Jay Pee & Associates, Chartered Accountants

13/07/2016

13/07/2016

Result of the Chartered Accountants Final Examination held in May 2016 and Common Proficiency Test (CPT) held in June 2016 are likely to be declared on Monday, the 18th July 2016Result of the Chartere

29/01/2016

SON: "Daddy, may I ask you a question?"
DAD: "Yeah sure, what is it?"
SON: "Daddy, how much do you make an hour?"
DAD: "That's none of your business. Why do you ask such a thing?"
SON: "I just want to know. Please tell me, how much do you make an hour?"
DAD: "If you must know, I make $100 an hour."
SON: "Oh! (With his head down).
SON: "Daddy, may I please borrow $50?"
The father was furious.
DAD: "If the only reason you asked that is so you can borrow some money to buy a silly toy or some other nonsense, then you march yourself straight to your room and go to bed. Think about why you are being so selfish. I work hard everyday for such this childish behavior."

The little boy quietly went to his room and shut the door.
The man sat down and started to get even angrier about the little boy's questions. How dare he ask such questions only to get some money?
After about an hour or so, the man had calmed down, and started to think:
Maybe there was something he really needed to buy with that $ 50 and he really didn't ask for money very often. The man went to the door of the little boy's room and opened the door.

DAD: "Are you asleep, son?"

SON: "No daddy, I'm awake".
DAD: "I've been thinking, maybe I was too hard on you earlier. It's been a long day and I took out my aggravation on you. Here's the $50 you asked for."

The little boy sat straight up, smiling.
SON: "Oh, thank you daddy!"
Then, reaching under his pillow he pulled out some crumpled up bills. The man saw that the boy already had money, started to get angry again. The little boy slowly counted out his money, and then looked up at his father.

DAD: "Why do you want more money if you already have some?"

SON: "Because I didn't have enough, but now I do.

"Daddy, I have $100 now. Can I buy an hour of your time? Please come home early tomorrow. I would like to have dinner with you."
The father was crushed. He put his arms around his little son, and he begged for his forgiveness. It's just a short reminder to all of you working so hard in life. We should not let time slip through our fingers without having spent some time with those who really matter to us, those close to our hearts. Do remember to share that $100 worth of your time with someone you love? If we die tomorrow, the company that we are working for could easily replace us in a matter of days. But the family and friends we leave behind will feel the loss for the rest of their lives. And come to think of it, we pour ourselves more into work than to our family.

Some things are more important.

26/09/2014

As per the provisions of the Income-tax Act, 1961 (‘the Act’), for an assessee, who is required to obtain Tax Audit Report (TAR) under section 44AB of the Act, the due date for furnishing his return of income is 30th September of the Assessmen

22/09/2014

EXTENSION GRANTED by Gujarat High Court...  Gujrat Court gave his verdict, Date of filing ITR is extended to 30 Nov 2014   Victory of Mission TAR 2014.   The Hon. Gujarat High court has pronounced that Direction is Given to the Ce

03/09/2014

NIL TDS – File Declaration for Non-filing of TDS statement on TRACES


Your urgent attention is invited to relevant CBDT Circulars and provisions of the Income Tax Act, mandating filing of TDS Statements and Issuance of TDS Certificates downloaded from TRACES. But If you are not required to submit TDS statement for FY 2013-14 and not filed any TDS Statements in FY 2013-14 , than you are required to submit a declaration by taking appropriate action as suggested under “Action to be taken” in this Article.

Currently, if there is no TDS to be deducted, no action is taken in terms of filing TDS return for the particular quarter. Due to this practice of non-intimation, the Income Tax department is not able to find out the difference between the following two types of deductors- 1. Deductors required to file return but not filed and 2. Deductors not required to file return due to NIL TDS. Henceforth, the persons who are not required to submit a return of TDS due to non applicability in any particular quarter shall have to submit a Declaration for the same on Traces as suggested in Point No. 3 of this article.

