QUICK REVISION | INCOME TAX | OU | SEMESTER-4 | TIPS & TRICKS | @shivanipallela

Hinzugefügt: 2026-05-24

[00:00:00]Hello all, welcome back to our channel.

[00:00:01]So, students, in this video we will discuss the quick revision of the subject income tax. So, when you are prepared your syllabus, after this if you see this video, it will be helpful you to a quick revise of your subject, okay? So, this video is very important for the students who have completed their preparation, and you can see the video to get the clarity about your subject, okay? So, let's get into the video, ma'am. Quick revision of income tax subject. So, like unit-wise we will come. So, coming back to the first unit, first unit we are preparing theory, ma'am.

[00:00:38]So, theory for 16 marks you can able to score it. What you have learned in theory for 12 marks and four marks means, first is about agriculture income, second is about income tax act under section 10, third is about residential status of an individual. If you learn these three questions means, 12 marks you will able to score, you will able to attempt in your examination, okay? And for four marks, what you have learned? What is direct tax? What is indirect tax? What is canons of taxation? Yes? This is the important questions of theory from unit number one. Definitely one four marks question you will able to get it from these questions. So, 12 plus four, total 16 marks weightage. What is agriculture income, ma'am? In India, agriculture income is fully exempted. The persons, the people who are who are getting income from the agriculture land, who are getting income from the agriculture, they don't need to pay tax to the government. It is fully exempted, zero tax.

[00:01:44]Yes? So, about that, like harvesting, irrigation, cultivation, farming, these are all comes under the agriculture, you know? For this, we should not pay any tax to the government. So, what about income tax act under section 10? Means there are certain acts according to the section names, it will deals with the sector. For example, agriculture sector income tax under section 10 A, like that. Okay, you need to as it is you need to remember now. And coming back to the residential status of an individual.

[00:02:15]A person is residential status of an individual, he or she will become a residential status of an individual when they satisfy four conditions, basic condition implied conditions that answer you have already learned in the explanation video. I have explained it.

[00:02:30]Yes? 182 days in the last previous year, like that you need to write that conditions along with the important points which you have learned in the residential status of an individual. So, these are the three topics you have learned from the unit number one. Coming back to the uh this one, four marks. Direct tax and indirect tax. Direct tax is nothing about the tax which is imposed directly to the person. For example, income tax.

[00:02:55]Income tax is the tax which is directly imposed on me. I should not uh shift the tax to from one to another.

[00:03:02]Indirect tax is nothing but indirectly we are paying tax to the government like GST for the goods. If I'm purchasing this marker, marker is 10 rupees cost, GST is extra 2 rupees. 2 rupees is goes to the government. Indirectly I'm paying on tax to the government. That is called indirect tax.

[00:03:18]Yes? Canons of taxation. Canons of taxation is nothing about equality in the taxation. If you earn more, pay more tax. If you earn less, less tax pay cut.

[00:03:28]Yes? So, this is the stuff you are learning from the unit number one.

[00:03:32]Now, coming back to the unit number two.

[00:03:35]Unit number two, for 12 marks we are preparing problematic. Yes? In problematic, in the pro forma there are four main things, ma. Okay? Salary, allowances, perquisites, profit in lieu of salary. If you add all these means, you will get gross salary. Under salary, only salary things will come. Under allowance, only house rent allowance, dearness allowance, entertainment allowance. If you're finding allowance, keep it in that. Perquisites is nothing about personal related stuff.

[00:04:08]Electricity, gas, rent-free accommodation.

[00:04:13]Yes, electricity bill, club bill, they all comes under the perquisites. If you add these four, you will get the gross salary. And you will have the deductions under section 16. In that, you will have standard deduction, entertainment allowance, and professional tax.

[00:04:29]Standard deduction is 50,000 default in every question. Yes, entertainment allowance. If the person is a government employee, we need to calculate the entertainment allowance in the deductions. How we'll calculate? Actual entertainment allowance, 20% of the salary, default 5,000. Whichever is least, you need to consider it as a entertainment allowance under deduction if the person is a government employee.

[00:04:55]Yes. See, whatever the flow I'm saying, if you're perfect with the subject, you will only understand it. I don't know what she's saying means you're not prepared well in the subject. That is the main. See, big car means 2,400. You can take it per month. Small car means 1,800 per month. House rent allowance, this perquisites you will get it. Yes.

