Contrary to what some viewers are commenting, sale of mobile phone will result in capital gains since a mobile which is used in business does not qualify as a “personal effect” and thus, is covered u/s 2(14) under the definition of a capital asset. Hence, sale of such a depreciable asset will also result in capital gains or losses as the case maybe. Happy learning! ❤️
hahaha nice video...informative. Example: Doctor gets iphone 110K from Medical Representative FREE then sales to local store after 1.5 years all FREE. This is bad. If business sales as exchange online on AMAZON then what?
Sir ek question? Agar hum 2.5 years ke bad sale kar de Or cash me kare and agle 2.5 sal hum depreciation claim kare kyoki in books sale to hua hi nahi Or 2.5 sal bad (at the end of 5 year) vo cash bank me deposit karvaye capital asset sold ke nam par ..... Sir pls reply karna
Sir, aap makhhan ki tarah explain kartey ho... Kitne simple aur aasan shabdon mein... Main huun to science student but aapkay jaisay teacher ho to main CA zarror ban jata.
In India , tax is very high if you compare with respect to cost of living , quality of life and opportunities available to people in Europe and US. There is no reason why people will not try to evade taxes . At max govt in India can take 15 % on personal Income beyond this it is complete loot by govt.
@@vikramrahulsingh because small man is demonised , crushed , tangled in false case by the people in power and that is also how democracies become dictatorship which India is already half way to becoming
If you purchase in white and sell in black, it can be detected even through the statement of assets filed under tax audit, too far fetched but there is a possibility. The Govt is already reconciling 26AS with GST Returns for evasion of taxes under RCM
The point is if I am willing to use the GST discount, I am willing to go for the below route. Thank you for the explanation, your content is amazing. I wish I learned this instead of human cell structure
Obviously we would be buying the cell from the disposable income.. if we could save more tax, we would have done whether we are buying the cell or not 🤦😂
Sorry sir but i know many people in my locality who owns car of 12 -15 lakh, property of 50 to 60 lakh and still dont pay a single tax and they even have BPL ration card and they are near to 55 age still they never get any notice from IT , how is it possible? Please make a clear video on this.Out of 136 crore people in India, just over 8 crore are taxpayers
Par kitna bhi mehenga phone lo 3 saal baad bechoge to 3000rs se upar uska price milne waala nahi hai. To 50,000 ka phone leke 5 saal baad cash me 2000 me becha karke bataenge aur 2000 pe 18 percent itc reverse kar denge 😂
In India the tax on cars and petrol for ex are so high that Indian government should be paving roads out of gold. But what we get in return is broken roads and traffic police to stop you from moving your vehicle unless you give them bribe. Welcome to India
Hi sir, Q1:- Agar hum business use ke liye phone le rahe hai to depreciation kitne saal tak milega or kis rate se? Q2:- Agar phone meine 5 saal use kiya or fir sell kiya to kya (selling amount×18%÷118%)👈ye amount hume govt. to pay karna padega kya? Q3Agar in future Gst rates increase ho jate hai to capital goods jo humne old gst rate par kharede the,to sell karte time bhi kya ye maana jayega ki iss amount mein selling amount including*old gst factor* hai, yaa fir govt. new gst rate vala factor include maanege? Q4:- Kya rate of depreciation bhi time ke sath govt. revise karte h, agar karte hai to rate revise hone se pahale jo humne saamaan liya tha uss par present mein old depreciation rate se income tax claim hoga yaa new depreciation rate se?
Excellent video...but here,in my home,In a family of 12,almost 25-30 phones have been bought but after use....either they stopped working or it was given to the respective children but never sold.
@@RajrkSunny Neither of the phones were bought under Business,because of lack of knowledge,My comment here was in contrast to what he said in the video.
@@kanavgupta8853 cool the reason why I asked is, in one of his videos a ice cream seller got caught for buying 15 iphones so i was just checking with you, since you didn’t buy phones under business it won’t matter anymore...
