How a New 93k Macbook costs 37k by claiming BOTH Depreciation & GST ITC!
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- Опубликовано: 21 авг 2022
- In this video, we've discussed certain provisions of the Income Tax Law and GST Law practically to understand how cost of any asset can be drastically reduced provided you know how to take benefit of all laws properly.
Also, during the discussion, the sections 32 & 50 of Income Tax Act and section 16 & 18 of CGST Act have been used.
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I have no commerce background and i knew nothing about taxes, but from last one years i am watching your videos and now i can proudly say that i know something about taxes and GST laws.You explain things in over simplified manner.Thank you sir from the bottom of ❤.
@Parikshit Singh I don't think so, GSTin numbers are for businessman only
@Parikshit Singh NO
Likewise
@@RaviTeja-im4vd no because it includes gst number
you make the subject easier for me, great teaching and communicating skills 👌👌
This channel deserve much support.I m from software engineering background but i enjoy this channel video.love u
He is the best Taxation teacher out there.....you cannot convince me otherwise !!!
One of the best.
Yes one of the best
BB Sir.❤️
Soooo practical tips useful even for non-CAs! beautifully explained
Another classic Crime Patrol Video 😂❤️
Diesel*
@Harsh Verma 🤣🤣
😂
Savdhan CBDT 😂😅
😂😂😂
Thankyou so much sir. Another amazing video.. Really a masterpiece of knowledge
You can also directly divide the amount by 1.18.. You would get the final amount after removing gst...
Alternative Approach : Don't pay Taxes .
Evade Taxes and reduce the Tax liability from the total cost of the Mac.
You may even end up with a net surplus and a notice from IRS.
IRS be like : hame ab dollar ka rate badhana padega
Based
IRS has no jurisdiction in India.
@@yj9032 wtf do you mean irs has no jurisdiction lol? IRS is Indian revenue Service which further has CBDT and CBIC
@@yj9032 Abe aangrej ke chode, IRS = Indian Revenue Service(India) not Internal Revenue Service(USA). Itni safeed gand chatoge toh apna system kaha yaad rahega.
Imagine if all your teachers in life had this level of understanding of their own subjects! ❤🌟
Thanks for explaining it really well! I've been putting off learning soft soft cuz it looks so intimidating but now that I easily understood the
Honest Dil se respect sir, kam time mein ekdum seedha seedha samjha dete hai aap
7:11 Sir, Personal assets pe capital gain calculate nahi hota h na??? Please reply
the proud moment when you already know all this because you are sir’s student
Got the point but can you tell me what is the best option either take itc from gst on tax component or we should take depreciation on tax component in income tax??
This is golden knowledge 🤟❤️ nobody gives it for free 🤟 thank you so much sir
One of the best educational video with practical experience
Sir please bring more videos like this as this is enhancing our knowledge
Is this can be applied for Private Car ? or only for business purpose
Is it necessary to sell it after 3.5 yrs to claim the depreciation? Can't we sell it after like 6-7 yrs??
It's good for explaining the concept. But in real world it's like renting a MacBook for 3.5 years as you sold the asset. It's real cost would be nearly around 62k if you don't sell it.
A person when buying an asset don't calculate the cost after deducting it's resale value.
Ps: You're videos are very helpful for conceptual understanding.
Have you taken the clases from the sahil sir for IDT ?
Thanq boss ur comment makes me to understand the concept ;)
@@weebees8596 No
Bulkul sahi hai
Devansh i didnt get you, can you elaborate plz?
can you please explain in a line how things would change had the laptop (or anything else) been sold after 5 yrs ? Thanks
i wished i have taken your classes ....u r an inspiration sir...thanx for these videos
I am watching your content for the first time, It is nicely explained!.
P.S. You just gained a subscriber :)
Hello sir.
Which app you use on ipad and how you mirror it please suggest
Can we take GSt ITC benefit if we purchased laptop for personal use??
Sir if i buy a laptop and claim both ITC and depreciation like you say but I don't sold my laptop for let's say 10 years . So it can be possible ???
Can we claim gst on mobile phones because my Lawyer says that now gst is not available on mobile phones .
Great video sir ji..
Maja agaya Tax & GSt ko combined tax effect dekh ka..
