Monika Aashish & Co., Chartered Accountants

Firm Name: Monika Aashish & Co. Chartered Accountants

Candidate must have knowledge GST Compliances and ROC work

Salary: Negotiable

CV may be sent at [email protected] or [email protected]

Goods and Service tax Act (GST):

The Institute of Chartered Accountants of India (ICAI) has come out with series of publications on GST. For the benefit of members and other people, I am sharing herewith 'Handbook on Annual Return under GST'. This handbook will be very helpful in understanding the topic. #

CA. Aashish Agrawal posted on LinkedIn Goods and Service tax Act (GST): The Institute of Chartered Accountants of India (ICAI) has come out with series of publications on GST. For the benefit...

Goods and Service tax Act (GST):

The Institute of Chartered Accountants of India (ICAI) has come out with series of publications on GST. For the benefit of members and other people, I am sharing herewith 'Handbook on Reverse Charge under GST'. This handbook will be very helpful in understanding the topic. # charge

CA. Aashish Agrawal posted on LinkedIn Goods and Service tax Act (GST): The Institute of Chartered Accountants of India (ICAI) has come out with series of publications on GST. For the benefit...

Income tax Update (TDS):

As a part of financial package on account of Covid-19, The Government of India (GOI) had declared to reduce the rate of TDS on non salaried specified payments by 25% (on existing rates) to provide more liquidity. In this regard, GOI had issued a press release making it effective on payments made/ credited between 14th May, 2020 to 31st March, 2021. Copy of the press release is attached herewith. #

CA. Aashish Agrawal posted on LinkedIn Income tax Update (TDS): As a part of financial package on account of Covid-19, The Government of India (GOI) had declared to reduce the rate of...

Income tax:

The Finance Act, 2020 has introduced a new income tax regime for individual tax payers u/s 115BAC of Income tax act, 1961. It had created confusion regarding selection of option for deduction of TDS on salary. In this regard, CBDT had issued a circular clarifying the same. A short analysis of the said circular is attached herewith for reference purpose alongwith copy of the said circular.

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CA. Aashish Agrawal posted on LinkedIn Income tax: The Finance Act, 2020 has introduced a new income tax regime for individual tax payers u/s 115BAC of Income tax act, 1961. It had created ...

https://www.linkedin.com/posts/aashishagrawal_openforbusiness-tax-accounting-activity-6669991177481277440-EGMD

CA. Aashish Agrawal posted on LinkedIn Excited to announce I‘m , offering Small Business Tax, Management Consulting, Accounting, Bookkeeping, Financial Accounting, Financial ...

Change in residential status- big Impact on Citizens of India and persons of Indian Origin being non residents

The Finance Act, 2020 has amended the section 6 of Income Tax Act, 1961 which relates to determining the residential status of a person for taxability of his/ her income in India.

Now Indian citizen or person of Indian origin (POI) will be deemed to be resident but not ordinary resident (RnOR) in India if:

- he is not liable to tax in any other jurisdiction and;
- has total income, other than the income from foreign sources*, exceeding INR 15,00,000.

*Foreign source income means income which accrues and arises outside India except from business controlled from or profession set-up in India.

It may be noted that while non-resident individuals are liable to tax on income earned/received in India only, in case of RnOR, scope of income covers income earned/received in foreign as well if the said income from business controlled from or profession set-up in India.

It may impact the overall taxability of those Indian citizens who are travelling a lot and become non-resident for India. Those individual generally don’t become tax resident of any country and also eligible to relaxed rate and other conditions as available to non-resident. Once a person is treated as “resident but not ordinary resident”, he may not be eligible for relaxations available to non-residents.

It may have impact on the taxability of outbound employees as well, and on employment structuring i.e. deputation vs. assignment vs secondment of employees, economic vs real employer. Currently the issue used to be between two entities only regarding treatment of salary reimbursement by host entity to home entity (whether it is fee for services or just reimbursement, permanent establishment etc.) But now since employee taxability may also get impacted, employee may also need to keep proper documentation around the structuring.

a. One of the condition to treat the Indian citizen or person of Indian origin (POI) as Indian tax resident was that if he is present in India for 365 days in preceding four years and 182 days in the current year. Now it proposed to reduce the threshold of 182 days to 120 days.

Need to take care in the case of outbound employees coming back to India. He can be treated as tax resident if he is in India for more than 120 days.

Require: CA/ CA semi qualified (Not pursuing CA)

Firm Name: Monika Aashish & Co. Chartered Accountants Location: Laxmi Nagar, Delhi

Candidate will get good exposure in the following fields:

Income tax and TDS returns, GST Compliances, ROC work, Tax Audits, Statutory Audit, Accounting etc.

Salary: Negotiable

CV may be sent at [email protected] or [email protected] Or contact : (011) 4301 7173