Income Tax Department Raids 10 Popular Indian YouTubers for Tax Evasion: The Income Tax Department (ITD) raided the homes and offices of 10 popular Indian YouTubers on Thursday, June 22, 2023. The raids were conducted in connection with allegations that the YouTubers had evaded taxes on their income from YouTube.
The ITD officials reportedly seized a number of documents and electronic devices during the raids. They are also said to have questioned the YouTubers about their sources of income and their tax compliance.
The 10 YouTubers who were raided include:
- Pearle Maaney
- Sujith Bhaktan
- Arjou
- Jayaraj G Nath
- Akhil
- Jeevitha Rajagopal
- RJ Balaji
- Vishnu Priya
- Sreejith Vijay
- Unni Mukundan
The ITD has not yet released any official statement about the raids. However, the raids have sent a strong message to YouTubers that they need to comply with tax laws.
What does this mean for YouTubers?
The raids on the 10 popular Indian YouTubers are a reminder that YouTubers need to be aware of their tax obligations. If they earn income from YouTube, they are required to file an income tax return and pay taxes on that income.
The ITD has been cracking down on tax evasion by YouTubers in recent years. In 2022, the ITD raided the homes and offices of several popular YouTubers, including CarryMinati and Bhuvan Bam.
YouTubers who evade taxes can face serious consequences, including fines, imprisonment, and even cancellation of their YouTube channels.
How to stay Compliant with Tax Laws?
If you are a YouTuber, there are a few things you can do to stay compliant with tax laws:
- File an income tax return every year.
- Pay taxes on all of your income from YouTube.
- Keep accurate records of your income and expenses.
- If you are unsure about your tax obligations, consult with a tax advisor.
By following these steps, you can help to ensure that you are in compliance with tax laws and avoid any potential penalties.
Are You a Social Media Influencer? Don’t Forget to Pay Your Taxes!
The Income Tax department has sent notices to social media influencers who flaunted overseas holidays and luxury shopping on Twitter and Instagram. The department is also investigating another Top influencers who post content on various social media platforms.
The notices come as a warning to all individuals, including social media influencers, that they need to fulfill their tax obligations regardless of their profession or source of income.
In one example, a fashion influencer based in Mumbai was reportedly receiving significant amounts of money for endorsing luxury makeup brands on Instagram. However, the influencer had only declared a much lower annual income on their tax returns, indicating a potential discrepancy.
This issue extends beyond social media influencers. Various professionals, such as yoga teachers, physiotherapists, doctors, and others, may collect fees through digital payment methods like Gpay and might not realize when their turnover exceeds the threshold of 20 lakhs, requiring them to obtain a Goods and Services Tax (GST) number and pay GST.
The new provision of TDS (Tax Deducted at Source) Section 194R implies that many freebies and perks received by individuals will have tax deducted at source, resulting in their inclusion in tax-related documents such as Form 26AS, AIS, and TIS.
In summary, it is crucial for all small businesses, professionals, and individuals to accurately calculate their gross receipts and determine their tax liability. Failure to do so may result in legal consequences and financial penalties. It is advisable to consult with a tax professional or the appropriate tax authorities to ensure compliance with tax regulations.
Get The Latest Information On Business, Finance, Investment, Brand Building, Lifestyle, Entertainment, And Billionaire Quotes On Edueasify.
