Selling used phone in Cash to conceal income & save taxes? Be careful!
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- Опубліковано 28 вер 2024
- 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.🤣🤣🤣
Sir please provide some lectures on tax planning,tax ideas on UA-cam
They have filing returns videos... u see that.. but no person can disclose tax ideas if its making money😆😆
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 🤦😂
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 😂
what are the tax implications of going for a exchange/buyback scheme after 2 yrs of ownership of the device .
Detailed explanation is what we expect. And here it is 💯👍🏼
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
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?
Sir aapne jo kaha tha ki course ka maza lo I really felt it and now it's my best friend ❤️❤️❤️.
Sir agar phone ko imparement show nahi ker sakte
Sir please ek video credit cards rewards points taxability ka video bana dijiye. .kahi par bhi proper video available nahi hai
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 😂
Kash ye politicians b isi tara pay karthe
But sir agar 42k mese me 25-30 cash me leke govt ko 12k ka dilhake bhardu to??
Yaa to me pura black me leke 500-1000 hi dikhau to? Bol sakte haina ki .. model obsolete hogaya etc....??
Sir please make more such videos on tax planning and tax evasion with real life examples and case studies.
Sir how gst or tax officer know
Ki mene mobile sell kardiya example within 3month
Please make a video on ‘depreciation’ under income tax
Make video on sukesh chandrasekhar, Fortis owner 200cr scam.
Bollywood expensive gifts to nora, Jacqueline, etc.
Sir
Explain the underbilling of goods under gst
Conseqeunces
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 plz make more such kind of videos fast...your videos are very interesting
You can run but can't hide,they will catch you eventually, as they say honest is the best policy.
Clearly doesn’t work on big looters
Sir agar hm cash me sale kr de or dikha de ki phone damage ho gya to tax bcha skte h na???
But even now, you cannot convience someone to disclose it. There is hardly any way Govt can track such small transaction.
you are right but sir was discussing the concept i think kyuki itna chota amount to pata bhi nahi chalega aur agar pata bhi chal gaya to bhi prove kar pana mushkil hai
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?
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?
What if I sell my personal phone? Will that also count as income?
The phone purchased is Samsung galaxy note s20 ultra.
sir video ke idea apke client dete hai kya ??
Kuch secrets pro tips bhi reveal kar dia karo, I understand on youtube you cannot, Strike pad jyegi. 😂. Telegram is a Hint for all hacks. 😂
Show that we sold it for 5000 showing that it is damaged and pay 900 rs tax. Keep the remaining money in cash
Good boy
bro, phir se impractical walei baat bol di. hum log including you aisehi samaan items 2nd hand me kisi kisi ko bech dete hai, thik waisehi bech du toh kya farq padeiga?? kuch bhi nahin. galti ya aisa scam agar karta rahu toh pakde jaunga naa, itna bhi murkh toh hu nahin ki scam galti repeat karkei raahu. aur hum woh 150000 conceal karnei wala criminals ko thodi becehngei.
Thank you sir. Ye query maine hi daali thi pichli video me
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?
what if i sell my phone after 5year?
I am thinking about materiality in the matter, does the department sees such and any practical case scenario ever like this 🙏
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
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??
What happens if sell after 5 years
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??
Sir please make detail video on gst cancellation.
sab kuch legal rha h lekin mbl hi khrab ho gya tb usko bnwane ke jgh hum nya le liye tb isme GST ka kiya krna h
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...???
=> sell phone at 500 to 1000 rs toyour father.
=> pay tax for that amount (500 to 1000).
=> take phone from your father and sell at 42k to customer.
Then your father have to pay GST on that 42k 😂
@@mradulbhardwaj4134 no. Father can buy the phone as a personal good not a business good
Financial improved kaise kare is topic or video deep case study
Sir ITC with Deprication is Not allowed
Marketing class provide please
What if you don't sell phone at all, I have apple 5,6,8 still today 😅
One question sir (Am I right or wrong?) . If the person is purchasing phone for the business propose, then the purchase comes under business expenditure. In this case, we don't have to consider Rs45000 paid as income tax.