Sir, Is laptop a Capital Asset? You are charging STCG on this item. Is it correct?
Sir, if the payment is done with different account (or any saving account)other than the gst registered business account then its possible to get the claim if yes then how?
Ye bhai ham engineers ko bhi CA banakar chhodega!! Btw Kudos to you bro, your analysis, and explanation are best. Keep it up👍
Already knew the dep vs ITC concept Thanks for brushing up the points🙂
Tum bhi maachudao
practical socho, Concept concept me jindagi nikal jaayegi
@@mersenne2486 Bhai pta hai isliye bola na concept bhi or practicality bhi
Bhai concept smjh aagya pr depriciation kaise avail krenge vo to ni milega
Bhai ye depreciation kya hai? Smj nhi aya
The same logic applies to Mobile phones as well, right sir?
And here I am thinking that either ITC or depreciation can claimed
Without noticing the word "tax component"
Clearly knowledge full video 👌👌
Same
Bhai ye depreciation claim kya hota hai?
@@sjborah4359 Bro there is a provision in gst that GST paid on any asset can be claimed as ITC or u can add that gst paid in cost of asset and then charge depreciation under income tax act on such increased cost
Note:- u must have knowledge of taxation laws
@@rishabhjaiswal8476 ok thanks bro ..
Bdw I'm from science background.. isliye jyada smj nehi aata hai.
what if we manage to purchase it on No cost EMI?
Is the same calculation applied while purchasing a car in co's name ?
Can professionals like lawyers use this method?
Can gst paid on bike or car bought through FIRM Current account for business purposes be claimed under GST INPUT? If the firm’s business is trading of industrial goods.
Thank you sir, For Such a Nice Explanation
But, What if Someone bought it at EMI @14% Rates. Will the Cost Reduce or Increase?
Increase obviously
Hello sir,
Do u think it is appropriate to route gst through p & l account of the firm i.e., can we put the sales and purchase both taxable plus gst and not make a separate gst account in balance sheet ?? I did read a few quora answer but i still dont know under which income tax section is it prohibited to claim gst as business expense. Please guide if you have some insight in this regard.
Sir
May I know--- On one GST number how many business and types of business one can do?
Thankyou so much sir , i regret why i'm not a commerce student , i'm excited to know about taxation and all this stuff .
Suppose I purchased a laptop on EMI. So am I eligible for ITC on GST? Will I need to pay EMI under 30 days?
What if I use the laptop for personal use or give to my wife or son for their personal use?
I think I found your channel the best channel on RUclips
This seems for business only. Can that be helpful for a freelancer iOS developer who buys Apple products frequently ?
Sir but if we use asset for 3.5 years then 180 days are completed so we will take depreciation of 4years am i right??
Warning: It is not necessary to sell your Mac for get it @37k
Do I have to pay taxes if I want to keep it forever??
@@iamlabeeq yes
Deep meaning of rule 40(2) and 44(6) ❤️❤️now understood .thankyou sahil sir
Can we get GST credit input on composite scheme???
How long we can claim the depreciation amount on mobiles?
Please reply . Can i get input tax credit if i buy any product on emi ?
What if I don't sell my laptop?
& what's the depreciation on tablets?
Will this apply to individuals having income below non taxable limit
Should the invoice name be same as business name, and can the address be different??
This channel is so under rated , deserves more than 337k subscribers
Can I avail the ITC and Depreciation if I purchase the laptop through EMI? Please help.
Hi Sahil loved the Video was really looking to buy a Laptop for my Freelance business this will be really helpful, Can you also suggest how do these Laws apply on Used Products like Laptops or Machinery. Can we claim ITC and Depreciation the same way or are there any other considerations in the IT law?
Hi, I am a CA student. Or freelancer ke business main depreciation to le sakte ho par GST tabhi claim kar paoge jab aap samne wali party se GST collect karke GST portal pe pay karo
What is someone is unable to strike a deal and just files a Nil GST all year round.
@Parikshit Singh No, you need to be GST registered
@Parikshit Singh yes
Hello sir mera ek question hain ki
let's say meine laptop use kiya 5 years tak and then
laptop due to some reason break ho gaya or stopped working so usko kaise dikhana chahiye?
and what if before 5 years ho jaaye?
do i need to have gst number ? when buying any thing and if I don't have gst number then can I do it ? also if I have gst then I am buying laptop for my business right not for my personal use?
