S B H S & Associates, Chartered Accountants

30/12/2024

The Income Tax Department has extended the deadline to January 31, 2025 for availing the Vivad Se Vishwas Scheme 2024 by paying a lower amount of tax.

This extension provides taxpayers with additional time to settle disputes and promotes efficient resolution.

Link to full article in the Economic Times & ET Wealth with insights from myself and others:

https://m.economictimes.com/wealth/tax/income-tax-dispute-deadline-to-pay-a-lower-amount-of-tax-to-avail-vivad-se-vishwas-scheme-2024/articleshow/116804312.cms

Income Tax Department Extends Deadline to pay a lower amount of tax to apply for Vivad Se Vishwas Scheme 2024

20/08/2024

It is a proud moment for our family today as my brother CA Himansh Singla has joined one of Chandigarh's leading firm, Jain & Associates, Chartered Accountants! ♥️

It all started here in 2018, both for me and my brother as we did our articleship too from the same firm!

Looking forward to contributing our family legacy and growing along the way!

17/08/2024

Morning suprise!

Honored to receive the news that I have been nominated as a member of the Research Study Group of the Chandigarh Branch of NIRC of ICAI!

Looking forward to collaborate with fellow professionals to foster positive changes and better practices! 🙏🏻🔥

31/07/2024

So finally, we too have completed all our unaudited ITR filings for AY 2024-2025. 💯

22/06/2024

DECISIONS OF THE 53rd GST COUNCIL MEET!

22/06/2024

Key Recommendations made by the 53rd GST Council meeting held today:

1. Waiver of Interest and Penalty
Waiver of interest and penalty on demand notices issued under Section 73 for FY 2017-18, 2018-19, and 2019-20, applicable where tax is paid entirely by March 2025.

2. Extended Time Limit for ITC
Time limit to avail ITC u/s 16(4) extended to 30th November instead of October for FY 2017-18, 2018-19, 2019-20, and 2020-21.

3. Monetary Limits for Appeals
Monetary limit for filing appeals by the tax department set at ₹20 lakh for the tribunal, ₹1 crore for the High Court, and ₹2 crore for the Supreme Court.

4. Reduced Pre-Deposit for Appellate Authority
Maximum amount of pre-deposit for filing an appeal before the appellate authority reduced from ₹25 crore to ₹20 crore each for CGST and SGST.

5. Reduced Pre-Deposit for Tribunal
Pre-deposit for filing an appeal before the tribunal reduced to 20% and ₹20 crore each for CGST and SGST.

6. Amendment in Appeal Time Limits
Amendment in law to provide that the time limit for filing appeals before the tribunal will start from the date the government notifies it.

7. Extension of GSTR-4 Filing Deadline
Extension of time limit to file GSTR-4 till 30th June.

8. No Interest on Cash Ledger Amount
Interest will not be charged for the amount available in the cash ledger at the time of filing GSTR-3B.

9. New Form GSTR-1A
Insertion of new Form GSTR-1A to allow corrections in GSTR-1, which can be filed before filing GSTR-3B.

10. Biometric Aadhar Authentication
Biometric-based Aadhar authentication on a PAN-India basis in a phased manner.

11. Various Clarifications Issued
Clarifications issued on various topics, including:
- 12% tax rate for milk cans
- Uniform GST rate of 12% on all carton boxes
- Clarification that all types of sprinklers will attract 12% GST and past practice to be continued
- 12% rate on all solar cases
- Services by railways, platform tickets, and other services are exempt
- Service of hostel accommodation outside educational institutions made exempt with conditions

14/06/2024

BREAKING: The Government Of India, Ministry Of Personnel, Public Grievance & Pensions has issued an Office Memorandum Dated 14th June 2024, stating that the new criminal laws will come into force from 1st July 2024.

13/06/2024

Don't miss to fill the Schedule FA & Schedule FSI if you hold foreign shares/ RSU / ESOPs / ESPPs through your employer

Check for 'perquisities' in Form 16 to determine if stock options are held.

