When to avoid claiming Car Insurance and Tax Implications thereof | CA Sahil Jain
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- Опубликовано: 9 янв 2023
- This video is to do a discussion on why it is wise to not claim car insurance for every damage that your car faces. Also, the tax savings on the Insurance on account of Income Tax and GST benefits have been explained in this video itself.
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While every other teacher is busy in bragging about results , you are providing the valuable content.
That's one of the many reasons why you are the best teacher I have ever seen.
You see teaching as profession not as a business. That's exactly how a "guru" should be, you are truely a rare gem sir🙏
most insurance companies don't offer zero depp cover for cars older than 3 or 5 years. also, if you claim insurance multiple times, you'll be saving more than you could from NCB
YES, Also the premium amount wont remains 1,80,000. It will come down each year. Hence less saving in NCB
P.S If your premium is 1,80,000 you wont get a front glass for 12K ONLY. It will be at least for 1 Lakh
Exactly 👍🏼
Point hei.
Car has to be registered in company's name and road tax is higher. Also for transportation business yellow number plates are required
What is NCB?
Most of us know about No Claim Bonus (NCB) in Insurance Policies but it is only when you do this sort of an analysis with actual figures that you realize the monetary impact of each claim that you file with your insurance company. Zero depreciation policies are not as easy on the pocket as the common man thinks!
What about the reducing IDV of your car?
That will certainly reduce the insurance premium and effectively reduce the difference amount you highlighted in your example.
@@AmodRode Correct. That's why I took half of NCB % to begin with.
Sir Nov23 inter ke liye naye class ayenge ya present ka dekhna padega
@@anirodhabiswal8937 sir ke already recorded lectures vo applicable hai for nov23 i had already took the clases for nov23 attempt. Zabardast maja a raha hai 🔥
@@ClassByte. thanks bro
Insurance premium for a regular car of around 8L is around 30k per annum. If you are paying 180k per annum then probably your car costs around 35-50L in that case, your car's windshield would also cost you atleast 70-90k, and definitely not 12k.
Clarity in point is priceless...
It is only beneficial in case of higher range car which demands heavy premiums
Explaination was Simple and Easy to Understand!
I didn't even know what was zero depn. policy....I understood many things from the video....thanks sir🙌
U r best tax teacher i ever seen❤🔥
Thank you for this valuable insight.
Sir ek case study se pura Section 16 se lekar 18 tak refresh hogaya! Amazing content!
That is the benefits you get from Sir.
No one can get better practical examples than Sir who is facing so many cases in practice. 🔥🔥
Passed Inter Group 1 yesterday with 264 marks.....51 in Taxation
Took your regular batch for Nov 22.
It was great experience to learn from you sir
Thank you so much sir for teaching me❤️Lots of Love🙌
So happy to know about this Tarun. May god bless you with a CA prefix very soon. Keep on working hard like this ❤
@@TaxationWithCASahilJain hey sir I am persuing ca inter.
I am not well financially uplifted that i can buy your lectures but i am trying to learn from your youtube videos thank you sir.
very nice explanation sir , easy to understand . thanks
Thank you for this valuable information u have given to us
Love u always sir💗
The way you explain the sir it's just an amazing 🤩 and that line haanji good evening.
Sir, I passed CA Inter both groups. I took GST from you. Thank you for all your guidance, teachings and blessings.
Soumyadeep Pramanick
Great 👍
You are amazing, and talk always 2 the point , good luck🎉
Sir, 10 Lakhs ya usse zyada price ki car lene par jo additional tax lagta hai woh 10L ex showroom ya 10L onroad hone par applicable hota hai?
curious to know gadi kaunsi hai with 1.8L yearly premium?
wht a video.. wht a concept...really appreciate your efforts sir....
I like the explanation.
But which car are you using?
My car insurance cost around 15k.
In my case kids drive and I am concerned on their driving/damages. The repair charges can be high for me. Shall I still avoid depreciation free insurance?
Nice video
One more point is that we have to bifurcate insurance amount as expense and prepaid expense.
Really insightful sir
Thanks for sharing ❤
Kya hum busines ke liye purani car bhi purchase karke ITC le sakte h?
I have a similar thought just like you that's why I didn't took claim for my minor damages my friends used to take claim.
And one more benefit of NCB is we can pass on our next vehicle if we are planning which saves a huge amount of money if we plant to upgrade after 5-6 years.
how to pass benefit of NCB to new car?
If i am not claiming insurance at all, what is the need for zero dip insurance?
Also, sir! Each of your video fits perfectly with the trendy ‘The Boys’ meme wherein you completely educate us what the *lafda* is. If I were to make a meme, I would have replaced ‘The Boys’ with ‘The CA’ 😂
😂😂😂 Ye badhiya tha guru
Insane, sir! 😮
Never thought of this way, sir! 😅
‘My life was a lie’ kinda moment! 😂
What is the name of the app used in the video?
