How not taxing Farmers helps in Tax Evasion!
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- Опубликовано: 1 дек 2022
- In this video, I've done a detailed discussion on what the income tax exemption for farmers is at present and why the said benefit under section 10(1) should be removed.
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I hope this discussion makes you think beyond the syllabus and makes your understanding of the subject a little better. Happy learning ❤
Sir I think the main reason why government would never do this is politics. Let's assume that our current govt. did remove the exemption. The first headline on newspapers the next day will be that govt against farmers, govt. is anti-farmers, etc. there will be numerous protests from farmers (including those who are earning in crores) that this is an attack on poor farmers and it will create a situation similar to the farmers protest that happened few years ago.
A sensible political party would never risk upsetting their biggest voter-bank (aka the farmers) just for a some extra revenue. That is my take on this topic.
Thank you for best learning vidio
🙏 thanks
Sir, through aggregation even agriculture is getting taxable.
Ha, ki agriculture is exempt, but it is getting exempted in lower rates.
Sir aap 76% reservation pe video laiye..
Pain of meritorious student in govt.job
Hope the government is able to make this tough decision despite the political backlash
Socho kitna harass karenge I-T officers to poor and illiterate farmers
Because of higher tax many millionaire are leaving india
And millionaire farmer is enjoy tax benefits
Govt should do something
@@yashjasoriya1567 yup 💯
Ek baar gov ne sirf kisan k bhale k liye ૩ bill pass kiye the
Yes, there won't b Backlash as public is so much aware that they think modi ji had done so kuch great job. 😂😂
Loans has been doubled, all works are on loan, India was second choice for manufacturer after china before 2014 but now Vietnam has far ahead of us.
🙏🙏
Very well said sir, actually all practising CAs know this and even the Govt knows this but they are not scrapping this provision mainly bcoz of 2 reasons
1. Coz people who are taking benefit of this are the policy makers ie influencial politicians and they won't change it.
2. There is public sentiment involved in this, when a common man hears, that Farmers will be taxed, they will engage in riots paid by these politicians without knowing the fact that this provision is actually harmful, afterall they are not CAs like us.
I agreed with your views
@@jugalpatel5744 Yeah, but farmers are not gonna understand this, some might, but not all of them
so true
Interesting take Sir…!
Just yesterday read about MP farmer who sold his produce for a mere 800₹ per quintal or 8₹ per Kg and thought of the time when government wanted to implement new farm laws which led to massive protest and heart wrenching scene at red fort.
Same is bound to happen if we start taxing farm income, our political leaders who hold insane amount of agricultural land will surely instigate poor famers who can’t think for themselves and have utmost faith in the politician whom they have voted in power.
Also No Political party is dumb enough to tax farm income, it is their main LAUNDROMAT to wash there black money surf excel clean to white.
Situation becomes dire for farmers who are landless. They are even exempt from governments PMKISAN scheme, not even entitled to 6000₹/Year thats the real tragedy.
Only faculty of TAX who teach their student very practically.
Very very thanx sir for giving such practical knowledge which makes motivation in subject of tax for CA STUDENTS. 🙏🏻💐😊
Finance minister be like :- app is trike ke ideas share karte rahiye apke through desh m tax collection increase hoga
Your upcoming client be like :- bhagooo yha se ye humse bhi tax nikalwayge 😂😂😂
Income tax & gst practically knowledge & related case study sahil sir is the best 🥰☺️
In my city there is one farmer who exports 100cr goods every year then he get 100% tax benefits from section 10(1)?
Totally agree with your thoughts, well said sir, waiting for more sessions 🙏
But, in case, your agricultural income exceeds Rs. 5,000 and you have other sources of income too, then the tax liability for that year is to be calculated and the full income will not be exempt.
There should be atleast a upper limit above which taxes would have to be paid
Sir,but there is a provision of integration of Agricultural income with non agricultural income where agricultural income is indirectly taxed.
Agreed, there shall be a slab for Exemption or Tax on Agricultural Income. 👏
Sir I have given foundation dec 22 and would really want to see the structure/schedule of your taxation classes for CA intermediate. If you could make a short video on it, i would be very much grateful! Thankyou.
Thank you so much for this knowledgeable session 😇😊😊
how government will calculate net benefit on agriculture income ?, there are various types of expenditure on doing farming before getting final amount of crops, even selling of crops need some expenditure.