Also if you sale the smartphone in cash and not shown as proper sale than it will effect your closing stock and can be caught through physical verification (Not in case of 1 phone but if the volume is high).
What is if the phone gets damage and lost its resale value? Or what if I I sell it after 7 years? Or what-if I don't sell it and buy new phone with ITC? You must also cover these cases in your videos.
Why are we taxed on an already taxed product? Already the price of used phones falls heavily. What’s the need to collect tax again on the same used product?
What If An Indian is living in Dubai & earning 2cr+ will his money be taxed in India??? Conditions: 1.He hasn't applied for Dubai Citizenship. 2.He visits India 1-2months every year. 3. All is Assets & liabilities basically all his income generating source are based in Dubai. Please Can Anybody Clarify this Query😕😕....thnk u
Sir, last me jo apne bataya ush se saving hua kaha sir . humne 16017 already gst payment to kar hi diya na . hum to leagl hi business maan kar chalyege 16017 input le kar 2.5 yr me 8000 payment kar dumga tab v mere 8000 save kar lunga saath me 38500 ka profit and loss me depration v claim kar lunga aur yadi loss hota hai wo v adjustment kar lunga
Why while calculating credit period in arm length price sometime we take base price for calculating cost of capital related party price and sometime unrelated party .please someone explain the logic...
How is the taxation done if an employed person buys a phone (no GST, no expense claims) from post tax income and then sells it after 1-2 years? Are the sales proceeds taxable in such a case?
bhai ye public video hai agar sir ye sab daalenge to tax authorities ko sir ko khud jawab dena pad jayega. Baki office jaoge sir ke to baat alag hai (if u know what i mean) ;)
Sir, agr legally sale dikha kr mobile sold kre to long term capital loss bhi book kr skte hai books me jis se 30% income tax save kr skte hai on profit
Sir I have a question , from 3:45 mark in the video you said the phone would be depreciated over the remaining useful life and itc will be claimed ( immediately) .....is it not true that you cant claim itc and depreciation simultaneously ? Correct me if I am wrong ....Thank you !
What happens if someone shows that the phone got damaged (which actually isn't) shows it as damaged asset which cant be repaired in the books and then sells it in the market for cash? I don't think they are going to get in touch with cyber cell to track the IMIE number and check if the phone is in use or not?
you are right but sir was discussing the concept i think kyuki itna chota amount to pata bhi nahi chalega aur agar pata bhi chal gaya to bhi prove kar pana mushkil hai
Sir but agar hmm sirf 87000 ko baad mein white money mein Change kre than we will be having 60900 rupees aur aise hmm paise Bacha bhi sakte hai and white mein bhi hoga ye money because pehle 45000 tau hmara fully tax mein jaa raha thaa
In a country like india , this is done by many people , I have seen people with having black money in cr . It’s nothing for big players. And it’s Really difficult to track down these things cuz they have many other work. If the government doesn’t know only how will they suspect me for the phone 😂
How can you take depreciation and itc both at the same time as according to section 16(3) Where the registered person has claimed depreciation on the tax component of the cost of capital goods and plant and machinery under the provisions of the Income-tax Act, 1961, the input tax credit on the said tax component shall not be allowed. Could you please explain. Is it so that the above mentioned section only pertains to tax and not to the value of the good (exclusing GST). And is this scenario true that you can take depreciation on value of the good (exclusing GST) (Rs. 88983) and ITC credit on its GST component(Rs. 16017)?
Jisko phone becha agar vo phone kahi crime me pakda gaya to hamara naam aayega... Because vo phone ke owner still hum hai... Else we should sell and on stamp paper and with notry and all I think...
Nice analysis sir fantastic...Also do vedio on CA in stock trading business pros n cons what CA have edge over others who like to do stock trading.how can do stock trading besides doing job thanx inadvance
Sir if we take depreciation on the GST component of the mobile, then we won't get the ITC credit for the same. And when ITC is not taken for a capital asset, when we sell it, GST liability should not accrue right?