What is calculation if I use the product for five years fully depreciated and don't sell it and tax implications
Can we claim ITC on GST paid for Shop Rent?
is this for business person only or any individual can use this?
Sir ek Question hai
Kya iphone purchase krte hai no cost emi ya emi pr sath me itc be claim kr skte
can't we claim the total cost in the expenses?
You are the best Tax teacher💯
How much depreciation can we claim for mobile phones?
I purchased a laptop of 62,990/- in Nov 21, so in the bill laptop was showed of 53,381/- and the GST was 9609/- on it. So i got it under my name but used GST number of a friend's business in it. Someone please tell me whats the amount ill be getting in this. When i asked him he said that 9% is SGST and 9% is CGST that means ill be getting 4805/- which is one among em. Help me clear this scenario.
Sir, Thera are millions of businessmen in India with huge accumulated ITC with no or little GST payble. Please make a video containing the ways (Legal or illigal) to use this blocked working capital.
Agar hm nhi bechenge to.. Tab kya gov ko tax pay karna padega?
After i claim gst and depression by gov.. Please reply
This is applicable only for people doing business or individual also??. How can we identify the depreciation percentage on particular items??
Only for Business and Profession..if doing some business and for tax rate it is mentioned in act
By using scrap value
What if I am purchasing laptop from Dubai then can I generate invoice with GST and sell?
can we avail the depreciation if I
brought the macbook on EMI ??????
12:38 yes i knew that....it's about GST component on capital goods not on part of capital goods 🤟 therefore can claim depreciation on capital goods on net of GST purchase price.
What if I keep mac for more than 5 yrs ? Will short term tax will be there?
What happen if we don’t sell the asset till 5 year and use it fir longer than 5 years ..?
For all this to do , will the owner /(buyer) of the asset will have to own a company and buy the asset in the name of the company or as a business perspective requirement ?
yes you would need a business inorder to claim these benefits
your asset must be bought in the name of the firm.
firm can be sole proprietorship,paternship and company
Fantastic explanation!!
Good morning sir,
Kya me renewed laptop kharidane me GST claim kar sakati sir..? Amazon business account par
what if i dont sell the asset? then would this thing lapse?
does Apple product depreciate in this rapid rate?
This isn't applicable for salaried individuals, is it?
this video came in my recommendation on such a right time, tahnkyou sir
Hi not from commerce bkg. Question: Can I claim ITC if I am a salaried individual and not owning any buisness under GST? If not are there any ways to claim it?
can we apply this on two wheelers ??
How can I do all these when I am a state govt employee(not exactly but permanent employee in a state govt corporation)?
Can this be done the same way on phone ?
Sorry but I am confused agar mai bechdu asset to hi yeh logic apply hoga jaise isme for eg macbook ko sell kiya gya please clarify
Which option better?? Depreciation on tax components or Take ITC??
Compute jo zyada benefit de raha hai claiming that would be logical.
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.🙏🙏
Sir ek question tha...agar hum kuch bhi order karte hai amazone ya Flipkart se gst par toh kya hum usse use ghar ke liye apne kar sakte hai ya nahi...aur kya us product ko survay karne wale aa sakte hai ki ye aap kis purpose se liya hai aur use kaha ho raha ye dekhne ke liye?
Can I claim GST or depreciation or both , with EMI option
Hi Sir, could you please make a detail video on home loan and its tax benefits
While buying a new phone, with the cashback offers, will the GST be charged on price prior to cashback offers being applied or will it be charged to price without cashback?
phone ke price mein gst inculded hoti hai. cashback toh other e commerce wale or bank wale dete hai
What if the laptop is not sold after 3 yrs?
Hello sir ek question tha.
bina gst number ke computer invoice de sakte hain customer ko
Sir agar hum iPhone leta h gst per to kitna depreciation mile ga please explain
Thank you ☺️
If I claim GST on purchasing such MacBook then from where that discounted amount is deducted?? I have a huge confusion in it
producer's version? I just want to make sure I get the right one for .