Client with 15 iPhones gets GST Notice for Tax Evasion | Here's Why!

[@Agri_Indian21]

I am not CA aspirant but ur videos are very useful for my financial awareness.. Thanks Sir😇

[@vivu_chauhan]

Your Communication method....way of explaining is so Good....Your Video's topics are always helpful...we love Learning through your videos....Thank you so much sir🙏🏻

[@RohitYadav-mw7bc]

The person can say that I have icecream selling business in which I sell icecream to customer and hand them iPhone for the time they eat the icecream so that they get emotionally connected and my business flourish😅 correct me if this strategy is not good

[@dummyaccount939]

My previous FY ITR was filed through taxbuddy and the CA filed it through ITR 3 form. That was my first time filing ITR through CA. Before i used to file through form 16 but i quit my job in 2019. Am i required to pay advanced tax before 31st March?

[@theindianexe]

Sir, How do department know if a specific small business is purchasing a smartphone for business use or personal use? Let us say it is a small jewellery store. Let us consider that the specific small business is purchasing only 1-2 smartphone and 1-2 laptops in the single year.

[@payaltahalani2447]

Story of my client. I am going to send this to him. Department will explain him in better way than CAs.

[@66adityabhoine78]

Sahi he 😂

[@hustle824]

HE IS THE ONLY TEACHER IN CA FETERNITY WHO PLAYS WITH TAX LAWS. 🙏

[@saulgoodman980]

Recently saw a vid where someone suggested to buy everything on GST account. Something seemed fishy, your vid answered everything. Thanks!

[@nirajlalwani3177]

आपका समझाने का तरीका बहुत शानदार कृपया आगे भी ऐसा ही वीडियो बनाते रहे और भटके हुए लोगों को आंखें खोलते रहे

[@Ayanhasan5]

Your communication skill is of next level....6aa Gaye guru

[@patelsahab1636]

Sir mai apko personally to nahi jaanta hoo but u r the man with wisdom App ke under vo baat hai hai jo sab mai nahi hota 🙏🙏

[@abhisheksoni2980]

There are two ways of saving yourself from legal troubles: 1. The hard way: be adept with laws, read kilos and kilos of literature and thus know what exactly will land you in soup. 2. The easy way: Don't be oversmart. That usually keeps you safe from any and all legal issues.

[@pwinsider007]

Woh bol sakta tha maine ek scheme nikali hai jo meri ice cream khayega usko ek ghanta iphone chalane ko milega jinhone kabhi iphone nahi chalaya woh mere idhar se ice cream khaye aur is scheme se bahot sare log ek sath aa ja rahe the isliye maine 15 iphone kharide ca wale

[@mydogspeakschinese]

​​@@pwinsider007 aisa nahi hota 😂 Sir ne pehle hi clear kar diya ki client ki ice cream shop mei mushkil se 4 log bhi khade nahi ho pate 15 iPhone kaun chalayega? how to justify this? nahi kar sakte toh penalty bharo

[@pwinsider007]

@@mydogspeakschinese woh bol deta uski dukan pe woh 15 iphone rakh deta aur jo uski icecream khayega use iphone par ring marker use jitne ka mauka milega

[@Jpab_in]

​@@pwinsider007The relevant part is 'furtherance of business'. If you claim that you have run such a project, you have to give proof in the form of documents that you actually had run such a promotional event. Even in such cases you have to show the iphones in your possession bearing phone numbers that bears sims issued in favour of your business. Remember one thing, if you do such things like manufacturing fake evidence and get caught, you will be charged under Section 122 where in addition to the recovery of ineligible ITC, interest and penalty, you will have to pay equal amount as the ITC as personal penalty. Nobody should try to outsmart revenue officers once the officers have found a wrong doing. It generally doesn't pay well.