Sir nov 23 ka batch kabse start hoga?
Sir jb tax ki baat kr hi di bich me to fir jo NCB ki savings ho rhi h usko bi net Krna chahiye na taxes se
Sir I used to follow your videos but seems you clearly mis calculated in this video the car usually have 180000 insurance are more towards40 lakhs segment and the windscreen around 12k is for 5 lakh maruthi and fortuner windscreen is around 50 thousand then considering the repair costs insurance makes much more sense, by the way most of the maruthi people they won't be in 20 or 30 slab , it doesn't make sense in my view.
Please consider this as suggestion
Sir ji aapke second channel par bhi kuch post karo. Kafi time se uspe aapne kuch post nahi kiya
Bruv I own Xylo and Swift ..both put together I dont pay more than 20k comprehensive quote..you mentioned 1.8lac which doesnt apply to me..am I missing something in this ?
& also not renewing before the expiry of the insurance takes away all the NCB.
sahil you are a good teacher my CA friend says this to me always
sir can you please make a video on new course syllabus of intermediate and how you and your team will work for nov 23 if it will have new course
Jo log actor ya model hai
Wo per day payment par kaam karte hai unki income category kya hogi
Income tax file karte time ?
Your voice so profesional ❤
Who pays for 1.8L of Insurance premium?
Flat vs Plot par tax treatment bta do please
Bhaiyya... Kis gaadi ka insurance 1.8 lakh hota hai?
Any car that has an insurance premium of ₹1.8L, doesn’t have a windshield worth only ₹12k. Car with a company fitted windshield worth ₹12k must have a premium of not more than ₹30k/year max. Please correct me if I’m wrong.
Sir vaise me janna chahta tha ki aapki car ki price kya hogi jab insurance ₹1.8 lac hai. Fir us cost ki gadi me demage ki cost kya saal me bachne Wale premium se jyada nahi hogi
If we claim repairs in the 1st year itself, then it makes sense to do it?
When it really requires then clam the insurance. 🙂
Sir aap ki calculation me car ka premium sabse mahgi car ka hai and claim sabse sasti car ka hai. To phir logic sahi honga kya.
Mr CA, I don't even pay an insurance premium of 1.8 Lac per annum to myself let alone my car!
Keep sharing sir ..
Valuable imformation
Thank you sir
excellent
haan ji good evening
Hello sir I have a very important question which is been very stressful for me .
I have filed my mother's ITR for AY 2022-23 which had around 49000 intrest income from bank but then when I check AIS it was showing me to give feedback on SFT 005 time deposit of 1300000 which was received by my mother as provident fund amount after death of my father .
Now I am worried that I have filed ITR without including this 13 lakh since the PF amount is not taxable right ?, so what should I do now as my ITR is also not getting processed , will I get any notice or etc ?
REVISE ITR BRO
@@singha5008 how can I do that ? I tried to file updated return but there was no option so can you just please guide me
Insurance’s are for 3 years I suppose for new cars
Btw i have paid 20k for insurance renewal of my 1 year old honda city
uncle yeh car import prr banaye aur agar hum import duty na de toh aur kaise na de
Get NCB Protector coverage by paying minimum premium on the motor policy. On renewal NCB BENEFITS are available.
Add on lelo sir NCB protection per 3 claims deta h
Sir which car has a 1.8L insurance? Mine is 18k per Annum. Yours must be a luxury high end I guess.
Sir why you don't share results ?
You'll not find me "sharing results, bringing out discounts on random occassions, sharing screenshots of feedbacks of my students, distributing ipads as a giveaway etc."
I am a teacher and strictly believe in staying away from any of these marketing tactics. The only thing which my students should judge me by is how I teach and for that reason, we just provide demo lectures and insist that you watch those to judge the quality of lectures before choosing me as your teacher.
Because he is not a marketer
He best at teaching..
Sir when will ur nov23 classes will start🤨
@@TaxationWithCASahilJain sir you are GOAT..❤️
Best is to file for claim before 2-3 months of resale...
Sir 1 video gst refund par bana di jiye ki refund kese le sakte pure 8 cases mai ...
