Articles by Vivek Jalan

FPI to FDI Reclassification: New RBI Framework

Vivek Jalan 06 December 2024 at 08:48

The RBI Vide its circular dated 11 November 2024, has finalised an operational framework for reclassification of Foreign Portfolio Investment made by FPI to FDI under Foreign Exchange Management (Non-debt Instruments) Rules, 2019

"Date of initiation" for calculating time barring period of Issuing Order for penalty u/s 275

Vivek Jalan 30 November 2024 at 08:41

In terms of Section 275(1)(c) of the Income Tax Act, no order imposing penalty could be passed after the expiry of six months from the end of the month in which the action for imposition of penalties was initiated.

Section 40A(3): No Disallowance for Excessive Payments If Business Expediency and Party Genuineness Are Established

Vivek Jalan 26 November 2024 at 08:44

Excessive payment u/s 40A(3) are not disallowed in case business expediency and identity and genuineness of parties are proved

Difference between "License" and "Royalty"

Vivek Jalan 25 November 2024 at 08:43

Receipts for Transfer of "Copyright" by a Non-Resident (not having a PE in India) to a Resident in India are taxable in India as 'royalty'. However, the Transfer of "License" is not.

Income Tax Act Revamp (Comprehensive Review): Status and Suggestion on TDS/TCS provisions (Cumbersome, Rates & Overlap)

Vivek Jalan 22 November 2024 at 08:38

The income tax department has received 6,500 suggestions from stakeholders over the past month on review of the Income Tax Act.

Income Tax Act Revamp: An Introduction

Vivek Jalan 08 November 2024 at 06:38

The Committee for Comprehensive Review of the Income Tax Act, 1961 has been now formed under the chairmanship of Mr V K Gupta, Chief Commissioner of Income Tax...

Income from Renting under House Property Income or PGBP

Vivek Jalan 07 November 2024 at 06:43

Income from rental property has different connotations depending on whether it is treated as house property or business income –· Rental income f

GST Amnesty Scheme August 2024: Preparation & Issues

Vivek Jalan 23 August 2024 at 08:44

The GST Amnesty Scheme has been Enacted Vide Finance (No. 2) Act 2024 (No. 15 of 2024) dated 16th August, 2024.

3 Compelling Reasons Taxpayers Should Start Preparing Now for GSTAT

Vivek Jalan 13 June 2024 at 14:47

With around 15000 cases pending to be filed before the GSTAT, there are certain reasons why taxpayers should start preparing for the GSTAT from now. Let us discuss those points here!

How to Navigate Modified ITR for Business Reorganization: A Guide Until June 30, 2024

Vivek Jalan 13 April 2024 at 06:38

Modified ITR for Business Reorganization from June 2016 to March 2022 possible until June 30, 2024. Taxpayer to communicate to Jurisdictional Assessing Officer (JAO) by 30th April 2024.