Ved Jain & Associates

The Government has announced PAN 2.0 project with an aim to integrate various services and to use digitisation to ease compliance for taxpayers and citizens. Our partner, CA Ankit Jain spoke to Mirror Now on a Panel Discussion and spoke about what expectations does professionals have from PAN 2.0.    Click on the link below to see the discussion. https://lnkd.in/gwr65wwB

ESOP of overseas company allotted to Indian Residents employees are required to be declared in Income tax return under FA ( Foreign Assets ) schedule. Non declaration can lead to penalty of Rs 10 lakhs for each year under section 42 of Black Money Act. Further such ESOP is a taxable perquisute and Indian Residents need to include fair market value of such ESOP in it’s income in the year of allotment of such ESOP. Dividend received in respect of such ESOP is also taxable and such dividend income is also to be included in the income tax return of the respective year , howsoever small it may be. Further sale/ conversion of such ESOP is also liable for capital gain tax . Deduction/ withholding of tax on such ESOP by the employer doesn’t absolve the employees from their obligation to declare such income and pay taxes in India. However credit of any tax paid / deducted overseas on such income can be claimed in the income tax return filed in India. It may be noted that Provisions of Black Money Act are applicable in case of non declaration which are very stringent . Accordingly, it will be advisable to make sure that appropriate disclosure is made in tax return and such income is included in tax return . If tax return has already been filed, the same can be revised for AY 2024-25 up to 31st December, 2024 or updated return can be filed for AY 2022-23 and AY 2023-24). It may be further noted that updated return can be filed before notice is issued by tax department. After issue of notice by tax department, taxpayer is not eligible to file updated return. Updated return once filed absolves the taxpayer from all penal consequences. Regards Ved Jain

Sharing the latest edition of 'At A Glance' covering Compliance Calendar for December 2024 #TeamVJA #ataglance #update

On your special day and always, we appreciate your dedication and expertise, Mr. Nikhil Kabra. Wishing you a wonderful birthday. #Birthdayupdate #teamvja

Launch Your Career with a Thriving Opportunity! We're seeking ambitious Semi-qualified professionals to join our dynamic team in Central Delhi. To qualify, you must have passed both groups of CA-Intermediate and completed article ship. This role offers invaluable expertise development and collaboration with some of the brightest minds in the industry, taking your career to new heights. Interested candidates, share your updated resume at hr@vedjainassociates.com #HiringAlert #SemiQualified #TeamVJA #CareerAdvancement"

CBDT issues Circular allowing Condonation of Delay in Filing various Forms/ Audit reports for Charitable Trusts and Institutions The circular applies to forms such as Form 9A, Form 10, Form 10B, and Form 10BB for AY 2018-19 and subsequent years. 1.Form 9A is required to be filed by charitable trusts or institutions for claiming exemption in respect of income that could-not be applied for charitable purposes in the current assessment year but will be applied in the subsequent year under Section 11(1) Explanation. 2.Form 10 is required to be filed for accumulating income for a period of five years under Section 11(2) when 85% of thecurrent year income could not be applied-during the year for charitable purposes. 3.Form 10B is an audit report required to be filed by charitable trusts or institutions whose income without claiming exemption exceeded ₹5 crore or which receivedcontributions under the Foreign Contribution Regulation Act (FCRA). 4.Form 10BB is an audit report required to be filed by all charitable trusts or institutions whose income exceeds the-maximum amount not chargeable to tax before claiming exemption under Section 11 and Section 12of the Act. This circular applies to delays in filing the above forms/audit reports for the AY 2018-19 and onwards only. Further applications for condonation can be made for a delay of up to 3 years from the end of the relevant AY. This will mean that these forms/audit report cannot be filed now for AY 2018-19, AY 2019-20, AY 2020-21 as a period of 3 years from the end of the AY has already elapsed. However, this time limit of 3 years applies to applications filed on or after the issuance of this circular. Accordingly, where the relevant form in respect of AY 2018-19, AY 2019-20, AY 2020-21 has already been filed before the date of this circular i.e. 18.11.2024, the same will still be eligible for condonation of delay without the ceiling of 3 years. However, where any of these forms have not been filed so far, then the same can be filed only if it falls within the period of 3 years from the due date of filing of such form. i.e. AY 2021-22, AY 2022-23, AY 2023-24 & AY 2024-25. For Delays Up to 365 Days (1 Year) the application for condonation of delay is to be made to the PCIT/CIT and for Delays Beyond 365 Days (More Than 1 Year) the application for condonation is to be made to PCCIT/CCIT The condonation of delay is not automatic. The PCCIT/ PCIT while allowing condonation must be satisfied that the applicant was prevented by reasonable cause from filing the relevant form/ audit report and the case is of genuine hardship on merits. Hence it will be important to draft the application carefully so as to provide adequate justification for the delay and also demonstrate that the case is of genuine hardship. This circular is going to address the hardship of many NGO’s whereby huge demand has been created just because of technical default in filing such forms.

Wishing a Happy Birthday to a true leader and mentor, Mr. Ankit Jain. May your day be filled with joy and celebration. Your guidance and expertise have been instrumental to our success. #teamvja #Birthdayupdate

The Ministry of Micro, Small, and Medium Enterprises (MSME) vide notification dated 07th November 2024 has mandated all Companies with a turnover exceeding ₹250 crore, and all Central Public Sector Enterprises (CPSEs), to register themselves on Trade Receivables Discounting System (TReDS) platform. The required Companies shall onboard themselves as "Buyers" on any of the three available TReDS platforms by March 31, 2025: 1. www.invoicemart.com  2. www.m1xchange.com  3. www.rxil.in #CorporateLawupdates #MSMEUpdates

Sharing the latest edition of 'At A Glance' covering Compliance Calendar for November 2024 #TeamVJA #ataglance #update

Warmest birthday wishes to our incredible partner, Mr. Swarnjit Singh! May this new year bring you as much happiness and inspiration as you bring to us each day. #TeamVJA #Birthdayupdate