[00:05:17]Children hostel allowance, 300 per month for single child. Education allowance, 100 rupees per month for single child.

[00:05:26]Like that, you These are the concepts you're learning from the income from salary. Definitely, you will able to score four marks also. Yes. So, whatever the things you are having, you need to just convert it into the theory.

[00:05:38]When you're perfect with the problematic, then automatically you can able to attempt to the theory questions also. Yes. Now, after this, coming back to the third unit. In third unit, income from house property. What is the pro forma? Pro forma, gross annual value minus municipal taxes, you will get the net annual value. From that net annual value, you will have the deductions under Section 24. In that, you will have standard deduction. Standard deduction, every question, 30% on NAV, we need to do it. Interest on loan is there. When the interest on loan is given in the pre-construction, 1/5 is the ratio you need to take it default.

[00:06:19]Pre-construction loan or interest if they are giving means 1/5, you need to take it. And the answer you need to add to the current year interest. Yes? What is the calculation of GAV? Under three steps, we will calculate GAV. MRV, FRV, whatever is the highest will become notional rent. Notional rent and standard rental value, whatever is the least, you will get the expected rental value. Expected rental value, actual rental value, whatever is the highest, it is called gross annual value. Yes? So, this is all about the third unit you are learning. Now, coming back to the fourth unit. In that, you are learning business, profession. So, for the business, in the pro forma, net profit will be there. Whatever the expenses related to the personal, we need to add it. Only personal, not business-related things, we should not take it. Personal-related expenses, add karna. Personal-related incomes, minus karna.

[00:07:14]You will get the income from business. Deductions also you will have in that. Depreciation you will have. Sales and excise duty you will have. You need to deduct it, the deductions. That is about the business.

[00:07:26]Now, what is about the profession? You will have three professions: lawyer, doctor, and chartered accountant.

[00:07:32]Receipts, incomes minus expenses, if you will do means you will get income from salary. Whatever the incomes related to the profession, you take it. Whatever the expenses related to the profession, you should take it. Income may say minus credit, you will get the income from profession. Yes? So, this is about the fourth unit. And the fifth unit we are learning the topic of capital gains.

[00:07:54]What is the capital gains? Net consideration minus selling expenses, you will get the Sorry, consideration minus selling expenses, you will get the net consideration. From that index cost of acquisition, we need to do minus. Index cost of improvement we need to do minus.

[00:08:11]When index cost of acquisition formula is >> [cough] >> fair market value into in which year the house is sold that CII number and 2001 to 2002 CII number. 2001 to 2002 CII number is 100 default.

[00:08:27]When we will do improvement calculation of improvement, when additional changes is occurred in the house or ornament or anything, we will change the improvement. Improvement formula cost of improvement into CII of year of sale divided by CII of in which year the improvement has been sold. CII numbers they will give in the question. If not they are giving means 348 you need to take it. I got question may CII number like which it though 348 you need to take it.

[00:09:04]Yes? So, next one you will have the when they are giving any investments or purchase of loan, purchase of new house means we need to take exemptions under section 54.

[00:09:17]We need to do minus again.

[00:09:19]Investments came to reality.

[00:09:21]Whatever the invested value and second one default 50 lakhs you need to take it. Whatever is the least that you need to consider it. And second one purchase of a new house. Purchase of a new house cost and capital gain. Whatever is the least you need to take it. Yes? Along with that, tax liability also you need to take it.

[00:09:41]Okay, there is a percentage there is a dedicated video in our channel for the tax liability explanation. You can go through and watch the video. If you're having any further doubts about this subject, you can let me know in the comment section. I hope that I have cleared every doubt related to the quick revision. So, whatever I'm saying in this video, if you're unable to If you're able to get that means that means you're not perfect in the preparation. If you are getting what I'm saying means you're perfect with your preparation. So, this is all about video. All our explanation videos are available in our channel. Just go and watch it. It will only It will be beneficial to you all. By watching the video, you can completely close the chapter also. Okay? So, all the very best and I hope that you have got clarity. If you have any further doubts, let me know in the comment section. All the explanation videos are there. Notes PDFs will be available in our Telegram group. Okay? All the very best. See you all in the next video. Bye-bye, students.