Publisher:SECTION 68- A FORCEFUL WEAPON IN THE HANDS OF REVENUE
Aug 31,2021
Section 68- A forceful Weapon in the Hands of Revenue
Introduction
Section 68 of the Income Tax Act, 1961 is meant for unexplained cash credits. The credit of any amount to the taxpayer is taxable until and unless it is specifically exempted under the provisions of Income Tax Act. This article is all about section 68 where we will discuss about the unexplained cash credit.
Background of Unexplained Cash Credit
Basically, Income Tax is levied on incomes classified under five categories such as;
Salary
House Property
Income from Business and Profession
Capital Gains and
Income from other Sources
All of the aforesaid income categories involve revenue income except capital gains as it deals with tax on capital asset. According to the basic rule of income tax, all income are taxable until and unless exempted. Generally, capital incomes are not taxable unless it is specifically comes under tax slab. Any income generated or earned by a taxpayer is taxable in the financial year in which it is received or earned.
It is a very popular among the people to adopt measures for tax avoidance in order to save the outflow and accumulation of black money. Analyzing over the sustained and improved economic status over the years, the measures of tax avoidance has also been increasing at a faster rate with large amount of cash available with taxpayers.
Considering the above-mentioned scenario, it is very important for the Government to reduce such tax evasion and bring back all the money into the tax slab which has been avoiding and escaping the levy of tax. In the year 2016, the government took a biggest step of demonetization to avoid tax evasion. Apart from that, the government also introduced Income Disclosure Scheme (IDS), etc. However, Income Tax Act still has various provisions to track and loopholes in unexplained investment, unexplained cash credit, etc.
Section 68: Unexplained Cash Credit
The credit of any amount to the taxpayer has to be offered to tax until and unless it is specifically exempted according to the provisions of Income Tax Act. If the credit amount is not offered for taxation, the taxpayer has to offer an explanation of why the amount has not been offered to tax and also provide the details of source of such income. Considering if the income is relevant or the same belongs to a third person (any person other than taxpayer) and it might be taxed by the third person.
It might be taxed by the third person as the funds may have diverted to the taxpayer with in intention to avoid tax. Accordingly, Section 68 of Income Tax Act, 1961 states that any amount credited in the account of the taxpayer in a particular financial year and the same is not offered to tax as the income during the said financial year of the below mentioned conditions are satisfied;
The taxpayer do not offer any explanation regarding the source and nature of such credit; or
The taxpayer provides an explanation regarding the source and nature of such credit but the same is not satisfactory according to the assessing officer.
This type of credit is termed as unexplained cash credit.
Special Provision in Case of Corporate Taxpayers
Any explanation provided by a company in which public are not interested substantially with regard to the sum credited whether it may be share capital, share application money, share premium or any any such credit will be deemed as unsatisfactory unless;
The company provides an explanation regarding the source and nature of such credit on the person on whose name such credit is recorded in the books of accounts.
The assessing officer finds the explanation satisfactory.
However, the above-mentioned special provision is not applicable if the person in whose name the credit amount is recorded in the books of account is a venture capital company or venture capital fund according to Section 10(23FB).
The aforesaid special provision has been designed for corporate taxpayers to avoid tax evasion by the companies which are showing the names of the current shareholders or third party as already paid the money related to shares. This is a mechanism for saving the unaccounted money in the companies that are not subject to follow the regulation under the provisions of company law as compared to largely held companies.
Taxability of Unexplained Cash Credit
As discussed earlier, unexplained cash credit is treated as an income in same financial year in which is it earned. The tax rate of unexplained cash Credits is 60% flat rate without offering any advantage of basic limit of exemption, irrespective of the tax bracket. Surcharge and penalty of 25% and 6% is levied respectively. Thus, the final rate of tax including cess will be 83.25%.
Deductions and allowance is not allowed. Apart from that the losses cannot be set off against any other unexplained cash credit which is termed as income. There is no penalty which is to be levied in a unexplained cash credit as the same is included in the income tax return and same is paid before the end of the financial year.
Key Points
The following are some of the key points which need to be noted;
The acceptance of payment through demand draft and payee cheque is advisable as it enables the taxpayer to identify the payer.
The assessing officer may ask to provide numerous details regarding the mode of payment, lender bank account details with proof of cash flow statement of lender etc. It is also advisable to collect the depositor’s PAN and address so that in case of any need it can be accessed easily.
