Hello Team,
There are loads of Veda pandits who are NOT formal employees in any temple associations like Tirumala Tirupati Devastanams.
They often go perform rituals like marriages, homas, house warming ceremonies, and so on. The income from these rituals obtained are payment done in cash. This is true and honest earning.
Also there are people who does offering to pandits as part of sentiments.
In the long run all these cash would pile up if they are in savings.
So I would like to know how these people can be made aware of how this hard earned income be made formal.
What are the options available to make this cash deposit in banks under a reasonable source head?
Regards,
Bala
From India, Bengaluru
1There are loads of Veda pandits who are NOT formal employees in any temple associations like Tirumala Tirupati Devastanams.
They often go perform rituals like marriages, homas, house warming ceremonies, and so on. The income from these rituals obtained are payment done in cash. This is true and honest earning.
Also there are people who does offering to pandits as part of sentiments.
In the long run all these cash would pile up if they are in savings.
So I would like to know how these people can be made aware of how this hard earned income be made formal.
What are the options available to make this cash deposit in banks under a reasonable source head?
Regards,
Bala
From India, Bengaluru
Dear Bala,
In this year 2016, question of cash management of temple priest is out of place.
Priests can very well open bank account start depositing the cash that they get from their profession. Take the case of notary. All over India, notaries also earn by taking cash from their clients. But then does it mean that they hide the cash beneath their bed or keep it in the safe of wardrobe? Certainly not! They deposit their earning in their saving bank account. Priests can also do the same.
In the ceremony, priests may take just Re 1 as a token. Rest of the amount can be transferred to their account through NEFT. This will reduce the cash transaction.
Thanks,
Dinesh Divekar
From India, Bangalore
In this year 2016, question of cash management of temple priest is out of place.
Priests can very well open bank account start depositing the cash that they get from their profession. Take the case of notary. All over India, notaries also earn by taking cash from their clients. But then does it mean that they hide the cash beneath their bed or keep it in the safe of wardrobe? Certainly not! They deposit their earning in their saving bank account. Priests can also do the same.
In the ceremony, priests may take just Re 1 as a token. Rest of the amount can be transferred to their account through NEFT. This will reduce the cash transaction.
Thanks,
Dinesh Divekar
From India, Bangalore
Thanks a lot Dinesh.
Yes I very much agree that everyone will have bank accounts and deposit the money.
But my question is, what is the source head they could show.
Notary will have official proof of their legal practices. Hence their income source would be clients, which I understand.
But priests, if they are home trained say as from a guru, and doesn't have a degree from official front, what is the case of income source proof they could provide from his end? As per my knowledge not everyone gets a degree from Vedic universities!
I am confused as, income from unknown source is accounted as black money.
So my query is, should these people be registered anywhere to provide a proof that they belong to this profession of priesthood and have income from various sources. Because they might be paid high as well sometimes.
And I have one more query like, if a person is an employee of any temple board. His income would be accounted. And in his free time he could perform rituals like marriages, etc., which is his additional income. So on what account head does this income needs to be deposited to formally pay the tax if eligible.
Thanks in advance!
From India, Bengaluru
Yes I very much agree that everyone will have bank accounts and deposit the money.
But my question is, what is the source head they could show.
Notary will have official proof of their legal practices. Hence their income source would be clients, which I understand.
But priests, if they are home trained say as from a guru, and doesn't have a degree from official front, what is the case of income source proof they could provide from his end? As per my knowledge not everyone gets a degree from Vedic universities!
I am confused as, income from unknown source is accounted as black money.
So my query is, should these people be registered anywhere to provide a proof that they belong to this profession of priesthood and have income from various sources. Because they might be paid high as well sometimes.
And I have one more query like, if a person is an employee of any temple board. His income would be accounted. And in his free time he could perform rituals like marriages, etc., which is his additional income. So on what account head does this income needs to be deposited to formally pay the tax if eligible.
Thanks in advance!
From India, Bengaluru
Dear Bala,
Whatever may be the source of income, as long as income tax return is filed, everything is fine. All that matters is no citizen should own assets disproportionate to his/her income. Secondly, I doubt whether the income of Pandits will exceed Rs 10 Lakh. If it exceeds, then they will have to register for the Service Tax and start filing the return every month.
In your second post, you have written that "But priests, if they are home trained say as from a guru, and doesn't have a degree from official front". Again this is a mistaken view. Income Tax department accepts tax from everybody, whether they are literate or illiterate, whether they have formal qualification or not, whether they are men or women etc.
Thanks,
Dinesh Divekar
From India, Bangalore
Whatever may be the source of income, as long as income tax return is filed, everything is fine. All that matters is no citizen should own assets disproportionate to his/her income. Secondly, I doubt whether the income of Pandits will exceed Rs 10 Lakh. If it exceeds, then they will have to register for the Service Tax and start filing the return every month.
In your second post, you have written that "But priests, if they are home trained say as from a guru, and doesn't have a degree from official front". Again this is a mistaken view. Income Tax department accepts tax from everybody, whether they are literate or illiterate, whether they have formal qualification or not, whether they are men or women etc.
Thanks,
Dinesh Divekar
From India, Bangalore
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INCOME TAX DECLARATION 2008-09.xls