[@Noproblem45]

​​@@Jpab_inwhat is the safest no of items that we can use as personal goods while claiming ITC

[@aniketnanekar5133]

Best channel for gst tips , I found ever till last 7months I am searching it for

[@dx-ur1bx]

"Income tax me koi pagal nahi baithe hai" became a common dialouge

[@pradeepsonawane197]

For people that did not understand in simple words, That gst amount was suppose to go to the government, but that person took that gst money, that's why it triggered the tax man.

[@GouravSharma.441]

Sir agrr kisi ko knowledge lena ho to aapki videos uske liye bhut usefull hoti hai

[@WorldPeace1107]

JUST WOW!! WHAT AN EXPLANATION 🔥🔥

[@rohitverma905]

3:45 sir but as per section 16(3) of cgst act a person can either claim depreciation or ITC not both🙄

[@prasiddha_bs]

bro deprection is on 1lakhs and ITC on 18000, if you take dep on 118000, then no itc

[@AjayKumar-wf8mp]

1) I think he can give 15 iphones as lottery or gift to his customers 2) As Iphone camera clarity is very good im using them as cc cameras 3) He can say that he is giving iphone to customers in the waiting time to play games or anything

[@sujalmendiratta5431]

Legend 😂🔥 (Not in a sarcastic way)

[@ashwa9749]

I just open aprivate company and your videos are to the point and very helpful and informational

[@manojitbrahme3731]

Great explanation sir.. thank you so much! You said lastly that there are more better ways to save taxes.. can please throw some more light on it?

[@utkarsha87]

Mr Sahil, I am senior officer of the department and I find that these video are very informative for general people. However, I have noticed that you only mention the duty and penalty amount. Please mention interest also which payable on net and which is @24%. This is very hefty.

[@priyanshusinghal3084]

so interest of 24% will be applicable on the amount of ITC claimed subject to the period lapsed after the claim of such ITC??

[@ARS298]

@@priyanshusinghal3084 24% for incorrect availment of itc

[@rishabmundhra5887]

Isn't it 18%?

[@Jpab_in]

It is 18%. Section 50(3) is for debit/credit notes.

[@sundramdubey9293]

Yes you are right

[@AshishGupta-fy4rz]

Great explanation...... great topic, thank you very much sir ji. Please make more videos like this.

[@kirandhimal]

I must say that your voice is "Damdar", and audio quality also very 👍😊. Keep sharing such kind of case studies, it will hepk us really

[@prashantjain2639]

Sir department yeh bol sack te..he.ki mere business ki liye agents ko diye he.....actual me 15 in person dept ki sam ni khada kar do....if need more info....jaha register place baat he....agent are in different cities....for business promotion & sale.....our company policy .we give iphone....so without hassel work is done smoothly....due advance feature capability of iphone....some how dept convence kar sacke....

[@PreetiSingh_8130]

I would like to Thank you for providing this topic video in fact for a long time I'm searching for this topic video in this video you explain it in an easy way .you are such a good mentor 🙏.

[@pratikbhawsinghka]

Sir why you don’t take taxation classes for CMA inter …sir pls start because your teaching style is unique and easy to understand.

[@parthjindal7037]

Sir I am in class 11th and confused between CA vs CFA vs CMA So kindly make a video on the same like CA vs MBA video

[@prakharsahu1384]

@@tushargarg.7 bhai maine toh cpt ke bad hi CA chodke MBA kar rha hu pune mei Baki maine bba Indore se ki hai

[@mihirgupta6958]

CA is a great choice nd only requires dedication nd discipline. As for CFA, u can start CFA when u clear CA Intermediate. That way u'll complete CFA within 1 or 2 yrs of completing CA.... Go for it. But also get some professional guidance.

