CA Sohrabh Jindal- Tax Saarthi

13/12/2024

*Opening for CAs*

Firm Name: *SOHRABH JINDAL & ASSOCIATES*
Location/ Address: [City/Area] : Pragati Deep Building, District Centre, Laxmi Nagar, Delhi-110092
*Position: Qualified CA* : *One Position*
Eligibility: *CA with 2 year post qualification Experience*
Key Areas of Exposure: Internal Audits, Stat Audits, Bank Audits, Income Tax, GST and ROC Matters, Tax Litigations etc.
Stipend/ Salary: As per capabilities
How to Apply: Interested candidates can send their resumes to [*[email protected]*] or contact us at [011-47603624, ]. *Mention in the mail subject- Application for the Post of CA.*
Last Date to Apply: [Specify Date, if any]
Website or LinkedIn Page: *www.casohrabhjindal.com*

Our Motto : Work With Excellence Searching for Quality Services, You are at right Place We are known for our Quality Services

09/10/2024

RCM applicable in GST on commercial property

21/09/2024

Central Government vide Notification dated 20-09-2024 has notified the Rules and Forms for *Vivad se Vishwas Scheme 2024* to resolve Income tax disputes as announced in Union Budget 2024,.

This is for your information purpose.

Thank you
CA Sohrabh Jindal
9810216640

20/09/2024

*Vivad se Vishwas Scheme 2024* to resolve Income tax disputes as announced in Union Budget 2024, *will come into effect wef 1-10-2024* as per Notification dated 19-9-2024.

This is for your information purpose.

Thank you
CA Sohrabh Jindal
9810216640

18/09/2024

CBDT today following up Finance Minister Budget announcement, has issued Circular No. 9 dt 17.09.2024 *enhancing limit for filing appeal by Department against order passed in favour of assessee*. The enhanced limit shall be applicable to all pending appeals as on date . *The enhanced limits are as under:-*
Against CIT(Appeals ) to ITAT……..Rs 60 lakhs
Against ITAT order to High Court ……Rs 2.00 crore
Against High Court order to Supreme Court Rs 5.00 crore
Existing appeals below the above threshold are to be withdrawn by Revenue .

09/09/2024

*GST Council in its 54th meeting on 9th september-2024 has recommended various changes (which will be effective after notification). out of which some important are-*

*1- RCM on renting of commercial property by unregistered person to a registered person under Reverse Charge Mechanism (RCM) to prevent revenue leakage.*

*2- A TDS of 2% will be applicable on supply of metal scrap by registered person in B to B supply.*

*3- B2C E-invoicing:*

for complete recommendation list, Plz click on the following link-

https://pib.gov.in/PressReleasePage.aspx?PRID=2053233

This is for your information purpose only
Thank You

CA Sohrabh Jindal
9810216640

The 54th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs

21/08/2024

*CBDT issues Press Release dt Aug 20, 2024 clarifying requirements for obtaining Income-tax clearance certificate (ITCC) under Section 230(1A) by persons domiciled in India.*

The Finance (No.2) Act, 2024 made an amendment in Section 230(1A), vide which, reference of the Black Money Act, 2015 has been inserted in the said Section.

This insertion is made to also cover the liabilities under the Black Money Act in the same manner as the liabilities under the Income-tax Act,1961 and other Acts dealing with direct taxes for the purpose of Section 230(1A).

Due to incorrect interpretation of the said amendment, It is being erroneously reported that all Indian citizens must obtain ITCC before leaving the country, which the CBDT clarifies is factually an incorrect position.

As per section 230, every person is not required to obtain a ITCC. Only certain persons, in respect of whom circumstances exist which make it necessary to obtain a tax clearance certificate, are required to obtain the said certificate.

This position has been in the statute since 2003 and remains unchanged even with the amendments vide Finance (No. 2) Act, 2024.

*CBDT reiterates that the ITCC under Section 230(1A) is needed by residents domiciled in India, only in rare cases, such as:*

*(i) where a person is involved in serious financial irregularities; or*

*(ii) where a tax demand of more than Rs.10 lakh is pending which is not stayed by any authority.*

17/08/2024

*Service of Notice / order not proper as per Income tax Act if notice is just placed on the Income tax portal only without simultaneously serving on the email of the assessee or physical correspondence at the address of the assessee*

Hon’ble Punjab & Haryana HC in a case has decided an important issue that merely placing a notice on the Income Tax Portal without simultaneous serving on the email of the assessee or physical correspondence at the address of the assessee is not a valid service notice and hence it is clearly denial of Principle of natural Justice and hence corresponding orders are liable to be quashed and assessee must be given a reasonable opportunity of being heard.