In my opinion it would accrue, this is because it is a personal choice plus the person to whom the asset is being sold should also be able to claim ITC on the taxes he pays. What you are saying happens in case of a person who opts for composition tax scheme. Hope it helps :)
@@rachitaggarwal9564 as per , para 1 of Schedule 1 of CGST ACT 2017, when an asset is permanently transferred, disposed even without any consideration it shall be deemed that supply takes place and shall levied to GST. You have to pay gst on it accordingly . Now the question is how to calculate the value since you have not received any consideration , you have to read section 15 and related rules for this. Also GST doesnot attract on sale but on supply be it sale, transfer, barter, exchange, rental, disposal, lease but with a consideration subject to items covered by Schedule I. Happy learning
But sir agar 42k mese me 25-30 cash me leke govt ko 12k ka dilhake bhardu to?? Yaa to me pura black me leke 500-1000 hi dikhau to? Bol sakte haina ki .. model obsolete hogaya etc....??
Ek tarika aur hai gst bachane ka . Phone 2.5 saal baad cash me bech do fir 2.5 saal baad yani 5saal baad Sarkar ko dikha dena ki phone bech diya maine 5 saal baad .
Sir i have one query that - if a person only have one Income source that is income from house rent then how many time that person can shift from New Tax Regime to Old Tax Regime in ITR, please help me sir.🙏🙏
mere dost ne iphn 12 liya tha 6months back and usne apne dost ki company se gst le liya ... toh company ko ab koi ferk ni padta sales kab hogi kaise hogi ... kyuki company k hands mein koi black money ayga hi nahin sales k time ... thus, he enjoyed the whole gst amount on his iphn 12
No that’s not how it works. If he sells the phone and the company doesn’t report it, then all the proceeds will be considered black money in the hands of the company because they sure responsible for reporting all income as they are the ones who own the phone
My friend has a gst no if I purchase a laptop for myself using his gst billing address will be his buisness address and use that laptop for 5 years then all the gst will be save also many online platform giving 28% gst off on purchase what's that scenario please clarify.
BHAI , YE SAB HOTA TO INDIA MAIN TAX PAYER UNDER 5% NAHI HOTA , MERE GHAR MAIN JO DUKAAN WALA HAIN , HE BOUGHT 2 SHOP + 1 HOME IN LAST 15 YEAR .. NOTHING HAPPENED . ALL SHOP KEEPER HAVE GST BUT NO ONE CARE
If we didn't sell it with in 5 yrs . Or if we take ITC and use it as a personal . Or if we sell this on the same price then can we take benefits of ITC?
What if we write off and get gst benefit for 5years and after that show write off at scrap value and sold it in cash? Obviously we have to pay gst on scrap value but it still good deal what say?
What if phone is broken? And client write off as broken / damaged in books? You didn't get any money in broken case and hence no gst liability.. Also client can show lost or stolen
This entire video is on the assumption that phone is used as a capital asset in the business, will this logic apply if I use the phone as a revenue expenditure? If yes, then the 5 year rule won't apply
40% depreciation is by WDV method and not SDV method....so you're thinking wrong that you're getting full depreciation in 2.5 years.... Also there is difference in depreciation of income tax and ITC of gst
@@amanshaikh6414 bhai hme bhi gyan lne ka trika btao kr to bca rha hu still mrko atleast personal income tax k bre m jnna h ki kin ways se legally or illegal practical way m tax bcha skte h
Contrary to what some viewers are commenting, sale of mobile phone will result in capital gains since a mobile which is used in business does not qualify as a “personal effect” and thus, is covered u/s 2(14) under the definition of a capital asset.
Hence, sale of such a depreciable asset will also result in capital gains or losses as the case maybe.
