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sidzzzzz said:
What I was talking about today is the fact that any act undertaken to earn money is commercial activity and any inflow or outflow of money that occurs in relation to such activity is a commercial activity, simple economics
Simply said, even payment of personal income tax for salaried/self employed people is a commercial activity as per the above mentioned statement
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Here I am attaching PDF of First Chapter of Class XIth Textbook "Business Studies" .

What is actually called Economic Activity and "Business" you will get to know in detail.

Only Inflow and outflow of money does not constitute Business 😂

Business, Employment and Professional all are completely different.

If according to you Payment of Income tax is Commercial beacause you are paying it from Income generated from Business then What is Personal Spend ???

Each and ever spend like Spending on Grocery, Apparels or Entertainment etc... are done from Income any one earn from business or as a Salary 😂😂

From this Logic, not even a single Spend is Personal 😂
 

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sidzzzzz said:
They just won't find it offensive, because there is not other word to for such condition, kindly enlighten me with a word which glorifies the state of a person not being able to read or write,

And yes saying it again, even census carried out by the government of India used the word illiterate
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There's a term called "Finiancial Literacy"
You can't call them illiterate just because they lack financial literacy.

As I said, who uses the word also matters. Government organizations can use the term but we can't; just like you can't abuse anyone but friends can.
 
4uziaul said:
But I think you should have a backup plan. @plastikman recommended Regalia Business Card. Just in case HDFC doesn't approve you, you can always go for the Business MoneyBack card. 🤭
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4uziaul said:
But I think you should have a backup plan. @plastikman recommended Regalia Business Card. Just in case HDFC doesn't approve you, you can always go for the Business MoneyBack card. 🤭
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Well as per business regalia eligibilty, only individuals can get it since it mentions self employed citizen with 21-65 years of age, so it won't be applicable for artificial person or even a firm, we can only hold it in individual capacity, it is a business card and not corporate card

Business entities çan only hold corporate cards which more or less don't have any rewards, I do hold one corporate debit in bank of baroda so I have an idea about the thing
4uziaul said:
But I think you should have a backup plan. @plastikman recommended Regalia Business Card. Just in case HDFC doesn't approve you, you can always go for the Business MoneyBack card. 🤭
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Piyush_Jaiswal said:
Paying taxes or bills at personal level isn't commercial and it doesn't lead to income.
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So if I pay income taxes of 20 lakhs in multiple tranches, lets say of about 2 lakhs every month, its not. A commercial activity?? Or even if i pay 20 lakhs in one go it will be considered a personal activity?
 
sidzzzzz said:
Well as per business regalia eligibilty, only individuals can get it since it mentions self employed citizen with 21-65 years of age, so it won't be applicable for artificial person or even a firm, we can only hold it in individual capacity, it is a business card and not corporate card

Business entities çan only hold corporate cards which more or less don't have any rewards, I do hold one corporate debit in bank of baroda so I have an idea about the thing
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Did you miss something? 🤔 You didn't have to quote me thrice. 🤭
 
VISHESH_BANSAL said:
Here I am attaching PDF of First Chapter of Class XIth Textbook "Business Studies" .

What is actually called Economic Activity and "Business" you will get to know in detail.

Only Inflow and outflow of money does not constitute Business 😂

Business, Employment and Professional all are completely different.

If according to you Payment of Income tax is Commercial beacause you are paying it from Income generated from Business then What is Personal Spend ???

Each and ever spend like Spending on Grocery, Apparels or Entertainment etc... are done from Income any one earn from business or as a Salary 😂😂

From this Logic, not even a single Spend is Personal 😂
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I said any activity done to earn money, kindly read it properly 😞 for god's sake

Do you eat dairy milk to earn money??
But one pays income taxes because he earnt money , or else for non payment of dues government can even put you behind bars, so for earning money one has to keep paying taxes, so its commercial activity
 
sidzzzzz said:
So if I pay income taxes of 20 lakhs in multiple tranches, lets say of about 2 lakhs every month, its not. A commercial activity?? Or even if i pay 20 lakhs in one go it will be considered a personal activity?
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No, it won't be commercial even then.

But, let's bring some common sense to the argument. 20 lakhs in income tax means the person has a income in crores, which is rare at personal level unless he is involved in some business.
Even if any salaried individual has earnings in crore, they will not get the amount as cash but as ESOPs which will decrease their tax liability.
 
Piyush_Jaiswal said:
There's a term called "Finiancial Literacy"
You can't call them illiterate just because they lack financial literacy.

As I said, who uses the word also matters. Government organizations can use the term but we can't; just like you can't abuse anyone but friends can.
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I mentioned it earlier also, I have worded with these people side by side for years, they really don't know to to read and write

And as per the definition of our much honoured government of India, anyone with the age beyond 7 years who cannot read or write is illiterate

plastikman said:
OK, but woh skilled karigar honge na. Irrespective of literate or illiterate they are skilled and contributing to your business. They are also a stake holder.

What say @S S V ?
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Just like I mentioned earlier, they are unskilled
 
sidzzzzz said:
I said any activity done to earn money, kindly read it properly 😞 for god's sake

Do you eat dairy milk to earn money??
But one pays income taxes because he earnt money , or else for non payment of dues government can even put you behind bars, so for earning money one has to keep paying taxes, so its commercial activity
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Paying taxes does not lead to earn money.

You spend because you have earned money.
You donate because you have earned money.
You pay taxes because you have earned money.

Tax is nothing but a donation to the government. It is just mandated by law.
 
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imdjay said:
We will be able test the theory today with hydrogen and fluoride.
Awaiting for the results.
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Kaboom Rico ? Yes, kaboom 🤣

P
sidzzzzz said:
Well as per business regalia eligibilty, only individuals can get it since it mentions self employed citizen with 21-65 years of age, so it won't be applicable for artificial person or even a firm, we can only hold it in individual capacity, it is a business card and not corporate card

Business entities çan only hold corporate cards which more or less don't have any rewards, I do hold one corporate debit in bank of baroda so I have an idea about the thing
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Please read this. Business cards are for you to make use for expenses incurred during your business activity.

Corporate cards are given to large corporates who then issue it to their employees who can incur expenses on the company's behalf.

Source - https://www.americanexpress.com/en-...siness-credit-card-and-corporate-credit-card/

For your purpose of making Utility payments, Business card will only work since it is a business expense. I suggest, you ask your bank and they will guide you better.

AritraSaha said:
I am lithium then...😁😁
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Nice. Alkaline earth metal 😄
 
Piyush_Jaiswal said:
No, it won't be commercial even then.

But, let's bring some common sense to the argument. 20 lakhs in income tax means the person has a income in crores, which is rare at personal level unless he is involved in some business.
Even if any salaried individual has earnings in crore, they will not get the amount as cash but as ESOPs which will decrease their tax liability.
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I won't assume again so I am asking, how many of you guys ever looked at pnl accounts and capital accounts,
Provisioning is done for taxes to be paid by an individual in the pnl account and the taxes paid are deducted from the capital account of an individual while the earnings of an individual that he used to personal use are debited to drawings account

As per what you all are trying to prove that income taxes are personal in nature, shouldn't it be debited to drawings??

Financial/accounting nature of income taxes is commercial in fact
 
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