Here's How Salaried Employees Evade Income Tax and get Caught | CA Sahil Jain
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- Опубліковано 28 вер 2024
- In this video, I've explained the entire modus operandi of how Employees accumulate black money and then get caught by the tax department. The intention is to communicate the reason why Salaried Employees also fall under the scrutiny and constant vigilance of the Income Tax Department.
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Some people seem to have this confusion that if employee received 70 Lacs after deduction of TDS, how is he donating 87 lacs? The answer is that you don’t have to donate from current year’s salary to get a deduction, you can donate from past savings too.
Our ancestors have lived their life with the "dekhi jayegi" principle. In today's times of faceless assessments when no "jugaad" works, tax evasion comes at a very high cost. I'd any day recommend earning less but peaceful white money than earning truckloads of black money with constant fear of being caught. Happy learning ❤️
That's True sir !!!
Black money rakhne ka bhi kya fayda , Jab ham us Paisa ka openly use na kar sake.
Total waste of time & our peace.
Sir ek ques tha.
Suppose mera dost ek political party khol hai or hum usko apna 1cr ka incom me she 70 lak donat kr dete hai to ab srf remaing 30 lak pe tax dena hoga. Or hum bad me ushi political party she 70 lakh ka loan lelete hai jiska repayment hoga 200 year bad @0.001 percent. Tb to humko koi tax nhi dena prega na. Or repayment 200 sal bad to hum mar he jaege 😆
@@ganesh-207 waa jai ho guruji kon deta h vai 200 sal ka loan
Is there any limit on contribution to political party by individual?? I read somewhere that they can contribute upto 10 % of there gross salary..pls clarify
@@vikkyshaw499 😂 hum usko donate krege paisha or fir whi amount humko loan k form me dede ga
Excellent Analysis. The sad part is that the government is cheating it's citizens by taxation. We have one income and pay income tax. But later on the same income, post tax, we also pay multiple taxes on goods, petrol, etc. So imagine. One income but multiple taxes on the same income 😀
And at the end what we get is almost no facilities, no social security, and a police system which is totally corrupt.
You know why govt taxes us so much?
cause only 2% pays income tax @@greygrey9628
well, i agree to tax loot. but it not exactly a double taxation my friend.
There is tax on savings and fd as well which is tax terrorism in country like india
"Political party pe kyu dikkat nhi aayegi wo to aapko pata hi hoga" True words!
Also, Sahil I came across your channel recently and your content is amazing, superb learning, and entertaining as well. Subscribed to your channel.
Kyuki gangadhar hi saktimaan hai 😂😂
at times, people attempt to evade tax because because they are not incentivized to do so.
lack of incentives to pay taxes simply fail to encourage people because they don't get their money's worth.
An honest citizen paying tax still has to bear the burden of extremely high healthcare costs, education costs, unsafe dangerous roads, unsatisfactory safety arrangements, high indirect taxes and so many more things.
Agreed
Agreed
agreed. Making taxation rules stricter is like fixing the effect rather than fixing the cause
Not in Delhi tho
Exactly
Honestly, after watching this video, if I was the one earning 1 crore and had to pay 30 lakh in tax, I would think this through a 1000 times! 30 lakhs is a big amount of tax!! And when you see the poor conditions of Indian roads and other stuff even though people pay these high amounts of taxes makes the offer pretty repulsive.
Too Good! Lovely! I still strongly feel Personal Taxation and Financial Literacy should be taught at the school level the same way subjects like History, Civics, etc. are taught. Teaching topics like these will raise so much awareness and interest.
Very true..agree with u.. But sadly other subjects which are seldom of use are taught..😔
Sahil, very good presentation, I just loved the way added humour to any extremely serious issue, without compromising on the essence and outcome 🙂
So the take away is, don't donate that big amount, donate only to the extent you are able to manage, like about 10%-20% of your total salary which appears to be genuine.
I never suggest this to anyone but people are doing it by learning by themselves.
Which political party is ready to do this ? How to contact them ?
@@JamesRodriguez10783 bhai pata lage to meko bhi bta dena😂
@@mradulgupta9626 fir mujhe bhi btadena
@@JamesRodriguez10783 Any local party will do it :) or find local MLA
Me watching this entire video though my income is zero😂😂
Same here bhai 😂😂😂
😀😀😀
Good
Hope
Same here.
@Mad Chad sabka time ayega :P
This kind of knowledge should be given to everyone in their schools and colleges
It was a regular practice in Bhusha n Power and Steel STEEL which is currently JSW BPSL. They used to credit 50% salary in account and rest in cash to avoid tax
Superb clarity hai bhai. Perfectly explained. Lots of respect for you.
