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[00:00:00]From ninth question, that is unit number one, purely theoretical unit. Yes or no?

[00:00:06]So, in unit number one, the first important question what I have said, ma?

[00:00:10]Income Tax Act under section 10. Okay?

[00:00:14]In Income Tax Act under section 10, what is there? There are some tax which is fully exempted. Means, for that sector, no need to pay tax to the government. Yes? So, what are the section? Under section 10A. It is fully exempted related to the agriculture income. So, this is my handwritten notes. Okay? So, I have uploaded in that like in your groups, no? Just follow these questions only from unit number one. Okay? So, these are the especially main like around 13 or 14 I have uploaded. I have wrote. Just these 14 sections whatever you are having as it is you need to remember it, ma. Okay?

[00:00:54]There is nothing there to write it by your own. Just you need to remember it by your like as it is whatever you are having the question as it is you need to by heart it. The next foremost important question is agriculture income. Okay?

[00:01:08]So, what is an agriculture income?

[00:01:10]Income whatever whatever the revenue is there. Whatever the land agriculture land whatever income whatever the various activities we are doing from that whatever the income we are getting from the agriculture land which is situated in India, that is treated as a agriculture income. Okay? So, if it is what agriculture income what are the three conditions to satisfy? The revenue should be generated from land directly from the land.

[00:01:39]Whatever the agriculture land revenue generated whatever.

[00:01:45]Next what you are having? Land should be situated in India. Whatever whatever the land agriculture land you are having it should be situated in India only. Next third rule is about the The land must be used for the agriculture purpose. Okay? So, whatever the land is there, that should be used for the agriculture purpose only. Okay?

[00:02:08]So, draw this flowchart. What is the agriculture income? Whatever the cultivation, whatever the agriculture land, seedlings, or sale of produce.

[00:02:16]See, same [snorts] in the examination right alley. As it is, you need to write it.

[00:02:25]You need to write the introduction.

[00:02:26]After introduction, the main three points. After that, flowchart. Okay? And next, according to the Income Tax Act 1961, it should be situated in India. Land and situated in India and all that. Yes or no? The Income Tax Act in India, according to the 1961, states that income tax cut out of some little land and agriculture sector to use India dynamic tax cut out of some little other job to me. Yes? Next, income derived directly from the land. A little income profit of some little income of some little revenue of some little It should be derived from the land itself. Okay?

[00:03:06]For example, rent received from land, sale of agriculture product. Yes? Sale of salary of farm manager.

[00:03:14]So, this type of things is derived as a income which is derived from the land.

[00:03:19]Okay? Next one. Next one, what you are having? Land should be situated for the agriculture only. So, in that land, whatever the land you are having, that land should be used for only for agriculture activities. For example, you have taken a land, ma. So, in that, you have constructed your farmhouse.

[00:03:40]Does it mean that you should not pay tax to the government? It doesn't mean that.

[00:03:44]You need to pay tax to the government.

[00:03:46]Why? Because the land which is using the land whatever you are using, it should be used for the agriculture sector only, not for your personal or not for the other things. Okay? So, second third question. So, third question is residential status of an individual. So, according to the Income Tax Act 1961, what is saying it's if a person is earning global income. So, what is global income? The person For example, take a example of me. For example, if I'm earning from India and earning from the abroad countries also, the income is called as a global income. For that global income, the person who is earning the global income, that person should be liable to pay tax to the government. So, global income is nothing about the income earned in India as well as income earned outside of India. Therefore, it becomes necessary for the Income Tax Department to know on which income tax liability has to be imposed. For example, if a person is earning from India as well as the abroad countries, the person should be liable to pay tax to the government. That is the only introduction part we are learning here, okay? Next, according to the Section 6 of Income Tax Act 1961, what is saying? The person should be considered the following two conditions.

[00:05:10]One is basic condition, second one is additional conditions, okay? So, in basic conditions, what you are having?

[00:05:17]Individual should stay in India for at least 182 days in the last previous year. And second condition is individual should stay in India for at least 60 days in the relevant previous year, okay? This four conditions, whatever you are having, ma, additional conditions and basic conditions, this four conditions only you need to remember.

[00:05:37]Remaining part, you can write it by your own. Yes or no?

[00:05:40]>> [snorts] >> If the individual satisfy all the above conditions, that is basic conditions as well as the additional condition, the individual is said to be as a residential and ordinary person. Then he is also a resident and ordinary person.

[00:05:56]If the individual is does not satisfy the conditions means he is said to be as a resident but not ordinary resident.

[00:06:04]Yes? So this is the answer. Special category of residential of individual is nothing about crew membership of a ship and about the person in an India who will visit India rarely because for example I'm having a original branch in America.

