Articles by Vivek Jalan

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.

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...