Sir but due to scheme of partial integration, non agricultural income will be taxed highly na??
"There should be reasonable limit other than slab rates.... "
Bhaiya agar esa hua to jo bhi agriculture land hold kiye huye h to wo usse commerically convert krke paisa kama lenge bt uske karan jo wheat rice ki kami hogi jisse import krna padega usse jyada dikkt hogi govt ko it will be very dangerous for our economy
Sir, had a question regarding RCM
Say for example
If a registered buyer(Mr. A) purchase raw cotton (5201 HSN) from a farmer (unregistered supplier) and the registered buyer(Mr. A) then forth sell the same quantity of goods to another registered buyer(Mr. Z). Then in that case do the first buyer (Mr. A) need to pay GST on RCM basis or not?.
Note.
Both the buying amd selling happens on the same day and in the same quantity.
Sirr but what about partial integration? 100 cr agar income hui bhi, so wouldn't he be liable to pay tax under partial integration?
Sir, abhi2 apka jo nov 23 ka tax class available hei uspe in coming year koi changes nahi hogana. Can we purchase for Nov 23 attempt
Sir there is 1 question:
How government Will calculate the cost of crops? that farmer is cultivating.
Sale - cost* = profit
*cost = fertilizer + labour work + climate change + other cost.
If you say that government will take estimate value of cost of crops/per hectare then it is very difficult because the cost is volatile due to "climate change ".
Sir, kya farmer producer organisation pr corporate tax Dena hota hai ??
Good Evening Sir, when will you start CA-Final DT regular course..??? Whether will it commence within 1st week of Dec. ?
But partial integration sa tax pay karna padega na agar non agric. income 60l hai
Absolutely right. Mainly rich farmers and political class are
Mis- using this provisions hence Govt should cap this with limit of landholdings rather than income limit for imposing IT.
Imagine SJ Sir As a Finance Minister........... 📈📈📈📈📈📈
I completely agree with sir...farmers who r generating income in crores should be taxed. But exemption limit should be higher unlike other fields.
Why should it be higher. Limit should be the same.
Sir but there is partial integration concept when there is an agriculture income....what about that?
Sir lekin shop owner ke gst number se trace kr sake toh kitne ki sales hui hai toh roughly idea lag sakta hai ki shop se kitni income hui hai
Good analysis and content! I just couldn't digest the 25,000 cr quote by the Economic Times, so I decided to run some numbers on my own
4.1% farmers own >4 hectares (4-10), since 4-10 is technically a wide range and 4.1% metric measures over 4, highly likely percentage composition/contribution will be bottom heavy and as we approach 10 get lower and lower, so let's go with 4 hectares
For reasonable farmer population data, it is better to go with Harish Damodaran's estimates instead of the census, so total farmer population as per his estimate from filtering the census data is 36 million
4.1% would be 1.476 million farmers
Econ Survey 22-23 gives farmer yield per acre to be 0.61 lakhs (annual), for hectares it'll be 24,705
Hence cumulative income for the high land holding farmer group becomes
1476000 (eligible farmers) × 4 (hectares) × 24705 (yield per hectare)
14,585 cr
Assuming highest tax bracket of 30%, 4375 cr minimum theoretical potential tax collection
Even though highly unrealistic, just to get a sense of what the range possibly can be, assuming 100% 4-10 hectare group to be holding the max, aka 10 hectares
We can multiply the earlier figure by 2.5, so from 4375 cr to 10,937.5 cr
I'm not a CA but I do have a love for economics, and being able to understand the nuances of taxes through this channel has been great. CAs obviously do know their numbers, I think instead of farmers probably GoI hiring a team of CAs would result in more than 25,000 cr collection increase, instead of relying on politics, policy makers, consultants and the like
Loved the idea that there shouldn't ever be an unlimited exemption as that is thereotically infinite
mai hamesha se yahi sochta tha but if yeah hota hai toah bohot protest hoga sarkar bhi gir skti hai farmers ke kaam se
but yeah ammendement koi strong leader hi kar skta hai Modiji
even may big celebrities use this exemption to save taxes such as Amitabh Bachaan
Similar to this many farmers take agri loan for luxury items like cars and others. How to track and reduce burdens on public from your perspective?