Thanks.
I really admire your content with so much clarity. Half of the influencers make videos with half clarity or do copy paste from some other., but you are so different. Can you give more clarity on recognized and unrecognized political party and how to identify it. Thanks in advance.
With addition of few more precautions this could be fullproof technique
Hi, can you please make a few videos for salaried middle class on legal / ethical tax planning including using HUFs, etc.
Also on how small businesses and professionals can take advantage of government schemes like the GST Composition scheme, Sec 44AD / ADA to save tax.
Thank you!
Watch this to understand Presumptive Taxation Scheme
ua-cam.com/video/8q8aNUJZ9ck/v-deo.html
Fantastic explanation sir...aisi aur videos laate raho sir. A big thumbs Up🔥
very good quality content Sahil keep it up thanks for sharing the knowledge being a science student these videos help a lot to understand this kind of concept
In India don't pay taxes if possible. Here netas and baboos are totally corrupt. What ever tax you pay go in drain.
Under sec 80GG i think only 10% of your gross salary can be given as donation
What a case study sir really it helps a lot 🔥
This channel is real gem for which tells practical life case studies
Electrol Bond has made life more easy for tax evasion as donor name is not revealed. Thanks to most honest party of today
Sir ap mast samjhate ho. Educational video dekhne me v maza aa jata hai.
Wow sometimes UA-cam recommend videos are utter shit or just marvelous. This video was truly amazing. Sir your presentation skills are very good and you talk very softly and politely. Keep up the good work 👍
Then why is there NO LIMIT on the amount of donation a person can do? Seems like even the government/politicians are in favour of this cycle.
bhai unka black white ho rha..toh woh band kyu krenge..
I know this concept from long back but isme problem ye hai...ki apko salary monthly milti hai na ki ek sath so as per 70Lakh package monthly salary 5.83 Lakh k near by ayega...aur agr 84 lakh ka donation dena hai to wo save bhi to krna padega phele...thats is not possible....kyu agr tm n 5L per month bhi save krna start kiya to bhi 60Lakh hi jayega....aur dination bhi apko 1 april s 31st march l beech hi krna hoga....agr ap refund k paise pr depand rahoge to bhi wo assesment year m milta hai na ki financial year m...yes there is some donations org which gives u 100% of ur amount as deduction and some gives 50% like PM relief fund yahn pr apko 100% deduction milta hai....there is list available on google u can check...thats my point of view
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What if the person purchases property using black money? Property guidance value will always be lower than the actual value
Sir, wouldn't the dept get suspicious by the fact that the person is donating majority of their income to political parties because it is declared right? Will that itself not raise a red flag in the dept.
Correct. It’s a clear red flag. I just illustrated that as an example.
It can raise a red flag but they can only raise q question can't do anything anyday my money I have donated or burnt not govt. Prob cuz u have paid white money to them. ..
@Lokesh Jain that's what I am saying they can just ask or keep a watch ..but can't hold uh in contempt
He, wont do it to a single political party. He will give donations to charitable trusts as well.
@@arpansaha8323 doesn’t matter how many parties he has diversified his donations into. Logically speaking if a person is donating majority of their income, question will arise as to how they are financing rest of their daily expenses. One needs to spend for housing, food, utilities, lifestyle expenses so what will be the source of income in such scenarios.
Yes being independent and financial free with all tax laws planning
Thanks for making this video. Really enjoyed the two insights. Can you please make a video or share a link of how Max tax saving can be achieved for someone with annual salary above 30 lakhs?
Itna paisa to Maine Kabhi Dekha bhi Nahi hai
@@Ritam_gg skill up and get the job, you would see in your compensation letter
Always consult a CA paying him a fee of 5000 is better.
Boss, Please suggest some simple/ practical way out (tax saving) for salaried people. This one is more hypothetical for students. Thanks
What about Govt. Employees? There are 90% govt employees who get bulks of black money.
Usually they spend that money not on their name. If they purchase land / Flat; show it purchased on the name of wife, parents, children.
If they purchase a vehicle, they do so on the name of their relative. They are happy (because maintaining cash in home is their prime headache) to help their friends or relatives in cash when in their time of need.
