Jain S J & Associates

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Jain S J & Associates is a prominent Chartered Accountants firm in India offering services in the areas of Auditing, Business Taxation, Accounting, Finance, Business Incorporation in India, Individual and corporate compliances etc.

From 1st October 2022, E-invoicing mandate for taxpayers having aggregate turnover exceeding Rs. 10 crore.
01/08/2022

From 1st October 2022, E-invoicing mandate for taxpayers having aggregate turnover exceeding Rs. 10 crore.

Reduction of time limit for verification of ITR👉🏻 ITR should be verified within 30 days instead of earlier 120 days.👉🏻 O...
01/08/2022

Reduction of time limit for verification of ITR

👉🏻 ITR should be verified within 30 days instead of earlier 120 days.

👉🏻 Only speed post mode is allowed for manual verification.

👉🏻 Returns filed till 31.07.22 can be verified within 120 days.

👉🏻 Date of e-verification or manual verification is the date of filing the returns in case of returns e verified or manually submitted after 30 days, and late fee and interest will be charged accordingly.

Income Tax Return Filing is Mandatory if:- 👉🏻 Income Exceeds the Basic Exemption Limit; or👉🏻 Total sales in the business...
23/04/2022

Income Tax Return Filing is Mandatory if:-

👉🏻 Income Exceeds the Basic Exemption Limit; or

👉🏻 Total sales in the business exceeds Rs. 60 Lakhs; or

👉🏻 Total Receipts in profession exceeds Rs. 10 Lakhs; or

👉🏻 Aggregate of withholding taxes (TDS and TCS) is Rs. 25,000/- or more (for senior citizen limit is Rs. 50,000/- or more); or

👉🏻 Aggregate of deposit in one or more savings bank accounts is Rs. 50 Lakhs or more; or

👉🏻 Deposit of Rs. 1 crores or more in one or more current accounts; or

👉🏻 Expenditure of Rs. 2 Lakhs or more on foreign travel expenses either for himself or for any other person; or

👉🏻 Expenditure of Rs. 1 Lakhs or more towards consumption of electricity.

NHAI Capital Gain bonds u/s 54EC Discontinue w.e.f 01.04.2022.
03/04/2022

NHAI Capital Gain bonds u/s 54EC Discontinue w.e.f 01.04.2022.

*MCA Update*👉🏻 Implementation of Audit Trail feature for Accounting Software to be deferred till 1st April, 2023.👉🏻 Last...
31/03/2022

*MCA Update*

👉🏻 Implementation of Audit Trail feature for Accounting Software to be deferred till 1st April, 2023.

👉🏻 Last date for filing Form CSR-2 extended till 31st May, 2022.

Aadhaar-PAN Linking due date is 31-03-2022.If not linked then from 01-04-2022Fee of Rs.500/- payable if linked with in 3...
30/03/2022

Aadhaar-PAN Linking due date is 31-03-2022.

If not linked then from 01-04-2022
Fee of Rs.500/- payable if linked with in 3 months, else fee payable is Rs.1000/-.

If not linked before 31-03-2022 then PAN shall become inoperative & shall become operative after payment of applicable fee while linking.

27/03/2022

"Take care while taking Investment Plan for Tax Saving"

A Unit Link Insurance Plan (ULIP) is an investment product that helps the investor claim an 80C deduction.

But...

Tax exemption on maturity proceeds of Unit-Linked Insurance Plans (Ulips) on annual premiums of over Rs 2.5 lakhs was "removed".

If there are multiple Ulips,the aggregate premium paid will be taken into account.

Applicable on Ulips purchased on or after February 1, 2021. i.e, ULIPs which were purchased before February 1, 2021 were considered to be totally exempted.

However, it does not mean that you can purchase new ULIPs with premium up to Rs 2.5 lakhs, for exemption the aggregate premium of both new as well as old ULIP will be considered and if the amount exceeds Rs 2.5 lakhs then this exemption will not be available for the new ULIP.

