Saturday, March 2, 2024
HomeUttar PradeshUnlucky Influencer: IT Raids At UP YouTuber's Residence Eearnig ₹1 Crore Anually...

Unlucky Influencer: IT Raids At UP YouTuber’s Residence Eearnig ₹1 Crore Anually Through His Channel ‘Trading Hub 3.0’, uncovers ₹24 lakh Cash

YouTuber now faces scrutiny over allegations of earning money Illegally.

Summary: The income tax raid at the home of a prominent YouTuber in Uttar Pradesh has unveiled earnings of ₹1 crore generated through videos. The YouTuber, who runs the channel 'Trading Hub 3.0', is accused of earning money through illegal means, although the family denies these claims. As the investigation unfolds, it raises questions about tax compliance among social media influencers and content creators. 

Lucknow,17 July(City Times): In a surprising turn of events, the Income Tax department conducted a raid at the residence of a prominent YouTuber running a channel named ‘Trading Hub 3.0’ in Uttar Pradesh. He makes a income of ₹1 crore annually through his videos. The YouTuber, known for running a successful channel for several years, now faces scrutiny over allegations of earning money through questionable means. However, the family vehemently denies these claims.Department uncovers ₹ 24 lakh cash during its raid.

YouTube Star’s Genuine Endeavors and Tax Compliance

According to the YouTuber’s brother, Feroze, the channel ‘Trading Hub 3.0’ focuses on share market-related content and diligently pays income tax on their earnings. Feroze reveals that they have already paid ₹4 lakh in taxes on their total income of ₹1.2 crore. The family maintains that they operate a legitimate YouTube channel and vehemently deny any involvement in illegal activities. They consider the raid to be part of a well-planned conspiracy.

Challenging the Allegations: Mother’s Support and False Implication

Adding to the complexity of the situation, Taslim’s mother claims that her son is being falsely implicated in the case. She stands firmly behind her son and believes that the accusations against him are baseless. The family’s united front further underscores their assertion of innocence.

Income Tax Department’s Vigilance on Social Media Influencers

The Income Tax department has recently intensified its investigations into social media influencers and content creators, including those on YouTube and Instagram. It aims to combat under-reporting of income and profits, ensuring compliance with tax laws. This increased scrutiny reflects the growing significance of the digital sphere and the need to maintain transparency in financial matters.

Taxation Challenges for Vloggers: Differing Perspectives

Experts have divergent views on the taxation of vloggers. Some argue that if vloggers can be classified as entrepreneurs and their income exceeds ₹1 crore, they may be subject to tax audits. Conversely, if vloggers dedicate less time to creating online content compared to their primary profession, their income from such sources could be considered “Income from other sources” and taxed based on applicable slab rates.

Upholding Ethical Practices: Strengthening the Digital Ecosystem

This incident highlights the importance of content creators understanding their tax obligations and upholding ethical practices. As the investigation unfolds, it serves as a reminder for the industry to ensure compliance with tax regulations and maintain a fair and credible digital ecosystem. Transparency and adherence to laws contribute to the sustainable growth of the digital platform.

Tax Rules for Earning Money Through YouTube in India:

  • Understanding the tax implications of generating income through YouTube in India is vital for content creators. Here are essential factors to consider:
  • Taxable Income: Income derived from YouTube videos is subject to taxation under Indian tax laws. It is crucial for YouTubers to declare their earnings and fulfill their tax obligations accordingly.
  • Income Tax Slabs: The income earned through YouTube is liable to be taxed based on the applicable income tax slabs. YouTubers must calculate their taxable income and pay taxes according to the relevant slab rates.
  • Tax Deductions: Content creators can claim tax deductions on expenses incurred for producing YouTube videos, such as equipment, editing software, and internet charges. These deductions help reduce the overall taxable income.
  • GST Registration: YouTubers earning a significant income through their channel may need to register for Goods and Services Tax (GST) if their annual revenue exceeds the specified threshold. Compliance with GST regulations and regular filing of returns become mandatory in such cases.
  • Tax Audits: In certain instances, YouTubers may be subjected to a tax audit if their annual income surpasses the prescribed limit. This audit ensures adherence to tax laws and verifies the accuracy of financial records.
  • Seeking Professional Advice: Given the intricacies of tax regulations, it is advisable for YouTubers to seek guidance from tax professionals or chartered accountants. This ensures proper compliance with tax laws and minimizes potential tax liabilities.
  • Maintaining Records: Maintaining comprehensive and accurate financial records, including income, expenses, and tax payments, is crucial for seamless tax filing and potential future tax scrutiny.
  • By adhering to the tax rules and fulfilling their tax responsibilities, YouTubers can not only avoid legal consequences but also contribute to the growth and professionalism of India’s digital content creation industry.

You May Like: Minor Dalit Girl Brutally Gangraped On Jodhpur Campus

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments