Articles by Vivek Jalan

PMLA Act Tightens for Banking & Financial Transactions

Vivek Jalan 18 September 2023 at 10:16

Bank Accountholders undertaking specified transactions to be alert as PMLA Act becomes more stringent for Banking/NBFC/Financial and other Entities

30 Days time for IRN w.e.f 1st Nov 2023: Issues and Pointers

Vivek Jalan 15 September 2023 at 10:07

As the unscrupulous elements find out new ways of gaming the system, so do the GST Authorities keep on tightening the loopholes. The genuine taxpayers have to bear the brunt of these stringent measures

An agreement for loan has to be accepted by AO unless proved fraudulent

Vivek Jalan 12 September 2023 at 09:02

Vide Finance Act, 2012, it was provided that the nature and source of any sum, in the nature of share application money, share capital, share premium or any such amount by whatever name called, credited in the books of a closely held company shall be treated as explained only if the source of funds is also explained in the hands of the shareholder

Guidelines for Implementing the Supreme Court's Ruling in Pr. CIT (Central-3) v/s Abhisar Build well Pvt. Ltd.

Vivek Jalan 02 September 2023 at 09:07

Instruction regarding implementation of the judgment of the Hon’ble Supreme Court in the case of Pr. CIT (Central-3) v/s Abhisar Build well Pvt. Ltd. (Civil Appeal No. 6580 of 2021)

Safe Harbour Rules extended to AY 2023-24

Vivek Jalan 26 August 2023 at 08:53

The Safe Harbour Rules for Transfer Pricing were introduced by the Finance Act, 2009 to reduce the transfer pricing disputes, provide certainty to taxpayers, align safe harbour margins with industry standards, and expand the scope of safe harbour transactions.

Discipline regarding "quasi-criminal" penal proceedings

Vivek Jalan 24 August 2023 at 09:02

Discipline regarding penal action under various tax laws are widely discussed. Two interesting recent cases under Income Tax allows one to reflect further.

Assessments of EPC contractors cannot be done merely by assuming and comparing accounts with Form 26AS

Vivek Jalan 19 August 2023 at 08:41

Assessments of EPC contractors cannot be done merely by assuming and comparing accounts with Form 26AS same is applicable even for professionals

Taxing Credit Card Service Interest and Loan Interest - Banks Seek GST Council Clarification

Vivek Jalan 10 August 2023 at 09:08

Interest as credit card services is leviable to GST… Interest on loan is not – Banks may seek clarity from GST Council

Impact of restricting imports on Laptops, Tablets, PCs, Servers etc.

Vivek Jalan 05 August 2023 at 14:23

Vide Notification No. 23/2023 dated 3rd August 2023 issued by the DGFT, with immediate effect, import of laptops, tablets, palmtops, all-in-one personal computers, and ultra-small form factor computers and servers falling under HSN 8741 will be 'restricted' and their import would be allowed only against a valid licence for restricted imports

Sugar Manufacturing Co-operatives may now get their old IT demands dropped by filing applications u/s 154 and 155(19)

Vivek Jalan 05 August 2023 at 09:11

The recent amendments in the Income Tax Act have provided much-needed relief to co-operative sugar factories operating in India by allowing deductions for sugarcane purchases made at or below the government-approved price. T