To invoke Section 68, existence of “Books” is essential. It is to be noted that scrap papers and loose sheets cannot be considered as books as it can be replaced easily.
The unexplained cash credit mentioned on books of account must be of the taxpayer.
Section 68: Case Study
As a business receipt:
Normally, the amount credited in business books is considered as business receipt. When a sum is credited in the books, it is unreasonable to interfere that the same is revenue from business, in case an explanation is provided by the taxpayer of how such credit has been received is rejected by the authorities of income tax as untenable (Lakhmichand Baijnath v. CIT [1959] 35 ITR 416 (SC)).
Department is not required to locate source of receipt:
When the taxpayer has failed to provide any satisfactory proof regarding the source and nature of the credit and then it is found the amount is actually the income of the taxpayer in that case, it is necessary for the tax department to locate its exact source of income. (CIT v. M.Ganapathi Mudaliar [1964] 53 ITR 623 (SC)/A. Govindarajulu Mudaliar v. CIT [1958] 34 ITR 807 (SC)).
Deposits from Tenants
With regard to the deposits received from the tenant, it is in fact sufficient if the taxpayer provides the proofs the source of income which includes the identity of the tenant and genuineness of the transaction under which the amount has been received. However, it is not essential for the taxpayer to provide proofs of the financial capacity of the tenant for making such deposit. (CIT v. Nevendram Ahuja [2005] 197 CTR (MP) 462).
Gifts
If it is case of cash gifts which is recorded in the books of done, the showing of movement of amount through bank accounts and identification of donor may not be sufficient to prove the genuineness of the gift. The fact lies on the capacity of donor to make such gift and his identity as well. In case there is nothing to show about the donor such as;
The financial capacity of donors
The creditworthiness of donors
The relationship of donor and done
If the donor has the capacity to make such large amount of gift
The tribunal may not be convinced about the additions made by the assessing officer, specifically in cases where the taxpayer does not appear in person in front of the assessing officer prior to asking to do so (CIT v. Anil Kumar [2008] 167 Taxman 143 (Delhi).
Some of the leading case studies in respect of gift under Section 68 are provided below;
No occasion require for a mother to gift her son. A mother can gift her children any time (CIT v. Suresh Kumar Kakar [2010] 324 ITR 231 (Delhi)).
Mere providing bank statements cannot prove the creditworthiness (Siddharth Export Vs ACIT (Delhi High Court)
It is unsustainable to add the deposits of business receipt of the spouse joint bank account. (Shri Rajesh Jain Vs ITO (ITAT Indore)
The sales which are declared as income in books of account cannot be termed as cash credit. (Bhagwant Merchants Private Limited Vs ITO (ITAT Kolkata)
Conclusion
Considering the above-mentioned points it can conclude that Section 68 is a forceful weapon in hands of generating revenue.
Publisher:POINTS TO BE KEPT IN MIND BEFORE FILLING INCOME TAX RETURN | ACADEMY TAX4WEALTH
Sep 03,2021
Points to Be Kept in Mind Before Filling Income Tax Returns
Introduction
We are well aware that the income tax filing season has started for the assessment year 2020-21. Thus, every taxpayer is looking forward to filing an income tax return on time. This article provides some important points which must be kept in mind before filing the income tax return.
The Selection of Return Form
The first step toward filing a return is the selection of the correct form. There is a total of 7 forms for filing income tax as prescribed by the tax authorities. The details whereof are annexed below;
Individuals and Hindu Undivided Family (HUFs): ITR 1 to 4
Partnership and Limited Liability Partnership (LLP): ITR 5
Company: ITR 6
For claiming Exemption: ITR 7
Points to Remember Filing the Income Return Form
The following are some of the points to remember while filing the income tax form
Disclosure of Interest from Bank Deposits and NSC Certificates
Although the deduction of income received as interest was withdrawn by the IT department a few years ago, still many people choose not to disclose the income earned from such bank deposits and NSC certificates. It does not matter how small the amount is, the interest has to be disclosed in the form. Its interest income must not be skipped. In most cases, the employer may not consider the interest income while calculating the TDS of the employee. With regard to interest on Saving Bank Account, the assessee is obliged to claim a deduction under the provision of Section 80TTA, Income Tax Act 1961.