[00:06:20]But I'm a citizen of India. I rarely visit to the India. So in that it is called to be a special category. And India going to foreign country for employment. If I'm going for the employment that is also comes to the special category. Okay? So if three questions means out of these three questions you can able to score 12 marks. Okay? So 12 marks question they will ask from ninth question only. Yes? Clear? So how many sides you will write ma? Ninth question? Three sides because ninth question is purely theoretical answer only no? So three sides. Front and back three sides. Try to draw the like flow chart. See in the PDF however I have wrote the question answer same like that only you need to write it in your examination booklet. Full on full marks you can able to score it. Okay?

[00:07:11]Clear?

[00:07:13]Coming back to the four marks question.

[00:07:15]What you need to learn? Direct and indirect tax. What is direct tax ma?

[00:07:19]Direct tax is the tax which is imposed directly on to the person. For example income tax. Income tax is a direct tax.

[00:07:28]For example if I am having a property of 500 crores. I need to pay tax to the government. My mother, my sister, my friend and you people will not pay my tax no? Tax is directly imposed on me.

[00:07:40]Yes? Indirect tax. Indirect tax is a tax which is indirectly paying to the government. For example, if you are purchasing any food item, if you are purchasing any good or if you are purchasing any service, you will pay GST, no? So, GST is the tax which is indirectly we are giving it to the government. So, this is the difference between a direct tax and indirect tax.

[00:08:02]Next, you are having person, ma'am.

[00:08:04]In income tax subject, a person is said to be a individual. A person is said to be a business. A person is said to be a profession. A person is said to be as a Hindu Undivided Family or a company or a business or a organization. The thing is called as a person. Next, uh canons of equality. Canons of equality means everyone is equal in paying tax. If you are earning more, pay more tax. If you are earning less, pay less tax. This is the rule which is implied by the government. Tax evasion. Tax evasion is nothing about >> [snorts] >> the person who is not paying tax to the government. That is called tax evasion.

[00:08:44]The He or she will face a face a legal punishment under jurisdiction of law.

[00:08:52]Okay? For example, you are You need to pay tax to the government, but you are not paying the tax.

[00:08:57]>> [snorts] >> That time you will be punishable and you will get a fine from the Indian law.

[00:09:02]Okay? Next, incidence of tax. Incidence of tax is nothing about burden of tax.

[00:09:08]For example, I am getting the tax or for example, if I am earning 50 lakh rupees, in that more than uh like uh 20 lakhs I need to pay to the government only. Okay? That time I will get the burden, no? So, in that time rebate and everything will give a concession. Okay? That is called incidence of tax. Next, surplus.

[00:09:29]Sur- Sorry, it's not surplus. It is surcharge.

[00:09:38]Surcharge.

[00:09:40]Surcharge is nothing about if a person is earning more than 50 lakhs, then 10% of surcharge is fixed. Yes or no? I have already said this thing in when I was explaining this one.

[00:09:55]Uh tax liability when I was explaining, I have already discussed this.

[00:09:59]Yes?

[00:10:00]So, this is the surcharge. Next, you are having tax liability. When I was explaining tax liability, you can able to do is rebate is a concession of 12,500. It is nothing about like a discount. Okay? If a person is earning below 5 lakhs, rebate will be giving a concession of 12,500.

[00:10:19]Okay? So, this is the four marks questions and the three questions are for 12 marks. Any If you are having any doubts, let me ask now only.

[00:10:27]Unit number two, what you are having?

[00:10:29]Income from salaries. So, income from salaries, what are the main things you need to remember in income from salaries, ma? When they are giving education allowance, 100 rupees per month for single child, we need to take it as a exempted. So, it is applicable only for two children. Yes? And what about hostel allowance? Hostel allowance is also for two children, 300 rupees per month. So, when you remember these key points, then only it will be useful.

[00:10:57]Small car means 1,800 per month. Big car means 2,400 per month. Big car and small car when they are giving in the liter as 1.6 liters, 2.5 liters, that means you need to take big car as a 900, small car as a 600. Next, if a government employee is there, in the deduction part, they didn't give the entertainment allowance.

[00:11:18]That time we need to consider it, no?

[00:11:20]Actual entertainment allowance, 20% of salary, default 5,000. So, whatever at the least amount, that only we will take it, no? Whatever is the least amount, that only we will take it. Yes or no?

[00:11:32]Have you remembered everything or not?

[00:11:35]Next, standard deduction always 50,000.

[00:11:38]House rent allowance when they are paying house rent paid at Bangalore, house rent paid at Chennai, that time we need to calculate the house rent allowance also. How you will calculate?