1. Mandatory filing of TDS Statements: Under the provisions of section 200(3) of the Income Tax Act, 1961 read with Rule 31A, which reads as follows:
Every person responsible for deduction of tax under Chapter XVII-B, shall, in accordance with the provisions of sub-section (3) of section 200, deliver, or cause to be delivered, the following quarterly statements to the Director General of Income-tax (Systems) or the person authorised by the Director General of Income-tax (Systems), namely:
a. Statement of deduction of tax under section 192 in Form No. 24Q;
b. Statement of deduction of tax under sections 193 to 196D in-
Form No. 27Q in respect of the deductee who is a non-resident not being a company or a foreign company or resident but not ordinarily resident; and
Form No. 26Q in respect of all other deductees.
It is, therefore, advised to file the applicable TDS Statements at the earliest to comply with the above provisions.
2. Implications of Non/ Late filing of TDS Statements:
For Deductors: In case of late filing of TDS Statements, a fee shall be levied on the deductor u/s 234E of the IT Act which reads as under:
• Where a person fails to deliver or cause to be delivered a statement within the time prescribed in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C, he shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure continues
For Tax payers: Non/ Late filing of TDS statements results into the TDS Credit not being available to the deductees. They, therefore, will not be able to claim the credit for tax already deducted from the payments made to them. Please note that TDS Certificates will not be available until the TDS Statements are duly filed.
3. Actions to be taken and Procedure for filing of Nil TDS return/ declaration for non filing of TDS statement:

Please file the relevant TDS Statement without any further delay.
If you are not required to file the same, please submit a declaration for Non-filing on TRACES. For this purpose, you can login to TRACES, navigate to “Statements/ Payments” menu and submit details under “Declaration for Non-Filing of Statements.
“Declaration for Non-Filing of a statement has been enabled on TRACES”

03/09/2014

The Council of the Institute has clarified that the earlier restriction of maximum of 20 partners permitted for firms under section 11 of the Companies act, 1956 is no more applicable to the firms as Section 464 of the Companies Act, 2013 has been notifie

01/09/2014

EPF LIMIT INCREASED TO Rs.15,000 from Rs.6,500 wef 1st Sept,2014
Henceforth, salaried people earning up to Rs. 15,000 a month will have to compulsorily maintain an employee provident fund account, with the Government notifying the new norm. Earlier the salary limit was Rs. 6,500 a month.
The minimum pension has also been hiked to Rs. 1,000/month, a longstanding demand of workers’ representatives in the Employees Provident Fund Organisation (EPFO). All the revised schemes will be implemented from September 1.
The decisions had been taken by the EPFO trustees towards the end of the UPA’s tenure, but had not been notified. After taking over in June, the Narendra Modi Government had assured trade unions that it would notify them within two weeks.
The Gazette notification, dated August 22, also raised the maximum assured sum under the Employees’ Deposit Linked Insurance Scheme to Rs. 3 lakh.
Accordingly, in a circular issued on August 28, the EPFO has requested all regional PF commissioners to implement the schemes in “letter and spirit”.
In his maiden Budget speech in July, Finance Minister Arun Jaitley had said that it was mandatory for salaried persons earning up to Rs. 15,000 a month to maintain PF accounts.
More subscribers
The move to hike the wage ceiling, as per EPFO estimates, will draw in about five million new PF subscribers. The hike in pension is expected to benefit 2.8 million pensioners, including 500,000 widows, some of whom have been getting a measly amount of Rs. 150-200 a month.
Orphaned children of the deceased subscriber will now get a maximum assured sum of Rs. 750 a month for 2014-15.

30/08/2014

Varun Bhasin check it out for ur reference......

25/08/2014

Special thanks to ICAI !!

Sub: Stay order by Allahabad High Court dt 06/08/2014 restricting Chartered Accountants to appear before UP VAT Authorities vacated.

Hi !

This is with reference to the order passed by the Lucknow Bench of the Allahabad High Court in the matter of Tax Lawyers Association & Anr. v/s State of U.P. & Ors. whereby only registered advocates were permitted to appear before the Authority under the VAT Act in the State of U.P.

On applications filed by the ICAI for impleadment and vacation of stay, the Hon'ble Lucknow Bench of Allahabad High Court has modified its order dated 6th August, 2014 and consequently Chartered Accountants would continue to be permitted to appear before the Authority under the VAT Act in the State of U.P.