Deduction made for investment under 80C, 80CCC & 80 CCD is exempted upto Rs 1.50 lakh
Further, it should be kept in mind that the deduction made for investment under Section 80C, Contribution made towards pension fund under Section 80CCC, or Contribution by the employer to the pension scheme under Section 80CCD is exempted up to Rs 1.50 lakh. The benefits that come under Section 80C include tuition fees paid by a parent for his children and repayment of the principal amount for the home loan taken.
The Clubbing of Income of spouse or minor child
In some cases, the income of the minor child and spouse of the taxpayer can be clubbed with his income according to the provisions of the Income Tax Act, 1961. In such a case, it is essential that the correct form must be used for filing an income tax return.
To be Cautious while computing Cess and Surcharge
It can be considered a common mistake while computing the education cess and surcharge on the taxable payable amount. It is to be noted that if the total income exceeds Rs. 100 lakh in a particular assessment year then a surcharge of 10% is not required to be added to the tax payable amount. However, the education cess of 4% must be added to the tax payable amount even if the total income exceeds 100 lakh in an assessment year.
The correct way to calculate the taxable amount is to first add a surcharge of 10% to the taxable amount if applicable and then add a cess of 4% on the taxable amount.
Safe filing of relevant documents for future requirements
Although the need for attachment of various documents, certificates, etc, along with the return form had been dispensed the documents must not be trashed away as the aforesaid documents may be required in the future. It is never known that the tax authorities may need the documents to be submitted by the taxpayer in case of a proceeding of scrutiny which is generally initiated for verification of claims made in the return form.
Double checking of essential information such as bank account details, PAN No., Address for communication, etc.
In some cases, the taxpayer may commit a mistake while providing the correct PAN number. The 10-digit PAN should be mentioned correctly. Likewise, the communication address has to be mentioned with care as all the notices will be posted by the tax authorities on the provided address.
The bank account details also have to be filled in correctly in case of a refund proceeding. Care must be taken while providing the MICR code as the refund amount will be transferred through ECS.
Publisher:TAXABILITY OF EMPLOYEE STOCK OPTION PLAN IN THE HANDS OF EMPLOYEES
Sep 06,2021
Taxability of Employee Stock Option Plan in the Hands of Employees
Introduction
Employee Stock Option Plan (ESOP) is scheme where an employee can buy the shares of the company in which he is working at a discounted rate as compared to the current market price of the shares. Generally, this scheme is used by startups to attract the top investor among the employees as the startups needs funds. It provides the companies the flexibility to pay lower salaries to employees while offering the aforesaid scheme in the form of incentive in the bargain. During the pandemic of COVID 19, most companies provided ESOPs to employees in lieu of pay cuts.
Implication of Taxes on ESOPs
ESOPs were initialy taxable under scope of fringe benefit tax. However, later with certain amendments in Finance Act,2009, the taxability of the ESOPs were provided in the hands of the employees of the company.
The taxability of ESOPS arises at two stage from the opinion of the employee;
While exercising the options Where the shares are allotted to the employees;
Under the above-mentioned scenario, the difference is calculated between the Fair Market Value (FMV) of the allloted shares and price of shares and the same is treated as a perquisite under ESOP.
Accorrding to Rule 3(8) of the Income Tax Rules, 1962, where the shares alloted to an employee is that of a listed company, in that case FMV will be the avearge of the closing and opening price as on the specific dare. However, in case the shares alloted are of unlisted, then the share value will be determined by the merchant banker and a specific date will be decided to be FMV for unlisted shares.
The process in which the aforseaid perquisite will be deducted is similar to that of deduction of TDS.
However, After the amendments declared in budget 2020, if the employee is given ESOPs from an potential start up then the tax on the perquisite will be deductible considering the early occuring of the below mentioned events;
After the expiry 5 yaers from the date of ESOPs allotment
On date on which ESOPs were sold
The Date of exit of the company
The time when the shares were sold by the employees
Once the employee decides any of the aforseaid options and gets his shares alloted on this name, the employee has to chose either the holding the share of a particular period of time or sell off them and realise some profits. The realization of such profit from sale is subject to tax under capital gains. It is to be noted that the taxation of such gain from sale of ESOPs depends on the duration shares held by the employees. The details of which are provided in the below mentioned paragraphs.
