Articles by Vivek Jalan

Analysis of GST Council's Decision on Issues pertaining to Taxability of Vouchers

Vivek Jalan 02 January 2025 at 08:41

In a significant move to address long-standing concerns regarding the taxability of vouchers under GST, the GST Council made certain recommendations

GST Relief to Hotels and Restaurants: Analysis of 55th GST Council's decision

Vivek Jalan 01 January 2025 at 07:57

To omit the definition of declared tariff and suitably amend the definition of specified premises (from the services rate and exemption notifications) to link it with actual value of supply of any unit

Section 270A(9): Importance of Citing Specific Clauses for Alleged Income Misreporting

Vivek Jalan 16 December 2024 at 08:47

The concepts of 'underreporting of income' and 'misreporting of income' are two different charges with very clear boundaries. Sec. 270A(2) of the Income Tax Act deals with the concept of 'underreporting of income'

Advance is taxable in the year of receipt

Vivek Jalan 13 December 2024 at 06:21

In the case of a works contractor, an AMC provider, or another service provider, collection of the entire year's charges is done one go in advance. The amount is many a time recorded as "current liability" in the balance sheet as "income received in advance."

Taxpayers with Undisclosed Foreign Assets Must Revise ITRs by 31st Dec 2024

Vivek Jalan 11 December 2024 at 08:48

Taxpayers with undisclosed Foreign Assets like real estate, bank accounts, shares, debentures, insurance policies or Foreign Income to revise their ITRs by 31st December 2024... atleast those who get e-mail or SMS

Faceless assessments should be made more flexible

Vivek Jalan 07 December 2024 at 08:47

Prescribe conditions based on which taxpayers can seek to be assessed by Jurisdictional Assessing officer (‘JAOs’) instead of NFAC

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.