Generally, middle income individuals should not worry too much about paying tax whether on income or goods purchased. The salaries in the market are standardized automatically based on living costs that includes taxes from all aspects (income + goods). The entire system functions as a whole. Where there are high taxes there are high incomes as well especially in private sector. For example, when you negotiate your salary with a company you keep in mind the tax you will have to pay and so accordingly you will put up a number that maintains your standard of living even after paying taxes. If there were no taxes, the company would not pay you that number and overall market standard salary for that particular position will reduce compared to if there were taxes.
The problem is not tax but not getting the return of tax in the form of public facilities.
Sir ek ques tha.
Suppose mera dost ek political party khol hai or hum usko apna 1cr ka incom me she 70 lak donat kr dete hai to ab srf remaing 30 lak pe tax dena hoga. Or hum bad me ushi political party she 70 lakh ka loan lelete hai jiska repayment hoga 200 year bad @0.001 percent. Tb to humko koi tax nhi dena prega na. Or repayment 200 sal bad to hum mar he jaege 😆
Pc Jwellars (Nirav Modi)
Gitanjali Gems (Mehul choksi)
ABG Ship yard
Another excellent reason why a 2000 Rupee note was planned and then enacted abruptly!!!!
Higher packing density, and much usable for all the ground work needed to be done during during rallies, etc, among many other things.
12:57
Best part and love with your smile ❤️
Sir yadi khud politicle party banakar oose donation de tooh. ??
isn't the donation amount capped at 10% of gross income?
Good way of explaining and great information 👍👍
I didn't understand how he got 1 crore and donated 84 or 87lakh, beacause he got 80lakh from the company after they payed 20 lakh tax, so how the employee got 1 crore (forgot how much he donated)
BTW loved this video, it helped alot
Sir bahut kripa hogi . Salah ki praticha hai
Such clear communication skills. Good video
Good explanation.
Just a small realated to calculation 13 - 7 = 6 and not 5 as in video.
I remember it because it cost me in my math's paper in primary 😅.
Can you also make video on consequences of tax evasion using HRA fake rent receipts?
Such an amazing informative vedio taught in a fun way😂
Can you please do a vedio on presumptive taxation and how to save tax in presumptive taxation (other than 50%).
2 aur case bhi ho sakte hai...
1st Employees ki salary ko 2 part mein diya jaaye salary + consultant
2nd company ko white money hi aa raha hai Dummy Employees show karke 5lakh tak expenses show karke black money 💰 kar sakti hai
Quite confident and smart.
sir your way of explanation is simply great 👍
jsut a layman question- the ca/cs who advised this to the employee can be penalized or in any way made to be accountable?
Do the last step that he missed is- buy Agricultural land with that money show low price in papers and then there is no income tax on agricultural income. That way you can spend the money too legally.
Thanks for the tutorial
Better receive in full white there are more benefits in declaring income.
If we are paying 30% tax for roads and infrastructure..why are you charging life time tax while buying vehicles...and wt about toll charges...GST.... 🙏🙏🙏
Sir aap Ankit oberoi sir par kuch nhi bologai ? Unhone jo CS profession ke bare mai kha . 😔😔
I think that income tax should be zero, and indirect taxes must be increased 10-15% to compensate for income tax. So that the burden is distributed equally.
Rich and poor don’t pay taxes or follow rules, only middle class has to.
Very interesting way of presentation..👍
On a lighter note sahil Bhai..u should try your hand in storytelling/narration in movies..😉i think u r very good at it..😁
BHai ..Amazing...!!!!! seriously..
Sir in this case I am in doubt, if employee accept 70 lac. After deduction of tds 30%, then how he can give 87 lac. To political party ?? And after that he accept 84 from party and refund from govt. 28 lac then total he got 1.08 lac
Again I am in doubt plz help...
Arey bhai Jyadha nahi de sakta kya, uske pass aur paise bhi honge.
87 jeb se dega
Second question is valid though
@Pavan No 😂
17 lakhs is other income
Sir,
Iam CA executive
Pls recommend some books for getting stronge financial knowledge (Aapse bhi jyada )♥️
Thanks Sahil Ji.
Liked your style !
What about the limit to claim deduction u/s 80GGC which is 10% of adjusted income so the whole deduction of 87 lacs donated is not eligible to claim. In this case 10% of 1 crore i.e. 10 lacs is eligible amount to claim deduction. Kindly mention this also.