[@parthjindal7037]

@@mihirgupta6958 Thanks

[@everything2669]

Sir can you please put english sub titles so that, south indians also get benefit out of your lectures🙏

[@GeniusAjinkya]

Sir no matter what we say, many clients don't listen and claim ITC on ineligible items. So sir, how will try to mitigate the Loss for your client

[@riyaverma9162]

I felt very much motivated whenever I watched your videos😃

[@digvijayitax]

Good work, you are educating the public in right direction. 👏

[@pjnippani]

Sir your vedios are simple and direct to the point and can understand easily

[@Djkingisback]

Sir your taxation knowledge is super😀😀

[@thekushagra132]

8:06 sir We can’t claim depreciation under income tax Act if we have already taken ITC for the same product, isn’t it sir

[@rahulagarwal4]

If we have taken ITC then, depreciation can be taken on cost of asset which is capitalized. Since, ITC has been taken then depreciation can't be availed on ITC Portion...

[@TaxationWithCASahilJain]

You’re misinterpreting the act. You can’t claim depreciation on the 18k GST portion since you’ve claimed ITC in respect of the same. However, you can claim depreciation on the remaining 1 Lacs without any issues.

[@UtubeTech]

@@TaxationWithCASahilJain yes sir you are ✅

[@financialmanagement7176]

Income tax act says nothing about it(Ref. sec. 43 of IT Act). it's GST law which says u can't take ITC on asset on which Depreciation has taken even on GST components under income tax act.

[@keshavbajajful]

@@TaxationWithCASahilJain but sir remaining pe only 15 Percent depreciation milega na mobile pe rate 15 Percent 30 percent depreciation nhi milega right???

[@cajeevan2605]

You have good dress code and your communication is awesome.

[@ayushkothari8701]

Sir same problem was with one of my client. His 15% Block consisting mobile was of more than 9lakh . He is not showing disposal of same also. One client also has done the transaction with refrigerator and other electronic equipment.

[@carfreaker1]

I am pcm student but sir i like your vedios for general financial knowledge.

[@secret_step]

Hahahah mujh jaise engineer ke liye kafi informative aur fascinating tha 😁....mja aaya sunke

[@tapas9075]

Sir I'm Tapas from odisha. I'm a CMA inter student your video is so informative and helpful for each ca cma student

[@Jack-xx3qg]

If I claim deduction for Internet Bills will they ask for usage history from ISP to check my work usage? I have 2 connections - 1 ACT and 1 BSNL Broadband plan which I use interchangeably as backup in case of other having downtime. I have alot of adult site usage too lol in terms of DATA usage but more usage in terms of TIME on WORK. so I guess I can claim 70% of the bill. I am self employed working from home and I pay the bills and have all the receipt in my name

[@priyanshusinghal3084]

are u talking about deduction in Income Tax or In GST? btw in either case they will not check your internet usage history

[@Jaishivji777]

Sir your voice is so good I love watching your videos I play your video listen and sleep

[@shailuagrawal2904]

How he got caught..let us know that...how to keep ahead of department ..that what we are interested

[@vivaindian]

Very good explanation. I like your presentation. 🙏

[@Rajeevkumar-vh8fo]

Great sir....you have showed us what not to do..now please make a video on how to save tax legally with small example...

[@PramodMulgund]

Simply wow explanation ❤️

[@Managebyshokeen]

Sir you'r ways of explaning is very interesting,, But That's why i use international iphone ,

[@vivekkadyan6330]

Agar uss bande ne i-phone ka lucky draw nikala ho apne customers ke liye shop ki anniversary and publicity/promotion ke liye toh??

[@ps-gh3hu]

Then gift to customer will be treated as supply of goods, taxable to GST. Once it is taxable supply, then corresponding credit can be availed.

[@vivekkadyan6330]

@@ps-gh3hu Didn't have any idea bro, thanx for the answer.

[@surajjha7183]

Gift pe itc nhi milta h

[@ShadabKhan-jv3px]

Sir I got recommended your video by chance and your way of explanation is simple and effective. Beside this I had a que. When a consumer buys a flat from builder(underconstruction) then how is gst linked to it? Is it on the instalments of payments or on execution of deed? (I am a medical student) please if you could explain it, it would help me significantly.(in my case I purchased flat in 2016 before gst and registration is still not done).