But the rate of depreciation on a phone is 15% WDV
How can it be an expenditure. Its a business asset. He already mentioned it that we claim expenditure through depreciation
Sir make a video on tax of stocks
Sir क्या सच में बेनामी संपत्ति, काला धन और कर चोरी की जानकारी देने पर इनाम मिलता है। या फिर यह एक हऊआ है।
.
Sir agr phone kho gya tooo ?
Simple solution, buy iphone in USA... And if you can buy Iphone in US then live there 👍
Sir while buying the class for CA final from your end support system is literally very bad..no response of msg last 24 hrs also passed
Crux is game khelna h to bada khelo. Dusre tarike se khelo fr😂.
Ya fr mat khelo 😂
Sir i want to take taxation classes for inter may 2022 attempt. How can I ? Please provide the info
Hello sir
Can i claim Itc on purchase mobile phones in gst
Sir ko kya batana tha main samajh gya 😁😁😁
Bhai solution bataogay toh jada better rahega problem humko bhi pata hai
Sir in my town ips officer take bride in the form of gift money to his father account is it legal please reply
Hopefully you meant bribe.....
Your adhar/pan/sim/email is linked to phones IMEI and other technical things so if you think you can sale the phone without notifying govt then it's just matter of time they can trace you in seconds just they don't have enough time for these little things but when they want they will do it easily and they'll surely do one day.
Aisa kuch link nhi hota bhai
@@Cosplayinghuman then u r ignorant.
Whats your reference....??? Don’t tell me to “trust me”
@@RajrkSunny Don't trust me just google about it you have to give your details probably adhar or pan while buying the phone and these IDs are linked to all other IDs so you can assume everything is interconnected.
@@mr.psk.972 bro no one gives aadhar or pan while buying phone, if you did then you are buying at wrong place... before commenting I searched google no where it was mentioned abt that... I also checked the official website of the manufacturer who talks about IMEI number, he clearly mentioned that they don’t save personal data, if thats the case imagine how many phones can be stolen just to access your personal details from IMEI... so things won’t work based on “Assumptions” so show reference for what you said.
can I purchase it on newly register gst
Why not if you have a lawful business And doing everything lawfully
Resaling business is legal
RULE 42&43.. which is removed from ca inter :)
Mere mind bhi same doubt aya tha.
One query.. what if company purchases and gives to customers for like gift or smthing .. what will be process for itc and income tax.. thanks in adv
Your laugh is just awesome 😎
Apke sath ham bhi CA ban jaenge😂
Make India tax free haven.......
Koi tax chori nahi karega
Simple I will be buy phone in black and also sell😂
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 ✌️
Just take this as a example it was never about a phone it was all about transition and logic you are legend sir
Sir, if we consider time value of money in that 'legal way of saving GST' scenario, the tax savings would increase right?
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, but the purchase of a mobile phone is a capital expenditure, how can we deduct it's cost from income tax
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...
44AD ma book of account toh maintain karna nahi hota… toh paisa kahi bhi uda do, kese ko javab toh dana hi nahi ha ??
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
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
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
Wow first 🥇🥇😃✌
Agar sir hum mobile beche hi na to hum mobile ko use krke apne pas hi pade rehne de fir?
Btech Cse student still watching all your videos
Chori krne k ideas de k sir aap pura dhamka dete h...🤣🤣🤣
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 😄
Haan sirji good evening!
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
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
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
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
Sir will the ITC be reversed @5% per quarter. Bcz the phone is used for non productivity purpose or construction purpose ??
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?
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).
Pls make a video covering ca intermediate direct tax and indirect taxes statutory update for may 2022.....it will be useful sir....... 👍....
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.
Sir please don't stop making video....it's my request 🙏....your explanation is osm
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 😂
How about, sell the asset and report it two years later? Does that go into the income now?
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