Sandeep Pawan Jain & Associates, Chartered Accountants, Chandigarh (2026)

Name: Sandeep Pawan Jain & Associates, Chartered Accountants
Address: Chandigarh, IN
Telephone: 9417006611

Sandeep Pawan Jain & Associates (SPJ) Chartered Accountants is a professional firm established in 2002 by Team of Experienced Chartered Accountants with a commitment to provide best professional services to Businesses, Individuals and Society. We constantly endeavor to craft a premier focused professional practice providing high quality services and integrating value added knowledge for our client

s. During the course we have gained wide range of clients across the various sectors. SPJ operates through Head Office at New Delhi and Branches at Chandigarh, Faridabad, Bhatinda and Mansa with adequate infrastructure in terms of automated environment and proficient staff.

22/06/2016

Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees. However, if an eligible person opts for presumptive taxation scheme as per section 44AD(1) of the Act, he shall not be required to get his accounts audited if the total turnover or gross receipts of the relevant previous year does not exceed two crore rupees. The higher threshold for non-audit of accounts has been given only to assessees opting for presumptive taxation scheme under section 44AD.

13/06/2016

Simplification of procedure for Form No. 15G & 15H - Clarifications- reg.

The existing provisions of section 197A of the Income-tax Act, 1961 ('the Act') inter alia provide that tax shall not be deducted, if the recipient of certain payment on which tax is deductible furnishes to the payer a self-declaration in Form No.15G/15H in accordance with provisions of the said section. The manner of filing such declarations and the particulars have been laid down in Rule 29C of the Income-tax Rules, 1962 ('the Rules') w.e.f 1.10.2015 vide Notification No.76/2015 dated 29.09.2015.

2. As per sub-rule (7) and (8) of rule 29C of the Rules notified vide aforesaid notification, the Principal Director General of Income-tax (Systems) is required to specify the procedures, formats and standards for the purposes of furnishing and verification of the declaration and allotment of unique identification number. In pursuance of the same, Principal Director General of Income-tax (Systems) has issued Notification No. 4/2015 dated 1st December, 2015 to notify the procedure, formats and standards.

3. Representations have been received for clarification on the following issues:

(a) Due date for quarterly uploading of 15G/H declarations by payers on e-filing portal,

(b) The manner for dealing with Form 15G/15H received by payer during the period from 1.10.2015 to 31.3.2016.

4. In this regard, it is hereby specified that:

a) The due date for quarterly furnishing of 15G/15H declarations received by the payer from 1.4.2016 onwards shall be as given below:

SI. No Date of ending of the quarter Due Date
of the financial year

(1) (2) (3)

1. 30th June 15th July of the financial year

2. 30th September 15th October of the financial year

3. 31st December 15th January of the financial year

4. 31st March 30th April of the financial year
immediately following the financial
year in which declaration is made.

(b) The payer shall furnish 15G/15H declarations received during the period from 1.10.2015 to 31.3.2016 on e-filing portal (http://incometaxindiaefiling.gov.in) in the given format on or before 30th June, 2016.

07/06/2016

Cost Inflation Index for Financial Year 2016-17 notified as "1125"

03/06/2016

The Ministry of Corporate Affairs has issued notification for constitution of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) with effect from 1st June, 2016. Hon’ble Justice S.J. Mukhopadhaya, Judge (Retd.), Supreme Court of India has joined as the Chairperson of the NCLAT and Hon’ble Justice M.M. Kumar, Judge (Retd.) has joined as the President of the NCLT.

With the constitution of the NCLT, the Company Law Board constituted under the Companies Act, 1956 stands dissolved.

Initially, NCLT will have eleven Benches, two at New Delhi and one each at Ahmedabad, Allahabad, Bengluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai.

02/06/2016

Extension of scope of Sec 43B to include certain payments made to Railways

Existing Law - It provides that any sum payable by the assessee by way of tax, cess, duty or fee, employer contribution to Provident Fund, etc., is allowable as deduction of the previous year in which the liability to pay such sum was incurred (relevant previous year) if the same is actually paid on or before the due date of furnishing of the return of income irrespective of method of accounting followed by a person.

Post Budget Amendment - It is proposed to amend section 43B so as to expand its scope to include payments made to Indian Railways for use of Railway assets within its ambit.

Impact - To ensure the prompt payment of dues to Railways for use of the Railway assets.

Applicable date With effect from 1st day of April, 2017, i.e. assessment year 2017-2018 and subsequent years.

Address

Chandigarh

Telephone

9417006611

Website

http://www.spjca.in/

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