Fair market value on date of exercise (to be provided by employer) is the cost of acquisition to be reported in Schedule FA!

12/06/2024

𝗜 𝗵𝗮𝘃𝗲 𝗳𝗿𝗲𝗾𝘂𝗲𝗻𝘁𝗹𝘆 𝘀𝗲𝗲𝗻 𝘁𝗵𝗮𝘁 𝗺𝗮𝗻𝘆 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗮𝗻𝘁𝘀 𝗮𝗻𝗱 𝘀𝗮𝗱𝗹𝘆 𝘀𝗼𝗺𝗲 𝘁𝗮𝘅 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹𝘀 𝘁𝗼𝗼 𝗳𝗶𝗹𝗲 𝗜𝗧𝗥-𝟭/𝟮 𝗳𝗼𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗜𝗻𝗰𝗼𝗺𝗲 𝗯𝘆 𝘀𝗵𝗼𝘄𝗶𝗻𝗴 𝗥𝗲𝗰𝗲𝗶𝗽𝘁𝘀 𝗶𝗻 𝗢𝘁𝗵𝗲𝗿 𝗦𝗼𝘂𝗿𝗰𝗲𝘀.

𝐓𝐡𝐢𝐬 𝐮𝐩𝐝𝐚𝐭𝐞 𝐢𝐬 𝐯𝐞𝐫𝐲 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐟𝐨𝐫 𝐲𝐨𝐮!

PLEASE NOTE THAT IF TDS IS DEDUCTED u/s 194IA, 194IC, 194M, 194C, 194S, 194B, 194BB, 194BA, AND IF YOU ARE STILL FILING ITR-1 FORM, THEN DEPARTMENT IS THROWING DEFECTIVE RETURN ERROR!

𝑻𝒉𝒊𝒔 𝒊𝒔 𝒕𝒉𝒆 𝒇𝒊𝒓𝒔𝒕 𝒕𝒊𝒎𝒆 𝒕𝒉𝒂𝒕 𝑨𝑰 𝒐𝒇 𝑰𝑻𝑫 𝑪𝑷𝑪 𝒊𝒔 𝒈𝒊𝒗𝒊𝒏𝒈 𝑫𝒆𝒇𝒆𝒄𝒕𝒊𝒗𝒆 𝑹𝒆𝒕𝒖𝒓𝒏 𝑵𝒐𝒕𝒊𝒄𝒆𝒔 𝒇𝒐𝒓 𝒔𝒖𝒄𝒉 '𝒇𝒖𝒏𝒅𝒂𝒎𝒆𝒏𝒕𝒂𝒍𝒍𝒚 𝒘𝒓𝒐𝒏𝒈' 𝑰𝑻𝑹𝒔.

𝑷𝒍𝒆𝒂𝒔𝒆 𝒕𝒂𝒌𝒆 𝒏𝒐𝒕𝒆 𝒐𝒇 𝒕𝒉𝒆 𝒔𝒂𝒎𝒆 𝒂𝒏𝒅 𝒔𝒕𝒂𝒓𝒕 𝒇𝒊𝒍𝒊𝒏𝒈 𝒄𝒐𝒓𝒓𝒆𝒄𝒕 𝑰𝑻𝑹 𝒇𝒐𝒓𝒎𝒔 𝒂𝒔 𝒑𝒆𝒓 𝑰𝒏𝒄𝒐𝒎𝒆 𝑻𝒂𝒙 𝑳𝒂𝒘𝒔.

11/06/2024

Attention Taxpayers!
🚨 Beware of Fraudulent Schemes!

1️⃣ 10% of Total Refund with Risk
2️⃣ 20% of Total TDS Refund without Risk (consultants handling any notices)

These schemes promise easy refunds but could be scams!
🚫 Always ensure:

- You consult only certified tax professionals.

- Verify any schemes with the Income Tax Department of India.

- Avoid sharing sensitive information with unverified consultants.

Stay informed and protect yourself from fraud. ❌

Spread the word to keep our community safe. ✨