[@parthvora944]

Gst will not applicable

[@geeteshranjan4357]

At 4:20 after 18% GST what was extra 30% you talked about?

[@isolated.wallflower]

Same question

[@kanchanpandey2155]

Sir aapki video me bhuut maza aata hai 🔥🔥🔥

[@nehajalan4038]

Sir I like the way you talk ....

[@ArshdeepSingh-ti4nk]

We all like him

[@11PrinceSharma]

Sir your video's are so informative and you are way of explaining the things are so Good and Easy ... thank you sir for sharing this with us.

[@dineshmagar627]

Thank you sir Aaise vedio ke liye, keep going sir knowledge improve hota hai.

[@nikhilbhatt4445]

The way you teach sir is very great 😊

[@MrMannyvanny]

See, TBH, it's our system fault, not teaching our youngs the finance management and then expecting them to be expert like a CA. This case is obviously too childish and ridiculous buying 15 iPhones for a business. Our system needs a reform where kids are taught finance management and investing rather then promote them to dance and sing. Answer me, where in our life have we ever used any chemistry formula or ever used (a+b) whole square? Edit: Editing to inform some dumb persons commenting below, it's nowhere mentioned to 'ditch' any subject, Chemistry here for eg. It's about relevancy. You can't force a kid to stuff him with mind boggling formulas who aspire to become a sportsman or a trader. Teach kids what they are interested in, not every kid wish to become a doctor or a scientist.

[@Dictator_of_World]

Exactly

[@NITINtainment]

Chemistry formula might not be useful for you but they are everything to a medicine student and Pharma companies....yes I agree stuffing a child every subject is very obsolete system of education and every child should be taught as per their interest. But fully setting aside other concepts just because they do not resonate with a particular person is foolish thing to do. Ask a Pharma company who is developing medicines and vaccines, they'll tell about the importance of chemistry formulaes and mathematics equations. :)

[@ranjantiwari49]

you ll be die as soon as you're born or your child will die instantly after birth If, If you're thinking what's the use of chemistry formula Who'll make the medicine ?? Don't compare this with any other things Just talk about financial advice should be given.

[@MrMannyvanny]

@@NITINtainment suppressing any particular subject is obviously stupid. Argument is, these subjects shud be taught to students who aspire to achieve a goal in that field,not to literary stuff insanely complicated formulas.

[@MrMannyvanny]

@@ranjantiwari49 Grow up kid, don't behave like a kiddo. There's nowhere mentioned to ditch ANY particular subject. It's all relevancy. If i wish to become a business for eg, chemistry formulas are totally irrelevant to me.

[@sumitkumar-dd3ph]

4:18 Sir you said depreciation claim kr lega income tax me With due respect., Sir sec 16 me bolta h ki Either dep or itc claim kr skte h na .?????

[@istolecookies1501]

Appreciate your way of going through the case . But Sir isn't any one of 1) depreciation in IT or 2) ITC in GST is allowed ?

[@princeprasad2848]

Suppose iPhone cost 100000 and gst @ 18% ITC will be allowed on gst i.e. 18000 paid by supplier. Depreciation under income tax will be allowed on 100000 i.e. accessible value

[@arunkurian9367]

That is as per gst law, that if you claim depreciation on ITC component via income tax act, then ITC can't be claimed.BUT, IF YOU don't claim depreciation on itc, then you can claim both ITC and depreciation.

[@ksumitsah3531]

@@arunkurian9367 1,18,000 ka product 70,000 ka kaise hua ? Please explain?

[@arunkurian9367]

@@ksumitsah3531 whaat are you saying?

[@ksumitsah3531]

@@arunkurian9367 video me kaha gya hai 1,18,000 ka iPhone 70,000 ka liya GST deke toh 28% discount hoga fir bhi 70,000 kaise 90,000 ke kareeb hona chahiye na ?

[@manishchaudhary9866]

bohot pyaari video....thank you so much

[@vaibhavagarwal6071]

Please make a video on Travel expenses and Business Travel expenses if we can claim on that.

