Save 51% on any Car using Taxation Laws wisely!
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- Опубликовано: 14 май 2022
- In this video, I've explained how any person buying a car can get upto 50% off using taxation laws in the best possible manner.
✅ Website:-
taxationwithsahiljain.com
✅ Whatsapp/Telegram Number:-
8929-737672
✅ Telegram Channel:-
t.me/casahiljain
✅ Gmail Id:-
casahiljain2803@gmail.com
1) Do note that this benefit is available only if you are using the car for your business purposes. If you use the car for personal purposes and still want to avail tax benefits, there are legal ways for you to be able to do that. We'll touch upon some of those ways in some other video.
2) You can also avail ITC of the GST that you've paid on getting Insurance and Warranty. This will further lower your cost.
3) For those select few people whose Output Supplies attract GST Compensation Cess, they can avail the ITC of "GST Compensation Cess portion in Ex-showroom Price of Car" too.
4) You don't have to be a Company to avail these tax benefits. Even an Individual can get this benefit by purchasing the car in their own name and using it for their business.
Okay Sir
Apke pass konsi car hai plz tell?
Sir waiting for your next video on salaried person can save money on buying car by playing with income tax laws
Sir ye kaise pata lagega Bussiness purpose kahke tax bachake personal purpose ke liye use kar lo
Karte hi honge sab log
@@Dheerajkumar-xk2nv Business wesa hona chahiye naa jisme dept ko dikhe kii haann ye business k liye gaadi liya haiii...
I'm not a CA student but this wants to get me into finances more. Thank you sir for this video ❤️
Ek hi din me ye dusro video dekhi aakhir me muje ab subscribe karna hi pad rha h,, impressed 👍 thank you RUclips for suggesting this second video bcoz first one i saw by searching particular video
Please bring taxation relief for salaried employees too, and it's really nice to learn about finance from you, even though I'm not from finance sector.
yes..please sahil sir please bring video on salaried employees
+1
No benefits for salaried employees
Tds
+1
Sir you always make your students well prepared for real case studies. These videos literally helps a lot in building the concepts more strong. Thank u so much sir. Keep sharing such contents.
Abe chu saale. Itc on cars are blocked. You can't get it. Kya bc logo ko chu Bana raha he.
Tune ca pass Kiya bhi kaiser he be chu saale ??
Very nicely explained and informative video Sahij Ji. Eagerly awaiting part 3rd of this series, tax savings on Cars for Salaried persons and car loan at 2% p.a. !!! Please enlighten. Thanks a lot
🙏🏻, please share the link of car loan at 2%.
sir ji car board yello board hona jaru hai sir
Awesome! Sir you really make great efforts to relate theoretical concepts of direct tax with practical scenarios.
That's why being a businessman is better as there're lots of options for tax saving
😒😒better evaluate you can make business even profitable or you can do it or not. rather than thinking about tax saving on the first hand .
Businessman also bear Losses which Salary People don't
@@siddhantrastogi591 that is the difference between an employee and an employer which is known as RISK...
It's look like amazing web series of Income Tax and GST having episodes by making interesting them after putting a twist (new question) at last of each video 🤘🤘, by our one and only Hero "CA Sahil Jain Sir".... 🙌🤘
As per section 17(5) - Transportation of passengers having approved seating capacity of more than 13 persons. Only in this case ITC Is allowed.
I read about it somewhere else 17 5 applies for ITC but not for the compensation cess they collect, which is why you get to claim if your registered.
absolutely right. ITC is allowed only seating capacity more than 13 persons( including driver)
It would be so beneficial for non Hindi speaking people like myself who hail from Kerala, if subtitles are provided in English. Even better if there's an English version of your videos. You're doing a fantastic job in enlightening us with your profound knowledge on taxation laws. Please do address the above mentioned concern for the benefit of many. God bless 🙏😊
same issue.. from Tamilnadu
then learn Hindi and stop cribbing
Learn hindi
Learn Hindi it's your national language
@@darklord5913 when did hindi become national. Language😂😂? illiterate chapri?
Sir i just love the way you explain these concepts❤️❤️.
A thought struck in my mind that can we further lower the rate by investing the amount saved ( as tax from purchase of car) and calculating the net benefit( after tax) from such investments....... I mean would it amount to indirect savings ?