Happy learning! ❤️
sir, What if we say phone got lost by theft, write off it and sell it in cash
@@YashGupta-ir7mx in that case it will get covered under Schedule I of GST and you still need to pay GST.
@@shivammalhotra4794 how it will cover under schedule 1 of GST??
Is the loss by theft considered as disposal??
hahaha nice video...informative. Example: Doctor gets iphone 110K from Medical Representative FREE then sales to local store after 1.5 years all FREE. This is bad.
If business sales as exchange online on AMAZON then what?
Sir ek question? Agar hum 2.5 years ke bad sale kar de
Or cash me kare and agle 2.5 sal hum depreciation claim kare kyoki in books sale to hua hi nahi
Or 2.5 sal bad (at the end of 5 year) vo cash bank me deposit karvaye capital asset sold ke nam par .....
Sir pls reply karna
Sir, aap makhhan ki tarah explain kartey ho... Kitne simple aur aasan shabdon mein... Main huun to science student but aapkay jaisay teacher ho to main CA zarror ban jata.
Sir in my town ips officer take bride in the form of gift money to his father account is it legal please reply
Halwa hai kya bhai?
Bhai bride yaani dulhan hota hai. Aur kisi insaan ko aap Bank account mein kaise le sakte ho.🤣🤣🤣
Just take this as a example it was never about a phone it was all about transition and logic you are legend sir
In India , tax is very high if you compare with respect to cost of living , quality of life and opportunities available to people in Europe and US. There is no reason why people will not try to evade taxes . At max govt in India can take 15 % on personal Income beyond this it is complete loot by govt.
Why not more people are talking about this unfair unjust taxation dictatorship?
@@vikramrahulsingh because small man is demonised , crushed , tangled in false case by the people in power and that is also how democracies become dictatorship which India is already half way to becoming
I completely agree
Damn you are Right
Finally someone talking about bigger picture ✌️
If you purchase in white and sell in black, it can be detected even through the statement of assets filed under tax audit, too far fetched but there is a possibility. The Govt is already reconciling 26AS with GST Returns for evasion of taxes under RCM
Sir please don't stop making video....it's my request 🙏....your explanation is osm
Sir please provide some lectures on tax planning,tax ideas on TH-cam
They have filing returns videos... u see that.. but no person can disclose tax ideas if its making money😆😆
Sir, mujhe tax ka T bhi nhi aata but I enjoyed a lot watching your videos aur samajh bhi aata hai!
Detailed explanation is what we expect. And here it is 💯👍🏼
The point is if I am willing to use the GST discount, I am willing to go for the below route.
Thank you for the explanation, your content is amazing. I wish I learned this instead of human cell structure
Btech Cse student still watching all your videos
Sir, but the purchase of a mobile phone is a capital expenditure, how can we deduct it's cost from income tax
=> sell phone at 500 to 1000 rs toyour father.
=> pay tax for that amount (500 to 1000).
=> take phone from your father and sell at 42k to customer.
Then your father have to pay GST on that 42k 😂
@@mradulbhardwaj4134 no. Father can buy the phone as a personal good not a business good
Obviously we would be buying the cell from the disposable income.. if we could save more tax, we would have done whether we are buying the cell or not 🤦😂
Sorry sir but i know many people in my locality who owns car of 12 -15 lakh, property of 50 to 60 lakh and still dont pay a single tax and they even have BPL ration card and they are near to 55 age still they never get any notice from IT , how is it possible? Please make a clear video on this.Out of 136 crore people in India, just over 8 crore are taxpayers
Sir aapne jo kaha tha ki course ka maza lo I really felt it and now it's my best friend ❤️❤️❤️.
Par kitna bhi mehenga phone lo 3 saal baad bechoge to 3000rs se upar uska price milne waala nahi hai. To 50,000 ka phone leke 5 saal baad cash me 2000 me becha karke bataenge aur 2000 pe 18 percent itc reverse kar denge 😂
6:15
I have started seeing your vdo instead of crime series
You are more interesting
😉
In India the tax on cars and petrol for ex are so high that Indian government should be paving roads out of gold. But what we get in return is broken roads and traffic police to stop you from moving your vehicle unless you give them bribe.
