one who is withdrawing up to
1 crore is a normal person.
But the one who is withdrawing more than 1 crore is a fat
assami.
Is there a party whose job is to withdraw cash?
What is the objective of withdrawing so much cash?
In today's world, when UPI is going on, when you scan the
online QR code and send the payment, then what is the
requirement to withdraw so much cash?
You have withdrawn cash more than 1 crore.
There is some problem.
In this case, as far as I can understand, the government
has not said anything up to 1 crore.
If you withdraw cash more than 1 crore, then 2%
TDS will be cut.
Point no.
What does point no.
2 say?
It punishes you more.
It punishes you for not filing the income tax return.
Sir, what are you saying?
Till now, we were suffering a lot.
Till now, we were walking on the streets of our struggle.
After that, you said that you will withdraw more than 1
crore cash from your account.
You are withdrawing your own cash.
So, TDS.
Now, what is point no.
3 that you are saying?
That you will get more penalties if I don't file the return.
Sir, what is the penalty?
If you are standing in this year and three years before
this, three years before this, if you have not filed the
return for three years, if you are standing in this year
and you have not filed your return for three years, if you
have not filed your return for three years, then this 1
crore limit will be reduced to 20 lakh rupees.
Now, if you withdraw more than 20 lakhs, then TDS will be
imposed on you.
If you withdraw more than 1 crore, then it will be 2%.
And if you withdraw more than 1 crore, then in that case,
there is a limit of 5%.
Sir, check it once.
Check it once.
Are the points clear to you?
Director sir, if you want to show the screen.
Okay.
If you have not filed your return for three years, then the
limit of 1 crore will be reduced to 20 lakhs.
More than 20 lakhs.
As soon as you go to the bank with your briefcase and
safari suit, and tell the cashier of the bank that here is
my 25 lakhs self-check of cash withdrawal and give me the
money.
He will say, sir, wait.
I will not say anything for 20 lakhs.
I will deduct your TDS from 20 lakhs.
At what rate?
At the rate of 2%.
2% from 20 lakhs to 1 crore.
And what will happen by going above 1 crore? 5% TDS will be
deducted.
My dear.
But there is nothing to worry.
TDS has been deducted. No penalty has been deducted.
TDS is the income tax.
When you file your return next year, you will get the tax
payable amount.
From the return, you will be able to calculate how much tax
you have to pay.
From the tax you have to pay, deduct your TDS.
That I have already deducted so much money.
You are saying that you have to pay a tax of 1 lakh, but I
have already deducted a TDS of 5,000 rupees.
You will be able to pay a tax of 95,000 rupees next year.
All the TDS you are deducting, remember, it will be
displayed in your 26 AS.
Whenever you file a return, check how much TDS you have
already deducted.
And the amount you have deducted, deduct it from the tax
payable.
People don't even check this.
Did you file a return quickly?
Did you file a return very quickly?
The tax payable amount was this much.
Did you deposit it?
At least check it.
Last year, if you have deducted any TDS, deduct it from
here.
People don't even check it.
But now you have taken our classes.
You are taking our classes very seriously.
So, I hope that whenever you or any of your family member
will get a number to file a return, you will definitely
take the information about how much TDS you have deducted.
And you will definitely definitely and definitely deduct it.
Sir, come, let's read the section and wind up.
What does it say? 194N These are some banks.
You go to them and withdraw cash.
Come, let's see what it says.
I have put images so that you can remember.
Usually, when we used to study in childhood, we used to
link with images.
So, you can remember these things.
I have put an image of a bank so that you can remember that
if you are withdrawing cash from a bank, then TDS will be
deducted.
Come, let's see.
This section says that a person being a banking company or
a co-operative society who is responsible for paying any
sum or even post office who is responsible for paying any
sum
Let's read this in detail.
Who is responsible for paying any sum, being the amount,
aggregate amount, as the case may be, in cash.
Means what is it? It is cash withdrawal.
How much is the exceeding amount? 1 crore during the
previous year.
To any person, any person means company, individual,
earning 10 lakhs, earning 50 lakhs and earning 500 crores.
To any person, from one or more accounts maintained by such
receiver with it.