This series is more interesting than KGF series 😂 Level of suspense is getting increased by each video 🧐🤯
🤣🤣
😂😂😂😂
Although I am from Engineering background but the video was quite understandable for a layman.. Interesting and informative. Please make a video for salaried person as well.
Mr. Sahil, I appreciate your sincerity and knowledge and thanking you for sharing with us. Keep smiling.
As depreciation is to be claimed in future, we need to also calculate present value of tax savings from depreciation.
SFM+Tax :P Nice observation BTW
Can u please explain this??
@@akibahamedmunshi1245 jo money future mein milenge usko hmm aj he invest karre hain na to mujhe aj dekhna ke us future money ke cost kya hogi too us case mein hmm present value ka concept lagate jhan pe rate De rakha hai or annuity is your depreciation ammount
Bhai bhai 🙌
@@abhivanshbhatt5880 wor
nicely discussed , every point covered . Thank you so much for giving practical exposure of this .
One question , you told hypothetically that 12L of output gst is what we get from transportation of our employees , how did you actually calculated the input gst and output gst on this and came to the value of 5L that we can save? Please explain the 5L more elaborately or pin a video of yours that does the same , thanks :)
Abe chu saale. Itc on cars are blocked. You can't get it. Kya bc logo ko chu Bana raha he.
Tune ca pass Kiya bhi kaiser he be chu saale ??
Your way of explanation is really fantastic..
You explain every topics naturally.. 😇
Wow sir. you never fail to amaze me with your knowledge, deep understanding and its application in real life scenarios. thanks for making such videos. will be eagerly waiting for your video for tax saving on cars for salaried
Abe chu saale. Itc on cars are blocked. You can't get it. Kya bc logo ko chu Bana raha he.
Tune ca pass Kiya bhi kaiser he be chu saale ??
Didn't knew that a CA has soo muchh power that he can easily save such a huge amount by playing through taxation 😁❤️hats off to your knowledge sir✨ proud to be your student💯🙌🏻
Tum CA's yaaar.......⚡
Kaash meh bhi CA karta...😔.
yee paltu ka engineering karr raha hu
@@nitinkapoor1369 ok ❤
I would like to disagree. Practically I can't see any company or any business avail ITC for a fortuner. Because for availing ITC for transportation of passengers, you need to generate taxable supply i.e. you need to charge the passengers which I find little hard to find in real life
@@cahimanshunarang agreed with you🤷
@@god-ui9lm iit mein padta to berozkar nahi hota aur science ka naam kharab nahi kar raha hota
Thank you. Your presentation is simple and very precise. I have next to zero knowledge in taxes and accounting. But this video has got me interested to learn about this subject. Thank you once again.
Wow this is brilliant. Beautiful content and very in-depth knowledge of the IT laws. Most impressive.
Sir requested you to provide a video on salaried person car taxation benifits with finance & without finance on RUclips. I am desperately waiting for it sir. I am sure many more subscribers also wants the same.
Eagerly waiting for the next video Sir. Awesome explanation, I was even able to recall the section 206C(1F) of TCS.
Happy to learn various options available for entrepreneurs to save taxes, can we please request education on tax saving for salaried employees 🙏
I just love to watch the way you hold the pen and scrutinize things. Even I am science student I love to watch your videos. ❤️❤️
Sahil is actually smart to use example of fortuner (tax evasion)😂😂😂
I think
It's tax planning not evasive
@@huzaifullakhan7412 ya but most people buy fortuner for tax evasion
If you compare fortuner 50 lakh price you will find more and more value for money cars
@@terabaap-gr4oc yes yes 🤣🤣🤣bro
What kind of expenses on our commercial vehicle can we claim in our buisness i.e. fuel, tyre ,service,spare, insurance and what is upper limit on that.
Thank you for making such interesting content.💯
Will wait for salaried class video on tax savings on buying cars.
Very nicely explained
Me bhi jain hu sarthak hai mera naam me apko 250000 lakh transfer karta hu aap mujhe lekar dedo 🙂 1 lakh apke fees ke
Krdiya na chutiyapa 😂
Lakh me kittey zero hottey hain pta h?😂 Chle gaadi kharidne
You are simply amazing even layman can understand what you are trying to teach. I learnt so many things from you and from the bottom of my heart thank you so much sir❤
I have no money n my dad gave 16 lakhs to buy a kia carens, now how can I avoid tax, as I don't have income at all.. ?