Another awesome video sir ❤️🙏
I m a salarid person also having farm lands, can i save tax ? need to know. if 23 yrs girl owning a villa of 13 cr and showcasing herself as farmer. why cant I do that
Agreed with you there must be some limit on agriculture income
Hi sir, Indirectly government imposes taxes on agriculture through integrated agricultural income concept
But sir if someone is engaged in other business also the taxes are collected on the basis of partial integration na?
So why u just said that only 60l will be taxable only, the rest income not directly but will be indirectly taxable using partial integration isn't it?
Sir totally agree with You but in example given by you. If AO want to correctly access the Agricultural income he demands the Agricultural Produce sales invoice issued by Commission Agents authorised under APMC Act. If assessee fails to produce Invoice then tax it as business income.
Yes only when his income is picked for assessment otherwise he's enjoying the benefit
Sir for effective implentation of this , there are steps to be laid as foundation . Aadhar Pan linkage, Digitalise land records
Sir partial integration scheme be too hai ??
Some farmers r earning corores and they don't pay tax . Is this fine
Nobody can show fake agricultural income. Law is too strict now. Maybe you can do for 2-3 lakh but you can't do sace 2-3 crore
Or GST ka bill bhi nahi milta or nahi salery ka please sir reply me
Sir isn't there already partial integration of agricultural income in Income tax laws?
But that doesn't Tax the Agricultural Income,
That just tries to increase the Non Agro Income by Adding the Agro Income in the Overall Income generated.
@@Veer-gq9ox in a way some part of agro income is taxed
Being a Income Tax Sleuth, I watch your videos and theses are very insightful. Agreed with your point raised in the video. Agricultural income should be taxable.
Agreed sir actually there is no any changes in section 10(1) from long time atleat govt should bring cap for agri income those who are earning crores must be taxed
You opened my eyes sir.
Great one sir, waiting for more videos
What about partial integration?
We're living in a country where Finance Ministers are Economics graduate not a Chartered Accountant
Hi Sir,
I love watching your videos and they are very informative.
I have a query and not sure if will get response from you but here I go.
I have purchased a house in my wife's name and the housing loan is in my name (She is a co-borrower). As per my understanding am entitled to get tax benefit on housing loan under section 24 and 80C (for principal payments). My wife is not working and I am the only earning person in family and I am paying the housing loan.
Please suggest and I Would really appreciate your help on this.
Thank and Regards, Avinash Tiwari
totally agreed with you hope government will think about it....
Bhai mai ca nahi hun pr taxation ki kitaab padhni koi book isse related jo pd skun (sci background se hun mai)
Sir Audit Karna Jaruri Hai Goods Transport Agency Per Year Sale 1.5 Cr Ka And Have 11 Trucks
Sahil sir aapka pura analysis ekdum correct h
And yeh same cheez maine bhi sochi thi
Ki ek farmer jo 5LPA earn kar rha h, he is already in BEL then what is the need for exemption
And rich people take ample amount of advantage of it
But the thing is ki yeh change karne k liye constitution amend karna padega and these rich people are very powerful
They can directly or indirectly control this amendment with the help of power
All people (normal rich people, tax evaders, politicians) are included in this
Mostly this will never happen because even if this bill is proposed, opposition party (doesn't matter which party) will go against it as an opportunity
And the ruling party will face heavy backlash in the short run
And no party will take this blame on their head that farmers are taxed
(This analysis is something that we educated people understand, normal people won't understand and will go with the flow with opposition)
(Please reply if you have any alternative view point)
#SAHILJAIN,
HI SIR CAN A BUSINESS PROP. HAVE NO AGRICULTURAL LAND BUT THEY CAN TAKE ON RENT AGRICULTURAL LAND AND CAND GENERATE INCOME UNDER SEC 10(1)..? PLS MAKE VEDIO ON THIS WILL THIS INCOME ALSO BE NOT TAXABLE
Sir, wealthy farmers par capping toh bilkul sahi baat hai par jo aapne bunty wala example diya tha, usme toh scheme of partial integration bhi hai toh agar koi businessman agriculture income dikhaane ki koshish bhi karega toh usko bhi take care kar liya jaayega. Ye mujhe doubt aya hai sir video dekhte hue.
25000cr… that’s a very small amount against the backlash’s the government will have to go through.