[@dishankjain]

But we cannot claim dep and itc for the same product can we?

[@abhijith_Rajput_07]

Salute you sir big fan of urs 🙏🙏🙏🙏🙏🇮🇳🥇

[@pranshumishra10350]

Best

[@abhilash4479]

Very interesting & funny case study 😄👍

[@Gufrankhan-qt6xv]

Good night with big Alert Sahil Jain sir

[@Patil21]

yes sir, this is happening in large scale and not only limited to mobiles but also cover TV, AC, freez, computer, laptop etc... in short every electronics gazette. mobile purchase by contract employee but invoice raise in the name of firm.

[@Cosplayinghuman]

Wow lol, i recently heard my some family member had purchased 6 ACs and multiple TVs for home and all phones and laptops in that family were purchased on single guy's GST number, telling my father to do the same for helping my uncle evade 20k taxes for laptop, I'm 16 and my father ignored me and saying i don't know these things then after asking his CA, he was shocked even relatives are lying for benefits, still waiting for day that poor guy will get tracked by GST officers

[@Manik_khanna]

@@Cosplayinghuman Invade = evade,

[@Cosplayinghuman]

@@Manik_khanna ohhh shit, you're one fine reader

[@soumitrajena7811]

Last conclusion was dope

[@sudhirchandra9790]

Very nicely explained Sir apki Voice is very attractive ❤️

[@skezazahmed3393]

Your voice outstanding.... super

[@garvitgautam2155]

Sir kuch smart ways bhi share kariye tax save karne ke as you mentioned

[@kushwahagunjit6188]

Sir, please make one video about CA COURSE AFTER B.COM. 🙏🏻🙏🏻🙏🏻

[@deepakgupta8200]

4:20 how can he save 20-30k... He can claim depreciation and his profit will reduce and he has to pay less tax? But how does it comes to 20-30k...it will take him years to get back that 20-30k by paying less income tax

[@CA_Piyush_Ambasta]

As per IT act mobile phones will be depreciated at the rate 15%, hence on that taxable amount of rs1 lakh of iPhone he can claim depreciation of 15% which comes to rs15000 , also it is just for 1 iPhone, he has shown 15 iPhones in the books of accounts, thus you can calculate how much depreciation benefit he availed by doing this practice PLUS ITC benefits under GST act

[@gauravbhave30]

Thank you sir for sharing this knowledge 🙏

[@johnruben1444]

This same thing when big enterprises does it is fair, but it won't be tolerated when a common man does. All rules are only for common man, very nice.

[@pragun1993]

Can anybody explain why the depreciation benefit would be 30% of 1 Lac. I understand the rate - 30% is coming from by assuming tax slab rate. But my question is why 1 lac was considered and how is computed directly? In his other videos, he has shown that assuming, you are selling the device after 3 years, the depreciation benefit claimed via means of tax savings every year would be: 1st year: 30% of Depreciated Value = 30% of (40% of Original Value) = 30% of 40% of 1 Lac = 12,000 2nd year = 30% of Depreciated Value = 30% of (40% of Retained Value) = 30% of (40% of 60,000) = 7200. [Retained Value after 1 year = 60% of 1 Lac] 3rd year = 30% of Depreciated Value = 30% of (40% of Retained Value) = 30% of (40% of 36,000) = 4320. [Retained Value after 2nd year = 60% of 60,000] So, total tax saved would be around 12,000+7200+4320. Is my understanding correct?

[@blacklionfreefire]

I love the your tone❤ sir ji

[@balubalaji9956]

you always have a story to share, and i thoroughly enjoy learning it.

[@sachinsharma1959]

Thank you sir for sharing practical knowledge

[@globalcharts369]

He could say he was renting those iPhones. Or this phones are used by his customer for business order purpose.