I must say Jain ji, that by looking your smiling face automatically a smile comes on my face. And the contents are always helpful 🙏
Sir you always upgrade our skills, thanks alot
I saw a good mentor in you instead of a teacher..
Love you sir.
Wow . U just mesmerized me
"The devil lies in the details"
This confidence comes from a long history of hard dedicated work ... Hats off to you
You Are Awesome sir and your GST and IT classes are so interesting..❤️
Eagerly waiting for your next video on how to save Taxes on Car for salaried ppl.
BTW Thanks Sahil for making such amazing videos. Big Fan ! :D
Sahil jain ji please bring up the video for car saving using tax laws for SALARIED PEOPLE Please
Thanks for the valuable knowledge you are sharing to all the folks...
Sir I am CA student and both my parents are in business, we used to file separate IT returns for both of 5lakhs approx if we want to avail depreciation benefits on car which is more precisely used for business purpose,can we file one tax return to show higher income like more than 10lakhs to claim tax benefits?
Bro you are too good and I know people use to save tax by different means but saving in Cars and reduced interest in loan is a new perspective for me. I am planning to buy a new car and changing from Mahindra XUV500 hence could you post that video soon for IT Salaried Employees saving on car and lower interest rate of 2%. Also, if possible the tax difference between BH registration car and normal. Roving Couple would eagerly wait for your video. We also not sure taking in company lease is a benefit or direct if you touch base on same as well 🙏
Lots of love to sahil sir loved your gst and direct tax classess
I'm a non-techincal guy but what i understood is basically, at the time of purchase actual on-road price pay krna hi padega and 51% saving IT mein mil jayegi over the years. Paisa banane k liye paisa chaiye ye suna tha, paisa bachane k liye bhi paisa chahiye. This is something new.
I've been following ur videos for sometime, they're quite fascinating. Keep up the good work, and thanks for sharing the info.
Valuable information, I will surely consult you before buying my next new car. Thank and God bless you Sahilji.
Good Evening sir, Do you have a full course recorded video of income Tax & Gst available for purchase??
and we Love the way you teach ❤️❤️🥰
Sir, kindly share a video where you mentioned about the legal ways to avail tax benefits for personal purpose Car. it will be really helpful for the layman :)
I guess You cannot claim for a personal car as an employee, but you can buy a car in your companies name you could show it as transportation expense. But you must be the owner of that company i guess i am not sure if this is possible
Hello Sahil. I am impressed the way you explained the whole tax saving on buying a new car. Can you please guide me if I would buy a car which cost around 43.5 lac being a job person how shall I avail loan on this. I am really looking forward to hearing from you soon. best regards
Thanks for sharing this valuable knowledge. As mentioned in the video regarding how to get car loan of 2% by playing with taxation I am really keen to see that valuable information as i am planning to buy a new car. Looking forward to see that video. Thanks in advance
Thanku so much sir for sharing practical life experience 🙏
Ur experience very helpful to us ❤️
Thanks for the video. Could you clarify the below? 1) If you are claiming ITC for supply i.e reselling the car to a third party, how can you claim depreciation as an asset on this?
i am an engineer but still i am able to understand . Thankyou for such simple explanation
I like the way you explain, simple n clear.
Pls answer me : What if i transport my self from my Home to office/Customer place. Would i able to get Direct GST Input ? ?
This is extremely good way of introducing concepts of taxation to a lay person, but things are not much clear but love your simplified explanation. But depreciation value and its calculation seems little fuzzy. How one is going to save that money?? Are we paying any less than actual amount or are we getting anything in repaid as it depreciates?? A complete noob.
Saving on depreciation is for business purpose .
Depreciation expense will reduce profit in business.
Lower profit leads to lower taxes
Hence savings
But I will not buy a new car but a second car
Only if u use the car for normal businesses , you can save from dep. Not if u r a salaried employee.
Are bhai tum yaar magician ho
Matlab ek dum inhone wakt badal di gaddi ki price badal di jazbaat badal di hamari aukaad badal di
Gazab!!!
Mind-blowing!!!
Love this video a loooooottttt😆😆😆😆😇😇
Tb bhai, kal fortuner le rhe ho ab?
@@jasmeerkumar 😂😂😂
@@jasmeerkumar Abey Saale!