Companies whose shares are listed
In case, the shares held by the employees for 12 months or less, the gain from the sale of such shares will be considered as short term capital gain. Thus, according to the provisions under section 111A of the Income Tax Act, 1961, such gains will be taxed at the rate of 15%.
In case, the shares held by the employee for more than 12 months, the gain from sale of such shares will be considered as long term capital gain. Section 112A of Income Tax Act imposes a rate of 10% without indexation where the gains received exceeds Rs. 1 Lakh.
Before the implementation of Finance Act, 2018, Long term capital gains arising due to listed shares were treated as an exemption under Section 10(38), provided the transaction is charged under the Securities Transaction Tax (STT). With the introduction of Section 112A, the exemption was withdrawn.
Companies whose shares are unlisted
Where the shares held by the employee is for 24 months or less, the gains form sale of such shares is refered as short term capital gain. The tax on the short term capital gain is treated as regular taxable income under the rates of tax slabs as applicable.
Where the shares are held by the employee exceeds 24 months, the gains from sale of such shares is refered as long term capital gain. The tax on Long term capital gain is charged under Section 112 of the Income Tax Act, at the rate of 20% with indexation benefits.
Publisher:TAXATION ON CRYPTOCURRENCY IN INDIA
Sep 06,2021
Taxation on Cryptocurrency in India
Introduction:
In India, The Reserve Bank of India (RBI) has still not granted cryptocurrenct or bitcoin the status of legal person for tax purposes. Thus, there is no such clear regulation and provisions for the taxability for cryptocurrencies in India. The same aspect is questinable and requires clarification form the Income Tax Department.
However, there are speculation about the possibilities for the cryptocurrency transaction an not only be taxable under the provisions of Income Tax Act 1961 but also under the Central Goods and Services Tax (CGST) Act, 2017 basing on the transaction type. On the other hand, the Ministry of Corporate Affairs has made it compulsory for disclosure of cryptocurrency investment and trading for the companies during a particular financial year.
Taxation under the Income Tax Act:
The details of taxation of cryptocurrency under different heads of income under Income Tax Act, 1961 are their tax implication are provided below;
Income from Business and Profession:
The aforesaid transaction inlcudes receiving of crypocurrenct as a consideration for supply of goods or sale of services and purchase or sale cryptocurrency as stock in trade. These transaction are taxable under the provsions of the Income Tax Act, 1961. According to section Under Section 28 of the Income Tax Act, any acitivity which is continuous in nature such as trade in cryptocurrenct is included under the definition of business and the profits made by the same are taxable.
Income from other sources:
The income form other sources includes cryptocurrency generated from mining busines which is soley used for investment purpose and the receipt of cryptocurrency as a gift. According to the provisions for Income Tax Act, these tranasaction are taxable.C
Cryptocurrency Generated through mining:
According to the opinions of experts, the currency earned through mining should actually be considered under the income head of other sources income. Considering the same, it must be noted that Section 55 of IT Act provides the provision for cost of improvement and acquisition that does not recognize mining.
Cryptocurrency Received in the form of gift:
The cryptocurrency received in the form of gift is taxabke under head of income from other sources with a particular tax slab. Accodingly, the cryptocurrency received as gift of Rs. 50,000 or more is completely taxable. However, there are certain exemption that can be applicable on cryptocurrency. Some of the exemption criteria are as follows;
Gift received for Marriage
By way of inheritance
Gift received from a relative
Salary and income from House Property:
As the cryptocurrency is still not leaggly recognized by the government of India, the employers are not allowed to make payment of salaries in the form of digital currency. Likewise, the payment of rent in the form of digital currency is also not legal and thus the same cannot recognized legally and is currently not taxable in India under the present income tax law, untill and unless spcific provisions are announced for the same.
Capital Gains:
Section 2(14) of the Income Tax Act, provides the definition of capital asset. It states that capital asset as a property can be of any kind aquired by the taxpayer whether it may be connected with his profession and business. Capital assets includes all types properties except those excluded under the IT Act. Thus, any profit generated through the transfer of cryptocurrency should be considered as capital gain, if it is held for investment purposes and it is taxable depending on duration of property held. The gains are subject to taxation under to taxation under long-term capital gains and short-term capital gains are 20 percent (post indexation) and taxed as per individual slab rate respectively.