*For complete detail Plz click on*

*https://casohrabhjindal.com/Blog/37/serviceofnotice.aspx*

Service of Notice / order not proper as per Income tax Act if notice is just placed on the Income tax portal only without simultaneously serving on the email of the assessee or physical correspondence at the address of the assessee

14/08/2024

*Special drive by GST Department for GST Registration verification on All India basis*

GST Department is going to start a special All-India drive during the period *from 16th August 2024 to 15th October 2024* for verification and detection of suspicious/ fake registrations and for taking timely remedial action to prevent any further revenue loss to the Government.

If, after detailed verification, it is found that the taxpayer is non-existent and fictitious, then the tax officer may immediately initiate action for suspension and cancellation of the registration of the said taxpayer,. ITC blocking etc

*Important Precautions to be kept in mind*

1. A suitable board must be displayed on the business premises.
2. All the documents of purchases and sales invoices, books of accounts and other documents must be available on the business Premises.

This is for your information purpose only
Thank you

*CA Sohrabh Jindal*
*Ph-9810216640*

31/07/2024

मेरे जन्मदिन पर आपके द्वारा दी गई शुभकामनाओं के लिए आपका बहुत-बहुत आभार एवं धन्यवाद।
आपका अपना सौरभ जिंदल

24/07/2024

*FINANCE BILL-2024*

*A bird eye view of Some Important Proposals in Income Tax*

1. No Change in Old Regime of Individual Tax

2. New Tax Slab in New Tax Regime

3. Treatment of Buy Back of shares

Gain / Profit on buy back of Shares (on or after 1-10-2024) to be taxable in the hands of Shareholder in place of Company – (New section 2(22)(f) and exemption u/s 10(34A) withdrawn wef 1-10- and corresponding change in section 46A

Now the Gain shall be treated as dividend in the hands of shareholder in place of Capital Gain as earlier.

No deduction for expenses shall be available against such dividend income while determining the income from other sources.

The cost of acquisition of the shares which have been bought back would generate a capital loss in the hands of the shareholder as these assets have been extinguished. Therefore when the shareholder has any other capital gain from sale of shares or otherwise subsequently, he would be entitled to claim his original cost of acquisition of all the shares

4. Change in definition of Short term capital assets- from 36 months to 24 months (2(42A).

5. Increase of Standard Deduction from 50K to 75K – only in case of new regime.

6. W.e.f. 1-4-25, any income from letting out of a residential house or a part of the house by the owner shall not be chargeable under the head “Profits and gains of business or profession” and shall be chargeable under the head “Income from house property- Amendment in section 28

7. W.e.f. 1-4-25, Change / Increase in the remuneration allowed to Partners of a partnership firm. (change in section 40(b))

8. Capital Gains

a. Indexation benefit withdrawn from Long term capital assets wef 23-7-24

b. Tax rates on LTCG 12.5% from 20% (other than Listed securities)

c. Tax rates on LTCG 12.5% from 10% (for Listed securities)

d. Tax rates on STCG on Listed securities 20% from 15%

e. Only two holding period 12 month (Listed securities) and 24 months (all other assets)

f. Exemption u/s 112A increased to 125000/- from 100000/-

9. Removal of Restriction on receipt of amount in excess of face value of shares from issue of shares (removal of section 56(2)(viib) wef AY 24-25

10. Total change of Procedure for Income escapement assessment. Now maximum period of reassessment has been reduced to 5 years from 10 years as earlier

11. Concept of block assessment reintroduced in case of Search and Seizure. Income to be taxed @60%+ Surcharge + Cess

12. Section 194H- TDS on commission to be deducted @2% in place 5% wef 1-10-2024

13. TDS rated has been reduced in various sections

14. New TDS Section wef AY 25-26, u/s 194T- TDS is required to be deducted by FIRM @10% on payment of salary/ remuneration/ commission/ bonus/ interest paid to partner.

15. Power has been given to CIT(A) to refer the case back to AO for assessment in case the appeal is against assessment order u/s 144.

16. A new Vivad se Vishwas scheme has been introduced

*Compiled by*
*CA Sohrabh Jindal*

22/07/2024

Openings for

CA Articles (Stipend- 8000, 10000, 12000/- per month.)

CA DROPOUT / paid assistants having minimum 2 year experience in CA firm, (Salary as per experience and capabilities)

Nature of work- Internal Audits, Statutory audit, Bank Audits, GST & Income Tax Litigation and Compliances , ROC Matters, Accounting etc.

mail your cv at ---

[email protected]
Ph- 01147603624
Office Location : 205, Pragati deep building, District Center, Laxmi Nagar, Delhi-92
know more about us at –

         Our Motto : Work With Excellence           Searching for Quality Services, You are at right Place We are known for our Quality Services