Mein toh majak kar reha tha aapne toh serious leliya
😂😂😂😂🤣🤣
@@mananmaheshwari9205 😅😅
MMR doesn't apply to the individual so take 30% in place of 42%
Thank you sir for englightened us with such a deep knowledge ♥️♥️
Thank you for knowledge sharing. Please educate us how salaried persons can save tax on a car purchased for personal use and other means of saving tax while filling ITR. Because, salaried persons have nothing much to save as government has started tax on PF contribution above 2.5 Lac. 😭
Saw the first video of yours and subscribed ..
Kudos to you .
The concept of common credit for partially business use and partly personal use.
Thanks, Sir for the insightful video. I am a sole proprietor, and i will be using the car for my business purpose. But my business doesn't belong to the above 3 that you have mentioned.
Is there anyway that i can avail ITC benefit in GST.
Hi sahil very informative video, please make one for salaried employees.As majority of employees pay major tax.
Thanks
Well,this is my very first video and it feels like m gonna be binging on it from now... Thankyou sir🤩🤩
Amazing Sahil … I think you have to make a video on explaining the no of years benefitting that 31% .. for bullet system in EMI .. where we pay lumsum at 12 month
waiting for salaried people video and that 2% interest financing video. @sahil can we take taxation services from you ? or your students? if available please let know. thanks
Greetings sir! I hope this message finds you well. It's a humble request sir to kindly make a video comparing CA course CS course and B.Com(Hons) from SRCC. It would really help us as students to take the right decision.Thanks.
CUET ke bharose ho😂
Ofcourse SRCC
B. Com is b. Com bro, how can you compare with professional qualifications. Bcom and a professional qualification is a bomb combo
@@surajitdas7695 bcom from top 3 5 College is better than doing CA👍 specially for those who has weak personality and communication. Not comparing
@@anupsingh4524 Kisne kaha b.com ca ke equal hai bohot difference hai...b.com kuch nahi hai.
BSc in Computer Science and B.tech dono same hai kya ?? Nahi na
Please give the same example with Tata Safari for salaried person. It's good to learn a new thing 👍
This just looks great cause of the way it's presented, practically it's already there nothing new as such, that can be exploited in addition to normal provisions.
If we didn't have unjust laws then Chartered Accountants & Lawyers wouldn't make that much money
These laws have been directly taken down from british rule without much changes. Can you believe that? It also tells that our system still controlled by british govt secretly.
😂😂😂 salty eh ?
@@adityadwivedi7672 , do enjoy ur final days of unjust laws
When you sell the car , the depreciated value after say 5 years is gonna be added to your profit , which would again increase the cost by around 15% , so over the span of 5 years n the best case scenario the max you can save is 35%. Correct me if I’m wrong.
Depreciated value of car is not added to profit
@@sureshwadkar1961 I am sure it is , what I meant to say was , the leftover value after depreciation, you might've understood wrong.
Please make a separate video on why you shouldn't get your vehicle finananced.
Great video sir. It'll be awesome if you can answer my query.
Is a hotel eligible for ITC if the car is used for guests ?
Sahil Sir, is there any way out as a propreitor to save , if we just have to travel for our business and use a car for just our convenience for running our business legally?
As claimed by Sahil Jain in the video it must be noted that you will technically NOT GET 51% or 31% off on the new car purchase due to the following reasons which have been missed in the video
1. 51% or 31% as applicable will be only reflected in the books of accounts but as per income tax act maximum percentage of depreciation per year for a Car is 15% Max
2. Keeping in mind that most business owners don’t keep their cars beyond 10 years then the total benefit that the business owner will save as per income tax act is max 26% (if car is kept for 10 years) and not 31% as claimed in the video!
Really helpful video. Awaiting video on how to finance car without taking loans worth 6-8%
sir provisions of GST restricts claiming ITC if depreciation is charged under income tax act. how can we do that?
Charge depreciation only on the taxable value not on ITC component.
Sir 1 query
Suppose my friend runs a driving school. I asked him to buy a fortuner. The price was 47 lakh he deducted 39k and 728 K
Now it costs him 39.5 lakh approximately what if I purchase the fortuner from him?
At a price of 40 lakh
When anyone Claims ITC in GST then he will be laible to Charge GST on the Depreciated or Fair Market Value Whichever is Higher while selling it before 5 years
You can purchase after 5 years.. otherwise he will need to reverse the proportionate ITC claimed
Good morning! In fact it's a blessed morning to have come across this video. Thanks.
Eager to know how this interest of 2% comes up ?