Taxation under the Central Goods and Services Tax Act:
As per the provsions of the CGST Act, any business activity which pertains to crypto assets or cryptocurrency is taxable, until and unless it is specifically exempted. The Central Economic Intelligence Bureau (CEIB) has proposed to Central Board for Indirect Taxes and Customs (CBIC) that cryptocurrency mining should be treated as supply of service as it generate cryptocurrenct and the taxable rate for the same will be 18% of GST.
Publisher:CREATION TRUST DEED AND REGISTRATION
Sep 06,2021
Trust-Creation Trust Deed and Registration
Introduction
According to Section 3 of Indian Trust Act 1882, a trust refers to an obligation attached to the property ownership and arising due to the confidence reposed and accepted by the property owner, for the benifit of another or the owner.
Creation Of Trust
For the creation of Trust, the following aspects must be taken into consideration which includes;
Author’s intention to establish a trust
The objective of Trust
The monetray assets must be assigned for the benifits of the trustee.
The trustee can claim salary and expenses from the benifit from the trust for his work.
Provides the authority to control and transer the property to trustee that incorporates the author’s intention.
Who can create Trust?
According to Section 7 of the Indian Trusts Act, a trust can be created by any person who is competent to enter a contract and also on behalf or by a minor provided with the permision of the court of the actual jurisdiction. The following are the persons who are eligible create a Trust;
Hindu Undivided Family;
Minor
Woman
Association of Persons
Company
Registration of Trusts
According to section 5 of the Indian Trusts Act, A trust created personally regarding an immovable property has to be created by a non testamentary instrument and the same must be in writting, signed by the trustees and author of the Trust. It is to be noted that it has to be registered under Section 17 of the Indian Registration Act. Hence, the registration of a trust is very crucial when it is created by a non testamentary instrument. However, in case of Religious and charitable trust regarding an immovable property, to claim exemption under section 11 of the Income tax Act. For which it is very important that the trust instrument must be registered.
Trust Deed
A Trust deed can be defined as an document which establishes the fact of Trust registration. The follwing are some of the contents of a Trust Deed;
Name of the Trust
Office place of the Trust
Objectives of the Trust
Terms and Duration of the Trustees
Number of Trustees
Name of the Trustees
Details of Trust Management
Power, duties and Functions of Trustess
Application of Trust Property
Other relevant matters
Procedure of Registration/Appointment/Termination details of Trustees
Trust Deed Registration
The Trust Deed has to be executed with a suitable value on the stamp paper. It must be signed by the trustees and two witnesses in front of the sub-registrar. After the execution of Trust deed, it can be registered with the local registrar. Once the local registrar register the trust, it will keep the copy of the trust deed and will return the original trust deed back to the trustees.
Procedure for Registration of Trust
The step –wise procedure for registration of Trust is provided below;
Step: 1
Selection of Name for the Trust. However, it is to be noted that the name must be new and must not create any violation.
Step: 2
Provide the definition of trustees’ number and accordingly determine the number of trustee required for the creation of Trust. It is to be noted that a minimum of 2 trustees is required for registration of Trust.
Step: 3
Drafting of the Trust deed is required.
Step: 4
After drafting of the Trust deed, the Trustees and the author of the trust has to present at the office of the sub-registrar along with two witnesses for the trust deed registration. A proper and accurate attested copy of the trsut deed must be submitted along with the prescribed registration fees.
Step: 5
After the filing of a deed of trust, the next step is to applu for the PAN and TAN of the Trust and lastly file application to check account.
Publisher:DEDUCTIONS UNDER INCOME TAX
Sep 15,2021
Deductions under Income Tax
Introduction:
Section 80C is considered the popular section among the taxpayers as it can reduce taxable income with the help of tax-saving investments. This section allows getting a maximum deduction of up to Rs 1.5 lakh every year from the total income of the taxpayers. The benefit of this section can be availed by Hindu Undivided Family (HUFs), Companies, Individuals, Limited Liability Partnerships (LLPs), Partnership Firm, etc. This section also includes certain sub-sections including 80CCC, 80CCD (1), 80CCD (1b) and 80CCD (2).