[00:11:48]Actual house rent allowance, 10% of the salary, 50% of the salary. Chennai is a metro city, so that's why we can't take it as a 50%. If it is not a metro city, 40% we will take it. Reimbursement we we should not consider. Exempted means we should minus. Yes or no?

[00:12:08]10th question, you will get income from salaries question. Yes? In that mainly salaries, allowances, perquisites, these all things you need to write it. This is the pro forma, mama. See.

[00:12:19]So, salaries, allowances, perquisites, then if you add all these things, you will get gross salary. Deductions under section 16 you will have. What you will have under section 16? Exactly how I have presented the pro forma in your examination booklet also, like this only you need to present it. Half page >> [snorts] >> Okay? The total pro forma should be in one side of your page only. It should not continue to the next page. Clear?

[00:12:57]And then second unit mostly in the provident fund if they are giving means 12% of salary. If the provident fund is less than 12% of salary, you should not consider it. If the 12% of salary is more than provident fund, like for example, provident fund is more than 12% of salary, then we will take that amount. Yes or no? You want to go to connect as a working now.

[00:13:20]From unit number three, that is 11th question, income from house property. Income from house property proforma is GAV, gross annual value minus municipal taxes, you will get net annual value. From net annual value, what are the deductions under section 24? So, in that you will have standard deduction. In every question, standard deduction 30% on NAV, we need to do it.

[00:13:46]Interest on loan also we need to do it.

[00:13:48]These two amounts we need to do minus.

[00:13:51]Bracket indication is minus. When you do this minus from the NAV the amount whatever you are getting, if the amount is positive, it is income from house property. If negative amount is given means loss from house property. Clear?

[00:14:05]And what is the calculation of GAV, MRV, FRV? Whatever is the highest will become notional rent. Notional rent is standard rental value. Whatever is the least, it will become expected rental value. ERV, ARV, actual rental value. Whatever is the highest, it will become >> [clears throat] >> GAV. So, when uh standard rental value is not given, after doing first step, you can go back to the third step. If standard rental value is not given, after first step, go back to the third step. Okay?

[00:14:36]>> [snorts] >> If any vacancy period is there, unrealized rent is there, arrears of rent is there, vacancy period, unrealized rent, we need to do minus.

[00:14:44]Arrears of salary means arrears of rent means we need to do plus. For what we need to do plus or minus? ARV, for actual rental value, we need to do minus minus and plus. If some of the amounts are same, yes? And what is the calculation of interest on loan? If in the question, pre-construction interest is given, for that pre-construction interest, we need to take one one by fifth ratio. So, whatever in the answer you are getting, that you need to add it to the interest on loan. So, this is the calculation of interest on loan calculation. Okay?

[00:15:20]>> [snorts] >> So, if you remember this means chapter three will be done. So, especially you need to concentrate only on the calculation of GAV. Clear?

[00:15:35]Unit number four. In unit number four, 12th A. From 12th A you will get the questions, no, ma? So, what are the 12th A? Income from business. So, what you are learning in income from business?

[00:15:47]Whatever the What is the pro forma you will have? From net profit, we need to add the expenses. We need to deduct the incomes. Okay? So, deductions In deductions, how many deductions you will have? Depreciation, excise duty, and sales tax.

[00:16:03]This is the pro forma of income from business. When you are doing income from business, personal-related expenses, personal-related incomes only we need to take it. We should not consider the business-related expenses, business-related incomes. If you remember this only one strategy, you will able to do this income from business. Then, what about profession?

[00:16:25]Profession is nothing. Whatever the receipts, whatever the incomes you are having, that you need to add it in the pro forma. From that, you need to deduct the expenses which is related to the profession.

[00:16:36]So, you will have three professions: chartered accountant, lawyer, and doctor. So, all uh the incomes whatever related to the profession only you need to consider it. Whatever the uh expenses related to the profession only you need to consider it. Okay? Gift from patients we need to take it. Gift from brothers, [laughter] gift from mother, gift from son-in-law, you should not take it. Clear? This is about the unit number four. Unit number four like give uh like last preference you give it. Okay, no problem.

[00:17:06]See.

[00:17:07]And the last unit, capital gains. Unit number five.

[00:17:12]>> [snorts] >> In unit number five, what is the pro forma, ma? Consideration minus selling expenses you will get net consideration.

[00:17:19]Index cost of acquisition and index cost of improvement we need to do minus, you will get capital gains. If any exemptions under section 54 is there, that is investments and new house is there, we need to do minus from the capital gains. The amount whatever you are getting that is called taxable capital gain. Okay? In every question, index cost of acquisition we need to do it. What is the index cost of acquisition formula? Fair market value into CII of year of sold divided by CII of 2001 to 2002.

