Articles by Vivek Jalan

Demystifying ITC Reflection: Asserting the Validity of ITC in GSTR-3B and Beyond

Vivek Jalan 06 March 2024 at 14:16

Valid ITC cannot be denied merely due to Reflection in GSTR-3B. Availment of valid ITC in books, GSTR-9 and GSTR-2B is sufficient

MSMEs Year End Payments u/s 43B(h): 10 Point Checklist

Vivek Jalan 02 March 2024 at 13:24

10 Point Year End 43B(h) Checklist - 43B(h) Compliances for all (including traders/MSE buyers)

AOs Mandated to Issue Low TDS Certificates Based on Rule 28AA Principles

Vivek Jalan 28 February 2024 at 14:06

For issuance of Low TDS Certificate, AO cannot see profitability of assesses; But has to rely on 4 principles of Rule 28AA

GST on Post Sale Discounts - First Relief by Madras High Court

Vivek Jalan 24 February 2024 at 10:28

The Big Question? Is GST discount a Supply of Services

CBDT issues order giving effect to the Budget proposal of remitting petty tax demands

Vivek Jalan 23 February 2024 at 14:21

In the Interim Budget 2024-25, The finance minister proposed to withdraw direct tax demands up to INR 25000 pertaining to the period up to tax year 2009-10 and up to INR 10000 for tax years 2010-11 to 2014-15.

Form 67 is directory and not mandatory to claim foreign tax credit

Vivek Jalan 16 February 2024 at 14:53

It is high time that necessary amendments should be made in the Income Tax Act/Rules to incorporate the process of claiming the tax credit, where the foreign tax credit certificates are received by an assesses even after the end of the assessment year.

TDS Deductors may witness notices on deduction if the counter-party disagrees

Vivek Jalan 14 February 2024 at 08:47

Advance income tax collection through TDS/TCS mechanism has been a top target of the Government, along with tracking of the flow of income on goods or services. Over the years we have witnessed the TDS/TCS mechanism getting wider and more stringent

Understanding the Impact of E-Way Bill Timing: No GST Penalty Amidst Detention and Seizure of Goods

Vivek Jalan 12 February 2024 at 08:48

In this backdrop we are discussing, E-Way bill detention cases which are being handled by Industry as well as by consultants on a regular basis.

Excess stock found during survey - Business income or undisclosed investments

Vivek Jalan 10 February 2024 at 14:10

Whoever makes an assertion, must substantiate it. But whoever requires substantiation must also accept it or prove otherwise! In case an assessee explains the source of the investment in excess stock in his statement that the same was undisclosed income of the assessee from its business