Selling used phone in Cash to conceal income & save taxes? Be careful!
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- Опубликовано: 27 ноя 2021
- In this video, I've discussed the implications of selling phone in cash to conceal income and in turn save yourself from paying any taxes thereon.
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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 ✌️
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 🤦😂
Sir please provide some lectures on tax planning,tax ideas on RUclips
They have filing returns videos... u see that.. but no person can disclose tax ideas if its making money😆😆
Sir, if we consider time value of money in that 'legal way of saving GST' scenario, the tax savings would increase right?
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
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
Detailed explanation is what we expect. And here it is 💯👍🏼
Sir aapne jo kaha tha ki course ka maza lo I really felt it and now it's my best friend ❤️❤️❤️.
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...
Sir, mujhe tax ka T bhi nhi aata but I enjoyed a lot watching your videos aur samajh bhi aata hai!
Sir will the ITC be reversed @5% per quarter. Bcz the phone is used for non productivity purpose or construction purpose ??
Sir plz make more such kind of videos fast...your videos are very interesting
Sir please make more such videos on tax planning and tax evasion with real life examples and case studies.
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 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
Btech Cse student still watching all your videos
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)?
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
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
Pls make a video covering ca intermediate direct tax and indirect taxes statutory update for may 2022.....it will be useful sir....... 👍....
I have started seeing your vdo instead of crime series
You are more interesting
😉
Wow first 🥇🥇😃✌
Sir, but the purchase of a mobile phone is a capital expenditure, how can we deduct it's cost from income tax
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
Now dept. Subscribed Your channel Sir 💯😀
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 😄
Sir if the transaction of selling of the phone is shown after 5 years in cash but it was sold to some relative after 3 years in cash then GST would be required to be given back or not?
sir please give knowledge every day
Happy Evening Sirji
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.
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
Agar sir hum mobile beche hi na to hum mobile ko use krke apne pas hi pade rehne de fir?
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?
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 😂
Please make a video on ‘depreciation’ under income tax
Practical cases which are best suited effective to understand a law of gst
What if like we exhange lets say my previous bought phone used for 2.5 years on online portal for a new phone and get a discount then the exchange value will be counted??
Suggestion :- Please make a video on Taxation on RUclipsr / Online Gamers incl. their souces of income
Sir kya wo cheez jo maine purchased ki hai wo main mere worker ko de sakta hu for my business usage???
Sir kaya ya laptop ka leya v matter karta hai ku ki laptoo to 5year + use ho ga
Sir agar sale of mobile phone sale of scrap dikhaya to???
Mera matlab in total ..Sab sale of scrap ke sath isi isi amount ko add kiya to?? To ITC nhi na reverse karna padega??
Haan sirji good evening!
Sir agar koi asset after 5 yrs baad sale ki to bhi ITC Reversal krni hogi kya.
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?
🤣🤣😂😂🤣😂
Sir i wana ask to u. Mera ek client hai. Uske papa ek doctor thee par ab unki death ho gyi hai ab unk place par unke son proprietor ban gye hai. Hospital ko Ayushmann scheme ki payments aa rhi hai. But i wanted to ask u. Payment toh bank mein son ke account mein aa rhi hai. But TDS father ke pan par 26as form mein reflect kar rha hai. Par father ki death hoye toh 2 saal hone wale hai. Toh tds ka claim kaise le?
If i have used it for 2 years and 10 or 11 months instead of 2 years and 5 months then how would the calculation be. (16017*2.11)/5?
Sir we cannot claim ITC on the asset if we are charging depreciation according to income tax act
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
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, agar mujhe 8000 GST pay karna hai toh tabhi bhi mere pass ITC hooga na... from the business i have done in that period
Sir
Explain the underbilling of goods under gst
Conseqeunces
Sir what if ki standerd period se phle agar phone chori or jaye ya kahi kho jaye us case me kya hoga
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
which software do you use for making videos?
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?
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
How about, sell the asset and report it two years later? Does that go into the income now?
Is gst applicable on mobile exchange also ?
Hello sir, could you please tell us about lic policy mature amount exemption section.
Thanks in advance.
Happy learning 🙂
Thank you so much sir
Sir isme 2.5 saal cash m bech kr mgar 5saal baad dikha dengee to fir gst jo 8k bn rhi h vo bach skti hain kya????
Sir ji or gst officer bhi 5 sal me kbhi bhi kh skte h ki aaapke pass asset h ya nhi agar unko shak hua physical verification hogi to fsega hi Bnda
Sir agar hm cash me sale kr de or dikha de ki phone damage ho gya to tax bcha skte h na???
Sir i want to take taxation classes for inter may 2022 attempt. How can I ? Please provide the info
Sir is my decision to continue my family business right?
Sir is this 5years also applicable for cars also
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
Hi bro how many mobiles I can buy in company. Can I buy devices as many as employees?
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 😂
I am thinking about materiality in the matter, does the department sees such and any practical case scenario ever like this 🙏
What if we say phone got lost by theft, write off it and sell it in cash
Hello sir
Can i claim Itc on purchase mobile phones in gst
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.🙏🙏
Thanks sir...
Kash ye politicians b isi tara pay karthe
Hello sir mujhe ek baat pta karni hai agar mene mobile sale hi nhi kya within 5 years mein or mene 7 month mein new mobile le liya uss time koi objection to nhi ayenge
What if rather then selling phone for 42k i sold it for 9k because i broke display and obvious phone price is down and i can file gst while selling phone and save tax
Sir please make detail video on gst cancellation.
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.
44AD ma book of account toh maintain karna nahi hota… toh paisa kahi bhi uda do, kese ko javab toh dana hi nahi ha ??
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?
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
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...???
Sir please ek video credit cards rewards points taxability ka video bana dijiye. .kahi par bhi proper video available nahi hai
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 😂
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
sir please make a video about how income earned from KBC are taxable .🙏🙏
Nicely Explained sir. Thanks a lot..
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
सर मोबाइल लेने के बाद फिर दो महीने बाद
मोबाइल लिया तो itc le sakate hai kya
Limit kitani hoti hai
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
What if I sell my personal phone? Will that also count as income?
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
Simple solution, buy iphone in USA... And if you can buy Iphone in US then live there 👍
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