Bhai basics thik kar ggc me koi limit nhi hoti 80g me hoti h 10% of ati ka cap
Amount of deduction u/s 80G (Gross Qualifying Amount subject to a maximum limit of 10% of the gross total income.... So he can't donate 87L to save tax
"Kismat bahot acchi nikli toh raid bhi paad sakta hai" 🤣🤣
Sir please make a video on how to tax audit & gst audit , statutory audit practically . How to do tax planning legally . How ca help their client to reduce tax burden
Explanations ko salam sir... Ab tax kaise bachana h wo bta dijiye😌😌😁😁😁
Sir, In Canada/Germany..by 30% tax ..their people are getting free education and free hospital facilities...In India after paying 30% tax ..what are we getting...why should we pay 30% tax...
DEDUCTION U/S 80 GGB AND 80GGC TO BE ALLOWED MAXIMUM 20 OF TOTAL INCOME BY MAKING LAW.
Sirr aap daily video upload kiyaa kroo aapkii videos kaa notification aataa haii tohh achaa lagtaa haii
Sir, aapna last video ka loop hole nahi bataya !
Lekin aapke example mein jab us employee ke paas badi company se tax deduction ke baad 70 lakhs hi aa raha hai, toh voh 87 lakhs kaha se donate karega?
Pls make a video how to avoid tax without getting caught
Amazingly Explained Sahil. 👏
Omg awesome 😎 great learning
Jab 1cr. Salaried assesse expense karega black money se like daily purchase ,car installment,house installment,marriage expenses,foreign trip etc
Really enjoy such videos! Thanks
Not possible as there is only 10 % limit to donate under 80ggc
True
I am in 12 th class commerce don't know anything about ca it's my dream❤but i watch ur videos and understand well with intrest love u 3k
Please keep posting such beautiful content....
Ca sahab ….. koi befkoof hi aise karega. Ek number ki earnings ko black kar dega …. Ha itna amount kar sekta Hain jitna manage hi sake….. there are thousands of ways to save taxes for corporate employees…. Company can buy a car , house which you can use . Esop option as indirect earnings. Also if he doesn’t get all this , then he can open a company work as a contract employee and then save taxes.
What if the cash is used for all petty purchases like fuel, restaurant, clothing etc? And everything else is done on card like utility bills, insurance, etc? Your views please.
Very well. Amazing explaination.
Sir, 1 crore me se 30 lakh toh company ne TDS kata hai toh us bande ke hath me sirf 70 lakh aayega for a full year and even after PF, PT 70 lakh se bhi kam ho jayega.
toh IT department pahle hi nahi puchega ki 70 lakh se kam usake hath me aa raha hai toh vo 87 lakh kaise pay kar raha hai donation ?
Very well explained 👏🏻👏🏻👏🏻👏🏻🙏🏻
Explanation is so good
If the company wants to pay 1 Cr, it will pay only 70L to the employee, how would he end up donating 87L to political party?
Shankar explanations bhai…hatsoff
Your channel deserves subs
sir one doubt
I collect coins
their prices change highly
sometimes I order coins by kg and get some rare coins which give back a high amount of money (In my case 500-1000 per rare coin found)
any way we can legally declare it or any case may take place?
I am an engineer, but the way you explain things helps me understand some daily life concepts better way...
Great channel...
Disclose the profit you made on the sale of coins as capital gains
Is employee ne tax haven and shell company khol ke money route from uae, Maurititus karna nahi sikha.. Hoga...
Urs 1cr employees example is little rare for IT raids.
Cash flow ko sabit karna toh Hoga na par... Cash flow dept kaise dikhayegi?
What if that employee ask his relatives to spend that amount who on the other hand will ask someone to spend the money like wise there will be chain of expenditure. In this way no one will suspect you of holding black money.
I may doubt this is practical but somehow it is executable
Then the relatives need to give details of how they got the income.
What if that person bought property of 84 lakhs and showed it only 8 lakhs on paper then he will never get caught. There are so many ways to not pay income tax that's why only 2-3% of Indians pay tax. Moreover income tax officers are also corrupted
Earned 70 lac, donated 87 lac, 28lac returned, still 13lac total income. Smjh se pare hai
Excellent informative video sir we can learn theory along with practical
The way you explain is Amazing to the point and concept is clear thank u sooo muchhh. New to ur channel alredy subscribe 👍
The Min of Finance I don't think have people friendly economic advisors but kanjus marwadi type advisors who only believes in incoming of taxes in the form of gst, direct and indirect taxes but no outgoing. my form 16 shows education and health cess which I don't think I will benefit in any case from the govt, the govt is playing ROB-in-hood collecting taxes but not giving back the way it should
Hopeless budget it was for salaried class
Great informational vid, learned new thing on tax evasion for salaried employees 😅