Important Compliances due by 31st March, 2022 under IT Act: -👉 Last date to link PAN and Aadhar as extended various time...
23/03/2022

Important Compliances due by 31st March, 2022 under IT Act: -

👉 Last date to link PAN and Aadhar as extended various times previously is 30.03.2022, if not done then PAN will be deactivated and a fine of upto Rs 10,000 can be imposed on the assessee.

👉 Filing of belated returns for FY 2020-21 with a penalty of Rs 1000 / 5000 can be done on or before 31st March, 2022. No ITR can be filed for the relevant FY either physically nor electronically after 31st March, 2022.

👉 E-verification of ITRs filed for FY 19-20 can be done till 31st March, 2021. It is a one time relaxation given by CBDT to tax payers who have not e-verified their ITR for FY 19-20 till now, can get it done any time on or before the specified date. If not done, it will be deemed that the assessee has not filed ITR for the relevant FY.

👉 Last installment due date for payment of advance tax is due by 15th March, 2022. However, assessee can deposit advance tax for FY 21-22 anytime on or before 31st March, 2022. It is necessary to avoid interest u/s 234B.

👉 Last date to invest in tax saving schemes for FY 21-22 is 31st March, 2022. Those who are looking to save taxes can plan their tax savings schemes anytime upto 31st March, 2022.

👉 The due date for filing of form 10A and Form 10AB for mandatorily conversion of trusts registered u/s 12AA to 12AB as extended is 31st March, 2022.

E-invoicing system mandatory for taxpayers with a turnover higher than Rs.20 crore from 1st April 2022.
25/02/2022

E-invoicing system mandatory for taxpayers with a turnover higher than Rs.20 crore from 1st April 2022.

The key highlights of the Budget 2022 on Income Tax :-👉 No change in Income Tax Slabs.👉 Introducing new ‘Updated return’...
01/02/2022

The key highlights of the Budget 2022 on Income Tax :-

👉 No change in Income Tax Slabs.

👉 Introducing new ‘Updated return’
Assessee can filed an Updated Return on payment of additional tax within two years from the end of the relevant assessment year.

👉 Alternate Minimum Tax paid by cooperatives brought down from 18.5% to 15%.

👉 Surcharge on Cooperative Societies reduced from 12% to 7% for those having total income of more than Rs 1 crore and up to Rs 10 crores.

👉 Tax deduction limit increased from 10 per cent to 14 per cent on employer’s contribution to the NPS account of State Government employees.

👉 Period of incorporation extended by one year, up to 31.03.2023 for eligible start-ups to avail tax benefit.

👉 Last date for commencement of manufacturing or production under section 115BAB extended by one year i.e. from 31st March, 2023 to 31st March, 2024.

👉 Scheme for taxation of virtual digital assets
✓ Any income from transfer of any virtual digital asset to be taxed at the rate of 30 per cent.
✓ No deduction in respect of any expenditure or allowance to be allowed while computing such income except cost of acquisition.
✓ Loss from transfer of virtual digital asset cannot be set off against any other income.
✓ TDS to be provided on payment made in relation to transfer of virtual digital asset at the rate of 1% of such consideration above a monetary threshold.
✓Gift of virtual digital asset also to be taxed in the hands of the recipient.

👉 Surcharge on long term capital gains arising on transfer of any type of assets capped at 15%.

👉 No set off, of any loss to be allowed against undisclosed income detected during search and survey operations.

CBDT extends the timeline for filing Income Tax Returns and various Reports of Audit for AY 2021-22.
11/01/2022

CBDT extends the timeline for filing Income Tax Returns and various Reports of Audit for AY 2021-22.

Revision of GST rates from 5% to 12% in Textile Sector deferred. Existing rates of GST 5% would continue beyond January ...
01/01/2022

Revision of GST rates from 5% to 12% in Textile Sector deferred.

Existing rates of GST 5% would continue beyond January 01, 2022.

Address

Delhi
110006

Opening Hours

Monday 10am - 8pm
Tuesday 10am - 8pm
Wednesday 10am - 8pm
Thursday 10am - 8pm
Friday 10am - 8pm
Saturday 10am - 5pm

Telephone

+919999144312

Website

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