Means you have only one bank, HDFC.
In this, you have two accounts, one is your savings
account, which is usually owned by all of us.
Savings account.
And second is current account.
Savings account and current account.
On business cases, business people keep balance in current
account.
What is the difference between the two?
On savings account, you get interest.
3-4% of the year.
Amitabh Bachchan comes in an ad of a bank.
He says you will get 5-6% interest.
So, this year's interest is given to you by savings account.
In current account, you don't get any interest.
This is for businesses.
Now, what does this section say?
That you are withdrawing 1 crore from one account.
Or you have withdrawn 1 crore from this only.
From your savings account.
Or from more than that account.
Means you have withdrawn 75 lakhs from this.
You have withdrawn 26 lakhs from this.
Total 1 crore, 1 lakh rupees.
Even then, this section is applied.
Read this line again.
What does it say?
This bank is paying a sum of more than 1 crore in cash.
To any person from one or more accounts.
Maintained by such receiver with it.
The bank will have to pay 2% TDS.
And when will they have to pay?
At the time of payment.
Sir, why did you ask at the time of payment?
Why did you say at the time of payment?
You always say at the time of credit, right?
That at the time of payment.
Or whenever I pass the general entry.
Whichever is earlier.
Then why didn't the credit person come here?
You idiots.
Tell me one thing.
When you go to the bank to withdraw cash.
Then it happens that he will say.
Today I am passing the general entry.
You have come to me.
I am passing the general entry today.
And I will pay you after 6 days.
Does this ever happen?
You stand in line.
You fill in your receipts.
And he gives you cash.
He is not passing the general entry at that time.
At this time, your account will not be credited in your
books.
And payment will be given after 15-20 days, after 2 years,
after 6 months.
This does not happen.
You get payment by hand.
What are you talking about?
Come here.
In this case, at the time of payment.
Time of deduction at the time of payment.
And the person who did not file in his last 3 years return.
Then the limit of 1 crore will be reduced.
20 lakh rupees.
From 20 lakhs to 1 crore, you have to deduct 2% TDS.
After that, above 1 crore.
This is the rate of 5%.
But this 194N, see.
The government is working very cleverly.
It has reduced its applicability on some people.
That you are these people.
This provision on them.
This is not applicable.
What does this mean?
This means that.
If he is away from 1 crore.
Even if he withdraws 500 crores of cash.
Still, no TDS liability will come on them.
See who is there?
Government.
Sir, will the government cut its own tax?
Will Nirmala Tai cut its own tax?
No.
Is there any banking company?
The bankers are also withdrawing money from their accounts.
So, there is nothing on them.
Is there a business correspondent of the banking company?
Is there a wide level ATM operator?
ATM operators.
They also withdraw cash from an account.
And deposit it in ATM machines.
If he withdraws cash from a bank account.
For what?
To deposit it on an ATM machine.
Even on that, this 194N.
This is not applicable.
These are 2-3 provisions on whom it is not applicable.
It is not more important than practical life.
That's why I am not covering it much.
Although I have given it.
You can read it.
Is there any commission agent?
Agriculture agent.
It is called Aditya.
If he withdraws cash.
More than 1 crore.
It is not on him.
See for agriculture.
Government gives you freedom.
Your agriculture income is exempted.
There is so much agriculture land in agriculture.
If there is any compulsory acquisition of it.
If you get payment for it.
Then there is no TDS on it.
Farmers are being given a little liberal environment.
In income tax.
So that they don't have any problem in the country.
This is the first point of ATM operator.
So, these are 2-3 points.
Is there any money changer?
If a money changer withdraws cash.
More than 1 crore.
It is not applicable on him.
You have seen roughly.
On whom this section is applicable.
On whom it is not applicable.
Is there any company?
It is applicable on him.
Is there any person?
It is applicable on him.
So, we have seen the provisions of 194N.
It was a very strange section.
Government has come to do more monitoring.
Okay, sir.
Do it.
What to do now?
TDS is being deducted.
Next year.
I will deduct it from the income tax.
Friends, let's stop this lecture here.
We will meet in the next lecture.
Till then.
Be happy.
Be healthy.
Take care of yourself.
Bye friends.