Yes
Yeah
Loan against FD
Taxpayble to hona chaiye save krne le liye ,🤣🤣🤣🤣🤣🤣🤣
Wow...thanks sir for wonderful explanation
12 se 16 lakh ki gaadi hogi fortuner, 45 lakh rate badake...phir tax mai kam Karo 🙄..government is doing burden on public.
Sir, it's like webseries we are excited to what happened in next episode. 🤣
Couldn't agree more.. very engaging content
Sir just one thing.
When depreciation rate is fixed by the govt. Then why are we deducting 42% or 31% from the cost of car.
31/42 is not the depreciation rate. It is the effective rate of tax applicable on assessee, i.e. the amount of Income Tax that he is bound to save on the expense that he claims by way of depreciation.
@@TaxationWithCASahilJain
Sir my father is planning to buy a Scorpio & vo GST mai bhi register hai or income 10 lakh se above hai. If we buy that Scorpio for Transportation business kya hume 31% wala profit ho sakta hai?
Please reply
Dep here is fully consumed over the life of asset 42/31% is effective tax on income
good to hear, can you advise is we are salaried do we have an option for tax benefit on purchase of a new car
I run a photography and film production business, my production cars are on company and we use them for crew and equipment travel, supply.
(The transportation goes in the invoicing as well)
Will I be able to claim the ITC in this scenario for my future car purchases?
Sir, I have a doubt.
If we are considering the three exception under CGST Act for taking ITC then in the first case( dealing in business of motor vehicles), the depreciation won't be allowed as the car will be considered as goods, so we won't be able to take the benefit of depreciation.
Yes, In 2nd and 3rd case(transportation one and driving school one), depreciation will be allowed under Income tax act.
Correct. In case you supply cars, they will be a stock in trade for you and you can claim the “entire cost excluding gst” as revenue expenditure in Income Tax Act. No need to claim depreciation here.
@@TaxationWithCASahilJain Thanks Sir!
@@TaxationWithCASahilJain Sir please take CS excutive tax laws classes if possible 😑
Wonderful observation Vraj Gandhi bhai ..👍
But sir what about the provision mentioned in section 16(3) of CGST Act? Doesn't it bars a person from claiming ITC, if depreciation is also being claimed?
GST law is clear in this area.. It states that if the registered person claims depreciation on the ITC portion of the asset, then he cannot claim the ITC against GST liability. However, if the ITC is eligible to claim, then the cost of asset is straight away reduced by the ITC portion and hence no depreciation on that part can be taken to P&L.
Talk to CA
You Can Contact Me For Service
Dep claim on cost excluding GST. Then we can take ITC without any problem legally
I have seen some of your vedios, n
Appreciate your efforts and content here!
Salaried People are waiting on how they can save tax while purchasing car like you mentioned at the end of this vedio.
I seriously hope you will abide by some good content as I have tried extensively and did not find any option to save tax while car purchase for salaried people except car leasing option which is not an option for every employee or company!!
Generally, claiming Input Tax Credit (ITC) on a car purchase for a proprietorship firm registered under GST in India is not possible. This is because the GST law restricts ITC on motor vehicles used for transporting people with a seating capacity of less than 13 (including the driver).
I can’t understand hindi. 😔😔😔
Then I learned that, even though I am from Karnataka i learnt Hindi.
Please share maximum videos for salaried class . We IT professionals dont know how to save tax ,
Such wonderful information
But can you explain what you said at the last moments about the loan at 2%, cause i am thinking of buying a car and this information will be very helpful
A nice insight. Eagerly waiting for your next video
Very Informative Video❤✨😍
If we buy car for propretorship firm.. Shud be pay for individual tax or corporate tax?
Also can we claim depreciation, interest on car loan, insurance, repair and maintenance cost to be exempted under pripretoeship firm? Pl guide.. I am confused over the same for proprietorship firm. Want to buy small car.
We bought Fortuner in Jan 2022 and Creta in April 2022 😂 Agar aapki video pehle aayi hoti, toh we would've saved more
Is there anything that a salaried employee can do to save tax on their purchase of a new car ? A video on that will be really helpful
Thanks for amazing information. Should we buy cars on HUF, will that help in saving on purchase? Assuming huf will be showing car will be used for earning by employing driver.
Explanation is really fantastic Thank u sir
Rockstar of CAs.. great Jain sir
sir agli video jaldi lao...although koi classes nahi li but aapki he ye youtube videos dekh ke he samajh aa gyi poori scheme😁