The following are some of the investments that are eligible for tax deductions under Section 80C;
Public Provident Fund Investment
Employees Provident Fund Investment
LIC Premium Paid
Stamp Duty
Registration Charge for Buying of Property
Principal Amount paid for a home loan
National Savings Certificate
Equity Linked Saving Scheme
Sukanya Smriddhi Yojana (SSY)
Tax Saving on Fixed Deposit
Investment in Infrastructure Bond
Section 80CCC
The aforesaid section is applicable towards deduction for the payment made for life insurance annuity plans. The pensions include the amount received by family members on account of pension or any amount received as a result of surrender of annuity including bonus and interest.
Section 80CCD
The above-mentioned section is meant for deduction for NPS, with the following criteria;
A maximum deduction of 10% of basic salary is allowed in case the taxpayer is an employee
A maximum deduction of 20% of gross total income is allowed in case the taxpayer is self-employed
It is to be noted that the maximum limit is Rs 1.5 Lakh is allowed u/s 80C.
Section 80CCEH
There are investments that are allowed for deduction under this aforesaid section which can help a taxpayer to save taxes and also helps to grow money.
Section 80 TTA
This section is with regard to the deduction for interest received on the savings bank accounts. In the case of individuals or HUF, a maximum of Rs. 10,000 can be claimed against the interest income received from the savings bank account or post office, or cooperative society.
Section 80GG – House Rent Paid
This Section 80GG deduction is available when rent is paid already but House rent Allowance is not received. It is to be noted that the residential accommodation must not be owned by the taxpayer, spouse, or minor child.
Section 80E - Interest on Education Loan:
This section is related to the deduction for Interest on Education loans for Higher Studies. The loan must be taken for educational purposes for children and spouses. Under this section maximum deduction is available for 8 years or till the whole interest is repaid whenever is earlier. It is to be noted that there is no restriction on the amount to be claimed.
Section 80EE -Interest on Home Loan
This section is for deductions on Interest on home loans for new home buyers for the first time. The deduction is allowed under this section of the property value is Rs. 50 Lakhs and the loan amount is less than 35 Lakh.
Section 80D
This section is meant for deduction for the premium paid in respect of Medical Insurance. An Individual or HUF can claim a deduction of Rs. 25000 for insurance done for a spouse, dependent children, or self. Additionally, a deduction of Rs. 25000 is allowed for old parents who are less than 60 years old.
Section 80DD
This section is related to the deduction for Rehabilitation of Handicapped Dependent Relative. This section is applicable to resident individuals and HUF on the expenses incurred on medical treatment for a handicapped relative for rehabilitation. Under this section, if the disability is between 40 to 80 percent, a fixed deduction of Rs. 75000 is allowed. Where the disability is more than 80 percent then a fixed deduction of Rs. 1, 25,000 is allowed.
Section 80DDB – Medical Expenditure
This section is related to the deduction for Medical Expenditure made on self or Dependent Relative. A table depicting the same is provided below;
Particulars
Deduction Limit
For individuals and HUFs below age 60
A deduction up to Rs.40,000 is available to a resident individual or a HUF
For senior citizens and super senior citizens
The individual or HUF taxpayer can claim a deduction up to Rs 1 lakh.
Section 80U – Physical Disability
This section is regarding the deduction for Persons suffering any sort of Physical Disability. For resident individuals, a deduction of Rs. 75,000 is allowed for a person who is suffering from a physical disability. However, in case of severe disability, the deduction limit is Rs 1,25,000.
Section 80G – Donations
The aforesaid section is meant for deduction for donations made towards Social Causes. The term donation has been specified under Section 80G and the deduction are allowed up to 100 or 50 percent with or without any restriction.
Section 80GGB – Company Contribution
This section is for a deduction on contributions provided to political parties by companies. This section is applicable to Indian companies only. The deduction under this section is allowed for contributions made in any way other than cash.
Section 80GGC – Contribution to Political Parties
This section is related to the deduction on contributions provided by persons to some political parties. It is applicable only to individual taxpayers and not applicable to any other person defined under Income Tax Act, 1961.
Section 80RRB – Royalty of a Patent
This is for deduction regarding the income received as royalty for a patent registered under Patents Act 1970 after 1 April 2003. The deduction is limited up to Rs. 3 Lakh of the income received as Royalty.
Section 80 TTB – Interest Income
This section is meant for the deduction of Interest on Deposits made by senior citizens. This section was inserted in Budget 2018. The maximum limit for deduction is Rs.50,000.
Team Academy Tax4wealth
