Client with 15 iPhones gets GST Notice for Tax Evasion | Here's Why!
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- Опубликовано: 13 янв 2022
- In this video, I've shared a practical case scenario with our students to enable them to understand the theoretical provisions of GST in a better fashion.
In this video, we've seen how fake availment of ITC in the case of GST can land taxpayers in trouble.
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I am not CA aspirant but ur videos are very useful for my financial awareness.. Thanks Sir😇
Same
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🙏🏻
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
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?
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.
Story of my client. I am going to send this to him. Department will explain him in better way than CAs.
Sahi he 😂
HE IS THE ONLY TEACHER IN CA FETERNITY WHO PLAYS WITH TAX LAWS. 🙏
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.
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
@@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
@@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
@@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.
@@Jpab_inwhat is the safest no of items that we can use as personal goods while claiming ITC
Recently saw a vid where someone suggested to buy everything on GST account. Something seemed fishy, your vid answered everything. Thanks!
"Income tax me koi pagal nahi baithe hai" became a common dialouge
Your communication skill is of next level....6aa Gaye guru
आपका समझाने का तरीका बहुत शानदार कृपया आगे भी ऐसा ही वीडियो बनाते रहे और भटके हुए लोगों को आंखें खोलते रहे
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
🙏🙏
JUST WOW!! WHAT AN EXPLANATION 🔥🔥
Good work, you are educating the public in right direction. 👏
Best channel for gst tips ,
I found ever till last 7months I am searching it for
Great explanation...... great topic, thank you very much sir ji. Please make more videos like this.
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.
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?
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 🙏.
Amazing Sir 👏👏loved to watch ur video, Plz share more such kind of stuff 😊😊.
I felt very much motivated whenever I watched your videos😃
The way you teach sir is very great 😊
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.
Sir can you please put english sub titles so that, south indians also get benefit out of your lectures🙏
Sir agrr kisi ko knowledge lena ho to aapki videos uske liye bhut usefull hoti hai
Simply wow explanation ❤️
Sir your vedios are simple and direct to the point and can understand easily
you always have a story to share, and i thoroughly enjoy learning it.
Sahil sir . I’m very much inspired by you and your personality. Loved the video🙏🏻🙌🏻💖
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 confirm that the specific small business is purchasing only 1-2 smartphone and 1-2 laptops in the single year.
Thank you sir for sharing practical knowledge
Thank you sir Aaise vedio ke liye, keep going sir knowledge improve hota hai.
I just open aprivate company and your videos are to the point and very helpful and informational
bohot pyaari video....thank you so much
You have good dress code and your communication is awesome.
Sir why you don’t take taxation classes for CMA inter …sir pls start because your teaching style is unique and easy to understand.
Very good explanation. I like your presentation. 🙏
Your voice and way of explanation is awesome!💜👍
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
Sir your taxation knowledge is super😀😀
Thank you sir for sharing this knowledge 🙏
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.
so interest of 24% will be applicable on the amount of ITC claimed subject to the period lapsed after the claim of such ITC??
@@priyanshusinghal3084 24% for incorrect availment of itc
Isn't it 18%?
It is 18%. Section 50(3) is for debit/credit notes.
Yes you are right
Very interesting & funny case study 😄👍
Sir your voice is so good
I love watching your videos
I play your video listen and sleep
Very nicely explained
Sir apki Voice is very attractive ❤️
I am pcm student but sir i like your vedios for general financial knowledge.
Sir I'm Tapas from odisha. I'm a CMA inter student your video is so informative and helpful for each ca cma student
Your voice outstanding.... super
Gr8 knowledge ❣️
LOVELY EXPLANATION THAKS A LOT
Well explained! Hats Off
Sir aapki video me bhuut maza aata hai 🔥🔥🔥
Sir 🙏🏻🌹🙏🏻
thanks of lot for useful information
Great description 👍
Wow sir thank you so much ❤️❤️❤️
Thank you so much sir.
Great knowledge sir
Very good video and explaination
great video. Thanks
Big fan of u sir..😍
Thank you so much sir 🙏🏻
Great info
Thanku sir 💯
Bohot badhiya topic
Sir I like the way you talk ....
We all like him
Great knowledge
Very well explained
Very good explanation
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....
Hahahah mujh jaise engineer ke liye kafi informative aur fascinating tha 😁....mja aaya sunke
really good information thank you
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
Legend 😂🔥
(Not in a sarcastic way)
Very helpful and interested
Sir you'r ways of explaning is very interesting,,
But That's why i use international iphone ,
Thankyou for sharing this sir
Good knowledge
Salute you sir big fan of urs 🙏🙏🙏🙏🙏🇮🇳🥇
Best
Last conclusion was dope
Great sir....you have showed us what not to do..now please make a video on how to save tax legally with small example...
Keep it up sar ji 👍
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
@@tushargarg.7 bhai maine toh cpt ke bad hi CA chodke MBA kar rha hu pune mei
Baki maine bba Indore se ki hai
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.
@@mihirgupta6958 Thanks
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).
Gst will not applicable
Very interesting
Bro can you make video on how to save tax on investment. Amazing content keep going
Thank you sir ❤️
Good night with big Alert Sahil Jain sir
Awesome ❤️
Thank you sir
Sir, please make one video about CA COURSE AFTER B.COM. 🙏🏻🙏🏻🙏🏻
3:45 sir but as per section 16(3) of cgst act a person can either claim depreciation or ITC not both🙄
bro deprection is on 1lakhs and ITC on 18000, if you take dep on 118000, then no itc
Amazing
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.
Nice video sir jii❤️ 🇳🇵
Please make a video on Travel expenses and Business Travel expenses if we can claim on that.
Thanks sir❤️🔥
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
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.
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
@@Cosplayinghuman Invade = evade,
@@Manik_khanna ohhh shit, you're one fine reader
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.
Exactly
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. :)
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.
@@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.
@@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.
Thankyou sir
Dear sir please start classes for CMA aslo ..i Love you videos
To good..
Good
Tq sir
Haha...Really Good Vlog