[@jatinjoseph7792]

Is case me Kaya me ye claim kar sakta hu ki mere relative ne ne help Kari business me (like discover/making a new flavour of ice cream ) or wo mere company me employees nahi hai to mene unhe pay Kara as a gift 1 iPhone to 15 people

[@surajgallery]

LOVELY EXPLANATION THAKS A LOT

[@Dheerajkumar-xk2nv]

Hi Sir,Bussiness purpose ke liye koi bhi capital good purchase karte h h and normal bill lete h aur apna GST no seller ko batna rah jata h to bbi baad me GST ka ITC le sakta h kya

[@techrobber7560]

Sir please answer mere relative ki Gst Id hai, aur mujhe laptop Lena hai aur utna paisa😕 nhi hai ,to kya mai laptop par Gst credit claim kar sakta hu , 28% discount ke liye

[@clips4u889]

Very good video and explaination

[@SureshPatel-qt7tj]

Sir isme jo gstt payer se khridta h use koi problem hogi ki ni sir maine liya tha dusre se

[@shaiksohail415]

Thanks 😅 .... Department aap ke bare main Pata hai

[@RailOnTheWay]

Bohot badhiya topic

[@laughingshorts564]

Sir if I am buying a car above 3cr on company name with company acc will they will send notice

[@Aftabalam-rt3rs]

Sir mere ko bike lena or bike mere business me use krta hu money calection ke liye to esme tax bacha skta hu bike lene sme

[@Adib127]

Great description 👍

[@adityavyas8638]

Sir can't we say to the department that iphones were purchased for the expansion purpose but due to some uncertainty in the market business was facing loss due to which we had to sell that iphones to recover from loss...i don't know sir how much correct I am 🤔🤔🤔🤔but was just thinking🤔

[@sumitkuri423]

5 saal se pehle nhi bech sakte... Agr becha consumer ko becha h to itc vaps dena pdega

[@adityavyas8638]

@@sumitkuri423 thank you 😊

[@tushar3476]

Sir one question. I have hotel business. When I buy cement/rod for my expansion projects. So can I claim GST input from that?

[@naumanshaikh5989]

Yes

[@karanmadan1048]

One iphone can buy nearly more than 10 smartphones which can be distributed to family and friends. Nearly 50 mobile handset for employees.

[@techrobber7560]

Anyone please answer mere relative ki Gst Id hai, aur mujhe laptop Lena hai aur utna paisa😕 nhi hai ,to kya mai laptop par Gst credit claim kar sakta hu , 28% discount ke liye

[@sanketgupta5271]

why can't he say that he has several delivery boys and he gave such iphones to them for delivery of products

[@abhayverma8564]

Sir 18 itc toh le liya but 90 buyer dega gst registered person woh mujhe thoda samjh nhi aaya please sir explain I am ca cs student

[@pareshanvyapari5109]

In this type of cases can i gift 15 gifts to lucky coustomers in business using some type scheme is this possible

[@prasundas6558]

Sir mera office me do ca firm ek hi office me chala raha hai bas nam ka ek dusra adress de rakha hai par sab kuch ek office se hota hai kya ye fraud nehi hai?

[@dalveerdalveer]

Sir 🙏🏻🌹🙏🏻 thanks of lot for useful information

[@RaviGupta-hk3iz]

Can you please explain why TVs are so expensive in India? For example same Samsung, LG model laptop cost 1L rs in Australia. Then the same model cost 4.5L rs in India.

[@imviiku]

Because we export all the Semiconductors used to assemble TVs and Laptops.

[@Taxationwithshadab]

Your voice and way of explanation is awesome!💜👍

[@mdbabulhasan-7797]

My sole proprietorship business GST registration get cancelled suo moto. If I create a new Pvt Ltd company and apply for GST registration on company Pan, then whether department will accept the application or not. Kindly reply to me, thank you

[@arpitgoel3061]

Can Diwali bumper offer, agency rewards, sales personnel gifts, or business promotion expense be given as an excuse?

[@MR.SHAHID97]

Sahil bhai kya india ke bahar se koi phone ya watch leke aana ho to kaise le aa sakte hai stamp duty lagti