[00:17:50]So, what is the index cost of improvement formula? Cost of improvement into CII of year of sold divided by CII of year of improvement. If CII of year of sold was not given, means for this year, that is 2025, we can take it 344.

[00:18:08]Yes?

[00:18:10]If not given to 344, sorry, 348 we need to take it.

[00:18:15]When they are saying investments, when they are saying new house purchased, that time we need to do the exemptions under section 54. Actual amount minus actual amount, second one default 50 lakhs. Whatever is the lowest, you need to consider that only. And new house purchases actual amount my and capital gain. You don't need to compare yourself whatever is the least we need to calculate in the table. So, when in the question they specifically says investment and new house purchase, then only exemptions under section 54 will get. Yes? Clear with this everything?

[00:18:50]Tax liability.

[00:18:52]In this tax liability, what you are having? There are three senior citi- like there are three citizens. One is non-senior. Non-senior means below 60 years. Zero to 60 years local don't be will say that as a non-senior.

[00:19:08]For non-senior, up to 2 lakh 50,000 it is exempted. Yes? And 2,50,001 rupee to 5 lakhs it is 5%. 5 lakh 1 rupee to 10 lakhs it is 20. Above 20 Above 10 lakhs it is 30%. We need to remember compulsory you need to remember these things.

[00:19:27]What is the percentages are there for non-senior? If age is not given in the question, you need to consider them as a non-senior only. Clear?

[00:19:38]Next senior citizen. Senior citizen means 60 to 80 years. If the person age is 60 to 80 years, up to 3 lakhs the tax is nil. 3 lakhs to 5 lakhs it is 5%. 5 lakhs to 10 lakhs it is 20%. Above 10 lakhs it is 30%. Okay? And last one, super senior. If the person is above 80 years means, up to 5 lakhs it is nil.

[00:20:02]Okay? 5 lakhs to 10 lakhs it is 20%.

[00:20:06]Above 10 lakhs it is 30%. Clear?

[00:20:14]See, when you will calculate rebate of 12,500 means if the person is earning below 50 below 5 lakhs, then we will give a discount of 12,500 to them. Okay?

[00:20:27]Surcharge is if the person is earning more than 50 lakhs, we can add extra 10% as a surcharge. Next, health and education says every question we need to take 4% only.

[00:20:41]Clear? This data is important tax liability we can able to calculate it.

[00:20:47]So, see here ma. Miss Dolly is earning 12,50,000.

[00:20:52]Calculate her tax liability.

[00:20:55]That they they have mentioned the age of Dolly?

[00:20:59]Age mentioned they should not.

[00:21:01]No. If age is not mentioning, what we need to take? Senior or super senior or non-senior?

[00:21:09]Non-senior.

[00:21:10]Non-senior. 12 lakh 50,000 is the income. In that, 2 lakh 50,000 it is tax is zero only, no? Yes?

[00:21:19]Yes?

[00:21:20]>> Yes. 2 lakh 50,000 1 to 5 lakhs rupees, how much is the difference, ma? 2 lakhs 2 lakh 50,000. 2 lakh 50,000 will be difference between these two, no? For that 2 lakh 50,000, what will be the percentage of non-senior? 5% 2 lakh 50,000 into 5% it is 12,500.

[00:21:40]And again, till here 5 lakhs is only over. She's earning 12 lakh 50,000. So, 5 lakh 1 rupee to 10 lakh it is extra 5 lakhs. Ah, 5 lakhs I am telling you 20% jail. Okay? 1 lakh you will get it. So, 2 lakh 50 2 lakh 50 5 lakhs 5 lakhs 5 lakhs 10 lakhs. 10 lakhs over. Still how much is remaining? Left over balance is 2 lakh 50,000. 10 lakhs 50,000 extra amount only. 2 lakh 50 is there. For that 2 lakh 50 30% we need to take it because extra above 10 lakhs is her income, no? So, 2 lakh 50,000 into 30% means 75,000. If you add everything means 1 lakh 87,500.

[00:22:23]Rebate will be not be calculated. Why?

[00:22:25]Because she's not earning below 5 lakhs rupees. Surcharge will be not be calculated. Because she's not earning more than 50 lakh rupee. Health and education every question we need to take it, no? 4%. So, 1 lakh 87,500 into 4% means 7,500.

[00:22:42]If you add that to the 1 lakh 87,500, you will get the tax liability of 19 lakh 50,000. So, this is about your income tax whole subject, Emma. Okay?