Welcome to India
All the money steal or concealed will come back in different form whether in form of medicine, any payment anything. So be honest as possible
Ye bat sachh h
with the same logic dont do anything as eventually u will get into dust and go empty hand
Medicine or drugs
@@vineetgupta4391 😂
Sir, if we consider time value of money in that 'legal way of saving GST' scenario, the tax savings would increase right?
Hi sir,
Q1:- Agar hum business use ke liye phone le rahe hai to depreciation kitne saal tak milega or kis rate se?
Q2:- Agar phone meine 5 saal use kiya or fir sell kiya to kya (selling amount×18%÷118%)👈ye amount hume govt. to pay karna padega kya?
Q3Agar in future Gst rates increase ho jate hai to capital goods jo humne old gst rate par kharede the,to sell karte time bhi kya ye maana jayega ki iss amount mein selling amount including*old gst factor* hai, yaa fir govt. new gst rate vala factor include maanege?
Q4:- Kya rate of depreciation bhi time ke sath govt. revise karte h, agar karte hai to rate revise hone se pahale jo humne saamaan liya tha uss par present mein old depreciation rate se income tax claim hoga yaa new depreciation rate se?
Sir plz make more such kind of videos fast...your videos are very interesting
Excellent video...but here,in my home,In a family of 12,almost 25-30 phones have been bought but after use....either they stopped working or it was given to the respective children but never sold.
You bought the phones under business or as a individual...??? And did IT give you notice on why you purchased so many phones...???
@@RajrkSunny Neither of the phones were bought under Business,because of lack of knowledge,My comment here was in contrast to what he said in the video.
@@kanavgupta8853 cool the reason why I asked is, in one of his videos a ice cream seller got caught for buying 15 iphones so i was just checking with you, since you didn’t buy phones under business it won’t matter anymore...
Pls make a video covering ca intermediate direct tax and indirect taxes statutory update for may 2022.....it will be useful sir....... 👍....
Also if you sale the smartphone in cash and not shown as proper sale than it will effect your closing stock and can be caught through physical verification (Not in case of 1 phone but if the volume is high).
What is if the phone gets damage and lost its resale value? Or what if I I sell it after 7 years? Or what-if I don't sell it and buy new phone with ITC?
You must also cover these cases in your videos.
Aur agar maine sell price 42 k ka na dikhakar 15k ka dikhaya to? Ye bhi cover karna tha.
Good evening sir ji 🙂
Mera Dec attempt he ca foundation ka 😥 muze bohot dar lag raha he 😭😭 dil yesa dakh dakh horela he 🥺
Sabko hota hain... its normal. Just plan the remaining days and do whatever it takes to execute it. All the best
Haar ke darr se kheloge hi nhi toh jitoge kaise, dare lagna chaiye kyoki ye darr hi tumhe jeet dilayga
To fir CA liya hi kyo. Not to worry. Just study as much as possible.
And don't waste time here in comments section , watch after the exams
Why are we taxed on an already taxed product? Already the price of used phones falls heavily. What’s the need to collect tax again on the same used product?
What If An Indian is living in Dubai & earning 2cr+ will his money be taxed in India???
Conditions:
1.He hasn't applied for Dubai Citizenship.
2.He visits India 1-2months every year.
3. All is Assets & liabilities basically all his income generating source are based in Dubai.
Please Can Anybody Clarify this Query😕😕....thnk u
Sir, last me jo apne bataya ush se saving hua kaha sir . humne 16017 already gst payment to kar hi diya na .
hum to leagl hi business maan kar chalyege 16017 input le kar 2.5 yr me 8000 payment kar dumga tab v mere 8000 save kar lunga saath me 38500 ka profit and loss me depration v claim kar lunga aur yadi loss hota hai wo v adjustment kar lunga
Why while calculating credit period in arm length price sometime we take base price for calculating cost of capital related party price and sometime unrelated party .please someone explain the logic...