Bhuvan bam changed his profession and became CA
Sir, as per one of your video you just explained why one cannot plan tax evasion acc to 10(1) as the assessing officer will see the growing capacity of the field and crops nearby or there would be opportunity loss if no crop is produced..
Give it on lease to some farmer who is really a hardworking one, or divide this land and lease to many hardworking farmers. They will grow the crops. And i can show that to officers and claim that i did. The farmers in return will get the ownership of crop.. is this possible?
Thanks very important video, please make a video on TAX evasion reporting of such people
Thank you so much sir❤
Totally agree with you...
What happens if for all citizens in India income tax is mandatory regardless of the occupation, What will be it's Pros and Cons
Sir kya hum CA ke sath MBA kar sakte h
What a explanation.
Sir when ca final classes is going to start
Sir please throw light on payments of pre deposits under GST.fully
I hope one day income tax will be taxed on the scheduled tribe as well, PPL who are from schedule tribe making crores of income are not paying single pie to the government whereas we who barely make annual income of above 5lacs fall under IT act, I hope this will end soon too
Hi Sir, please post a video for a Salaried person on all possibilities of tax exemption.
Sir mai bhi bahi baat bahat pehle se sochta tha , Ki jo log cr mai kama rahe hain unke liye tax exempt kyu hai , To govt ko Income limit add karna chahie , Taki Poor and rich logon ke bich ho pae differentiation.
Hello sir mera naam raju chouhan or mai ek gym trainer hu
Mera basic selery 9500 hai
Mera personal trainer charge
6000 per month hai
6000 se 30% percent milta h lekin
30% se bhi 18% percent cut jata hai
Total 12% hi milta h
Jis gym ka mai trainer hu waha ka manager ko puchha bhi tha lekin wo bolta h apko 30% milta h but 18% GST katta hai kya wo sahi h.?????
How much is our total gdp loss owing to the presence of Bangladeshis and rohingyas? Is it possible to estimate the rough figure?
Yess sir !!
HOPE jalde hi syllabus mai add ho jaye 😅
This sounds good but ground reality hits different glitches in system will hit the small holders.
Please Make video on supreme court recent's partnership revaluation tax evasion decesion.
Don't charge tax on farmer.. charge tax on dealer and commission agent. Farmer has only 3-10 margin. Dealer keep 30% to 50% margin
You must provide this suggestion for budget.. so that finance act m ye chg krke better ho.
One of my suppliers in kerala export coffee worth 4cr / yearly and has 2 land cruiser
Well said
This is a very big loop hole
Please make a video on taxability of purchase of car on subscription. ( If use in business or personal use, also at the time of sale of car).
Bhae ek bat बताओ जो 10 करोड़ कमायेगा वो illigal tarike se kamayega kisi cash ke ke movement ko goverment nhi pakad payegi kya.
Agree with you....
Absolutely right
Please convey this to Modi Ji
Good step i know farmers who earn lot of moneys
thanks sir,
What about farmers earning huge income in smaller farms and farmers earning very lesser income though they are having very big farms. Also some areas where there is lack of water and other resources should be excluded from this provision.
Right 👍🏻
Sir I am Tybcom student. Am very interested in taxation
Right
True, there should be cap on agri income
Right sir👍
This video should be played on media channels so that public can be better aware of these things bcz this thing can only br possible when public supports this decision.
Very good move will be
Sir 1 suggestions for political and another for temple society
If business income more than basic exemption limit and agree income more than 5000 then collected by govt
and the agri income tax is under state list state can make law
For farmers, govt can charge tax on test basis..Like when service tax introduced, at that time ST was only on 3 services and now it is on all except a few..Likewise say farmers have income of more than 50 lacs or have more land than a particular limit than they can be taxed.
Bro don't you see the side effects of farm bills.😅😅
Apke lecture nahi dekhta hu to mujhe rone ka man krta hai '❤❤
2 problems,
1. government acknowledges the inflation but doesn't feel like slab rates should also increase with inflation?
2. In UP, post all expenses are paid,
1 acre of land gives you about 60,000 rupees in farming (profit).
That's 12 lacs rs land,
anyone who has invested almost 10cr rupees in buying 80 acres of land makes only 48 lacs rupees. that less than 5% return on investment.
I understand 4.8 million is too much money but if you start taxing it, it will encourage the land owners to sell the land and buy reliance shares for 12% (or 10.8% post-tax) per year ROI,
That will only make the problem worse.