Tax saving tricks apart from regular methods

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Last Comment 2022-01-21

2022-01-20

Common people are used by government, organisations etc for their goals. We are brainwashed from our birth to serve. People with knowledge/money exploit people,laws,system etc legally.
I created this thread to spread awareness (knowledge from fellow dimers comments) to use financial/tax laws legally so that we can save taxes, earn more etc.

For example even working people can register business and buy laptop/cars for official use(lol) and save taxes on maintainence/petrol/gst.

Fellow dimers please contribute your ideas/knowledge to help common man thrive.

Dimers should do due diligence

24 Comments |

12 Dimers

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https://www.desidime.com/discussions/common-people-thread-goat-cow?page=1#post_8218949

kukdookoo

2022-01-20

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For example even working people can register business and buy laptop/cars for official use(lol) and save taxes on

maintainence/petrol/gst.

please explain this whole process? are you a ca?

add this line paji- dimers should do due diligence

https://www.desidime.com/discussions/common-people-thread-goat-cow?page=1#post_8219194

aniguru

2022-01-20

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Not an CA but trying to gain knowledge. Planning to consult CA.

https://www.desidime.com/discussions/common-people-thread-goat-cow?page=1#post_8218950

saucap

2022-01-20

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First, to begin with, for general understanding, please define common people. Is it a class or situation?

https://www.desidime.com/discussions/common-people-thread-goat-cow?page=1#post_8219166

aniguru

2022-01-20

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Common means working class people mainly with jobs, organised or non-organised. Sometimes even small business owners. Those who dont use CA to manage their taxes/wealth.

https://www.desidime.com/discussions/common-people-thread-goat-cow?page=1#post_8219110

timelord

2022-01-20

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How to register a business if a person have govt job. I also want to save taxes on buying cars and laptops

https://www.desidime.com/discussions/common-people-thread-goat-cow?page=1#post_8219172

aniguru

2022-01-20

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U can register business on your name using ur pan card. Planning to do next month…research inprogress. Govt employee cannot do I guess but you can do on ur family members name.

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https://www.desidime.com/discussions/common-people-thread-goat-cow?page=1#post_8219145

BAT_MAN

2022-01-20

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Kaise @aniguru ji, kaise?
Koi totka ho to hume bhi bataiye
Hum par bhi kripa barsaiye

https://www.desidime.com/discussions/common-people-thread-goat-cow?page=1#post_8219169

aniguru

2022-01-20

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I also need knowledge in the subject. Only have some blurred knowledge trying ti research more.

https://www.desidime.com/discussions/common-people-thread-goat-cow?page=1#post_8219192

feel

2022-01-20

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https://www.desidime.com/discussions/common-people-thread-goat-cow?page=1#post_8219282

shoaibmax

2022-01-20

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Not a CA.
But I’ve registered mulitiple firms with GST and I myself file all of my GST returns.

So let me break some myths:

1) To Register any business on GST protal you need some solid documents as proof.
2) These documents are verified by your regional office, only then you are provided GSTIN. Earlier it used to be easier, now a lot has changed since crores of GST fraud came in limelight.
3) You can succeed in claiming GST for mobile/laptops, but must have a proof to show its usage when a notice from IT dept is served. Anyone can get a notice, so be prepared.
4) You cannot claim GST on cars and it’s constables/maintenance which is purchased for personal or official use. As per the revision in policy: Motor vehicles qualify for ITC in only special cases where you are actually earning money from the vehicle and paying taxes on the earnings. For ex: Car Training institute, car dealership, travel agency.
It’s illegal if you ignore this and you must be prepared for a notice.

https://www.desidime.com/discussions/common-people-thread-goat-cow?page=1#post_8219295

aniguru

2022-01-20

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Thanks for sharing

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https://www.desidime.com/discussions/common-people-thread-goat-cow?page=1#post_8219489

aniguru

2022-01-21

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Edited title for visibility

https://www.desidime.com/discussions/common-people-thread-goat-cow?page=1#post_8219532

Maverickz

2022-01-21

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Working people should have actual income from business or profession to claim these business or profession related expenses… Otherwise, I think they are living in a fool’s paradise if they think that they can claim business expenses with no income and just keep on carrying forward their losses and accumulating ITC credit. stuck_out_tongue_closed_eyes

https://www.desidime.com/discussions/common-people-thread-goat-cow?page=1#post_8219551

mihir2812711

2022-01-21

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You cannot just claim input on credit on capital goods like mobile or laptop. You have to spread over 3 or 5 years. If you are selling the asset before then period you need to repay pro rata GST Liability. Please consult GST expert before steeping in.