So better would be to it as business asset,personal m to poora 105000 ka pdega ..other side dep and kuch itc to avail ho hi jayega
How is the taxation done if an employed person buys a phone (no GST, no expense claims) from post tax income and then sells it after 1-2 years? Are the sales proceeds taxable in such a case?
Not taxable
Please make a video on ‘depreciation’ under income tax
Moral of the story:
IT rules are for chillar earning people not for Mallaya, nirav types😒.
did you forget to add politicians and IT department employees...???
Practical cases which are best suited effective to understand a law of gst
Sir please make more such videos on tax planning and tax evasion with real life examples and case studies.
what are the tax implications of going for a exchange/buyback scheme after 2 yrs of ownership of the device .
Thank you sir. Ye query maine hi daali thi pichli video me
Now dept. Subscribed Your channel Sir 💯😀
sir please give knowledge every day
You can run but can't hide,they will catch you eventually, as they say honest is the best policy.
Clearly doesn’t work on big looters
Sir please ek video credit cards rewards points taxability ka video bana dijiye. .kahi par bhi proper video available nahi hai
Isn't it unfair for common people. We have to pay tax in income and then again pay tax on the goods we buy, it's feels so fraud.
Agar sir hum mobile beche hi na to hum mobile ko use krke apne pas hi pade rehne de fir?
Sir magar Ca toh illegal tareeke dikhane ke paise lete haina 😂
Btw great video as always
bhai ye public video hai agar sir ye sab daalenge to tax authorities ko sir ko khud jawab dena pad jayega. Baki office jaoge sir ke to baat alag hai (if u know what i mean) ;)
@@kinshukbali 😉
Uski fees bhi cash m hoti hai or advice khi bhi document nhi hoti 😂😂
@@rahularora478 😂
What if we show that we sold the phone for cash but after period of 5 years then what will be GST compliance
No itc to be reversed as 5 yrs have passed.
@@sejaldhumavat6970 so its possible to show in the books that the phone sold for cash in 5th year even if we sold it before 5th year is it ok
@@manzil017 dheko hai toh enthical he!. If found guilty penalties and fees would be applicable
Sir, agr legally sale dikha kr mobile sold kre to long term capital loss bhi book kr skte hai books me jis se 30% income tax save kr skte hai on profit
Definition of Capital Asset is a major problem. As Mobile phone is not a capital asset
Make video on sukesh chandrasekhar, Fortis owner 200cr scam.
Bollywood expensive gifts to nora, Jacqueline, etc.
Suggestion :- Please make a video on Taxation on TH-camr / Online Gamers incl. their souces of income
Kash ye politicians b isi tara pay karthe
Hello sir, could you please tell us about lic policy mature amount exemption section.
Thanks in advance.
Happy learning 🙂
44AD ma book of account toh maintain karna nahi hota… toh paisa kahi bhi uda do, kese ko javab toh dana hi nahi ha ??
Sir I have a question , from 3:45 mark in the video you said the phone would be depreciated over the remaining useful life and itc will be claimed ( immediately) .....is it not true that you cant claim itc and depreciation simultaneously ? Correct me if I am wrong ....Thank you !
You take ITC on GST paid and depreciation on price of phone excluding GST value
Kuch secrets pro tips bhi reveal kar dia karo, I understand on youtube you cannot, Strike pad jyegi. 😂. Telegram is a Hint for all hacks. 😂
What happens if someone shows that the phone got damaged (which actually isn't) shows it as damaged asset which cant be repaired in the books and then sells it in the market for cash?
I don't think they are going to get in touch with cyber cell to track the IMIE number and check if the phone is in use or not?