.
advice for u: use black on yellow for writing,with bold pen ,so that we can see what u write clearly in low quality also.
plz make this sure sir
👍
Sir I am a ca foundation student but I understood more than 95% of the concept you explained in this video😊😊
And I am very excited to study Taxation 😊😊
Hnji sir ❤️❤️❤️❤️❤️🙏💕🙏
Maine NCB protector add karwaya hai apne insurance policy me,jisse mujhe 3times/year claims karne par NCB protect rhi hai aur jisse Mera ncb safe rahega next year ke liye aur waise bhi zero Deb pack only first 5years ke liye hi mil rha hai,to uske bad automatically hi Kam hona hai,because kewal comprehensive insurance hi hoga aur ye middle class ke liye nhi hai sir, ye to BMW and audi wala insurance package dikha rhe hai aap ya 30-40lakh se above se vehicles ke liye hi jyada suitable hai 👍👍
Sir please make it English for South India people can understand its very informative wisely
Thanks for the constructive feedback. I'll get subtitles added to all my videos very soon.
Sir may23 ke lie marathon aane vale hai ky?
Ayega
May i know kbtak aa skta
Very soon!
@@chetnalalwani8781 Feb'23
Sir jo apki website m book hai i can purchase it now for may23 or new version will come
Sir cleared Both Groups first attempt
Took Taxation from you (Nov 22 Regular )
Your guidance and teaching style helped me a lot
Thank you so much Sir ☺️
Congratulations Bhai 🎉 . How much do you score in Taxation
Bhai.. hamara insurance 18k ki hoti hai 😂
9k for wagonr 😄. And the front bumper costs more than 5K
Rs 180000 premium wali konsi gaadi hai😁
1.8 lakh premium how? That too in a year. Someone please explain me.
Premium depends on the value of car. You'll find ultra expensive cars having premium of 15 Lacs per year too. I just mentioned the premium which I am having to pay for my car. You can do similar calculations considering the premium of your own car insurance policy.
@@TaxationWithCASahilJain ok thanks 🙏
waiting for video on tax saving on car for salaried individual
❤️❤️
Haji
👍🔥
@TaxationWithCASahilJain
#Health_Insurance
Par full video batao sir ji
1) Claim reject
2) Claim partial reject
3) different types of terms and conditions
4) type of health insurance
5) type of clauses in health insurance
6) biggest reason for एक आम व्यक्ति का गरीबी रेखा से नीचे आने का। उस की जिवन की कमाई इलाज में लगने का।
Not claiming in 8 years is highly impractical.
🥺❤️
Hanji Good Evening 😅
If Premium for a car is 1.8 lac , believe me the glass of car would cost more than 70k not 12k... That proves entire theory wrong..
It's depends on Class of vehicles with respective current year paid premiums.! sometime older one cars has to pay more premium Because of thier repeated claims effect, in such other cases windshield will be replaced under policies for class vehicles due to thier good maintain of NCB's.
So claims are not under depended on premiums you paid ..it is only considered which type of policy coverages respectively..
this is the comment by abhijeet bhujade
Agar koi ncb ke chhakr mai claim ni kr rha hai insaurance toh 0 dep insurance krva hi kyu rha hai vo direct third party krvake paisa bacha lo na 🤦
1. Insurance premium is based on IDV.
2. IDV reduces year by Year.(almost IDV reduces by 10% every year)
So over the years you will get almost similar NCB (18k).
We need to evaluate the damege cost >18k in a year
In a zero-depreciation cover, IDV won't reduce YoY.
Ncb is bull shik .. i just take whichever insurance is best and cheapest vfm every year.
Sir today I clear my final ,now I am c.a
This is BS! A lot of details ansd depreciation/deductions were missed. But yes, if it’s a minor damage then there’s no point in claiming insurance.
I have watched most of the your videos, and they are all good one, that's why I keep follow you.
But in this video you have gone way too far. Number of Indian paying 1.8 Lakh per year for car insurance, are handful one. It's my believe based of car selling statistics that arround 90% car sell in India is under 25 Lakh. Hence your example is not applicable to 90% of person, rest 10% may not care as much, if they do they can't be productive, because you need to give up small things to catch big one
1.8 pac insurance woah
I think u own mercedes
Here, we are only on concern of windshield chip off matter ...if it was Major accidental impacts of huge loss.
Then ? Will NCB/Min.processing fees won't saves customers at claim time.
So better to choose of policies coverages on your applications of travel uses.
- Usually, Tourists and Travels have to buy Nil-Dip coverages and additional coverages would be better
- If you are urben users of kind work to office means beetr comprehensive or Third Party coverages would be little better.
Maine toh pehle hi sal mai claim kar d 😂.
Best policy is not to take Insurance.
Wrong
Sir apki shakal bhuvan bam jaisi lagti hai
Firstly i ignored but i think i will knew something new concept and i learn thank you sir @casahiljain🤝
Mchd insurance company
Bruv I own Xylo and Swift ..both put together I dont pay more than 20k comprehensive quote..you mentioned 1.8lac which doesnt apply to me..am I missing something in this ?