🤣🤣😂😂🤣😂
Show that we sold it for 5000 showing that it is damaged and pay 900 rs tax. Keep the remaining money in cash
Good boy
But even now, you cannot convience someone to disclose it. There is hardly any way Govt can track such small transaction.
you are right but sir was discussing the concept i think kyuki itna chota amount to pata bhi nahi chalega aur agar pata bhi chal gaya to bhi prove kar pana mushkil hai
Wow first 🥇🥇😃✌
Sir but agar hmm sirf 87000 ko baad mein white money mein Change kre than we will be having 60900 rupees aur aise hmm paise Bacha bhi sakte hai and white mein bhi hoga ye money because pehle 45000 tau hmara fully tax mein jaa raha thaa
In a country like india , this is done by many people , I have seen people with having black money in cr . It’s nothing for big players.
And it’s Really difficult to track down these things cuz they have many other work.
If the government doesn’t know only how will they suspect me for the phone 😂
How can you take depreciation and itc both at the same time as according to section 16(3) Where the registered person has claimed depreciation on the tax component of the cost of capital goods and plant and machinery under the provisions of the Income-tax Act, 1961, the input tax credit on the said tax component shall not be allowed.
Could you please explain. Is it so that the above mentioned section only pertains to tax and not to the value of the good (exclusing GST).
And is this scenario true that you can take depreciation on value of the good (exclusing GST) (Rs. 88983)
and ITC credit on its GST component(Rs. 16017)?
Jisko phone becha agar vo phone kahi crime me pakda gaya to hamara naam aayega...
Because vo phone ke owner still hum hai...
Else we should sell and on stamp paper and with notry and all I think...
Nice analysis sir fantastic...Also do vedio on CA in stock trading business pros n cons what CA have edge over others who like to do stock trading.how can do stock trading besides doing job thanx inadvance
Sir if we take depreciation on the GST component of the mobile, then we won't get the ITC credit for the same. And when ITC is not taken for a capital asset, when we sell it, GST liability should not accrue right?
In my opinion it would accrue, this is because it is a personal choice plus the person to whom the asset is being sold should also be able to claim ITC on the taxes he pays. What you are saying happens in case of a person who opts for composition tax scheme. Hope it helps :)
@@kinshukbali understood 😄
What if phone gets broken after 2.5years?
What will be the solution for that case
In such a case ITC of INR 8,008.50 for remaining period, i.e. 2.5 yrs, needs to be reversed as per sec 17(5)(h)
Write it off as depreciation
@@bhavyataneja9792 this will also attract GST
Dude only GST attracts if you sell. As u don't get any money or anything so How they can trace u or GST applied ?
@@rachitaggarwal9564 as per , para 1 of Schedule 1 of CGST ACT 2017, when an asset is permanently transferred, disposed even without any consideration it shall be deemed that supply takes place and shall levied to GST. You have to pay gst on it accordingly . Now the question is how to calculate the value since you have not received any consideration , you have to read section 15 and related rules for this. Also GST doesnot attract on sale but on supply be it sale, transfer, barter, exchange, rental, disposal, lease but with a consideration subject to items covered by Schedule I. Happy learning
Haan sirji good evening!
Sir
Explain the underbilling of goods under gst
Conseqeunces
But sir agar 42k mese me 25-30 cash me leke govt ko 12k ka dilhake bhardu to??
Yaa to me pura black me leke 500-1000 hi dikhau to? Bol sakte haina ki .. model obsolete hogaya etc....??
How about, sell the asset and report it two years later? Does that go into the income now?
Ek tarika aur hai gst bachane ka . Phone 2.5 saal baad cash me bech do fir 2.5 saal baad yani 5saal baad Sarkar ko dikha dena ki phone bech diya maine 5 saal baad .
Aur paisa bhi 5 saal bad he la lana 😂
sir please make a video about how income earned from KBC are taxable .🙏🙏
Sir i have one query that - if a person only have one Income source that is income from house rent then how many time that person can shift from New Tax Regime to Old Tax Regime in ITR, please help me sir.🙏🙏
mere dost ne iphn 12 liya tha 6months back and usne apne dost ki company se gst le liya ... toh company ko ab koi ferk ni padta sales kab hogi kaise hogi ... kyuki company k hands mein koi black money ayga hi nahin sales k time ... thus, he enjoyed the whole gst amount on his iphn 12
No that’s not how it works. If he sells the phone and the company doesn’t report it, then all the proceeds will be considered black money in the hands of the company because they sure responsible for reporting all income as they are the ones who own the phone
@@kanishkgiri6429 what if company only reports it that it sold it at ₹500 as scrap after 5 years…?
My friend has a gst no if I purchase a laptop for myself using his gst billing address will be his buisness address and use that laptop for 5 years then all the gst will be save also many online platform giving 28% gst off on purchase what's that scenario please clarify.
Chori krne k ideas de k sir aap pura dhamka dete h...🤣🤣🤣
Sir please make detail video on gst cancellation.
sir, agar mujhe 8000 GST pay karna hai toh tabhi bhi mere pass ITC hooga na... from the business i have done in that period
14:26 most absurd thing ive ever heard...
Phones are not considered as capital assets no questions of short term or long term capital gain
BHAI , YE SAB HOTA TO INDIA MAIN TAX PAYER UNDER 5% NAHI HOTA , MERE GHAR MAIN JO DUKAAN WALA HAIN , HE BOUGHT 2 SHOP + 1 HOME IN LAST 15 YEAR .. NOTHING HAPPENED . ALL SHOP KEEPER HAVE GST BUT NO ONE CARE
If we didn't sell it with in 5 yrs . Or if we take ITC and use it as a personal . Or if we sell this on the same price then can we take benefits of ITC?
Happy Evening Sirji
Sir while buying the class for CA final from your end support system is literally very bad..no response of msg last 24 hrs also passed
Sir make Video Agar Pakade Gaye Tax invasion me to kya kya hota hai ??😕
What if we write off and get gst benefit for 5years and after that show write off at scrap value and sold it in cash? Obviously we have to pay gst on scrap value but it still good deal what say?
Sir is my decision to continue my family business right?
Sir will the ITC be reversed @5% per quarter. Bcz the phone is used for non productivity purpose or construction purpose ??
What if phone is broken? And client write off as broken / damaged in books? You didn't get any money in broken case and hence no gst liability.. Also client can show lost or stolen
Ha bhai ca ka dhnadha bhi chlna chahiye na
What if we say phone got lost by theft, write off it and sell it in cash
This entire video is on the assumption that phone is used as a capital asset in the business, will this logic apply if I use the phone as a revenue expenditure? If yes, then the 5 year rule won't apply
I am thinking about materiality in the matter, does the department sees such and any practical case scenario ever like this 🙏
Sir kya wo cheez jo maine purchased ki hai wo main mere worker ko de sakta hu for my business usage???
Or else just use the phone for complete 5 years to save the GST.....am i right?
Sir kaya ya laptop ka leya v matter karta hai ku ki laptoo to 5year + use ho ga
Sir make a video on tax of stocks
Sir agar phone ko imparement show nahi ker sakte
In business we provide deprecation @40% for pc laptop mobile then how can we use it for 5 years.... 🥺🥺
Section 18(6) read with rule 40(2) of CGST act
5 years is for gst input and not income tax both are different don't interlink.
40% depreciation is by WDV method and not SDV method....so you're thinking wrong that you're getting full depreciation in 2.5 years....
Also there is difference in depreciation of income tax and ITC of gst
@@amanshaikh6414 dara hua ko aur Dara de Bhai tu...... 🤣🤣
@@amanshaikh6414 bhai hme bhi gyan lne ka trika btao kr to bca rha hu still mrko atleast personal income tax k bre m jnna h ki kin ways se legally or illegal practical way m tax bcha skte h
which software do you use for making videos?