Articles by Vivek Jalan

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

Posted by Vivek Jalan 30 November 2024 258 Views

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

Posted by Vivek Jalan 26 November 2024 226 Views

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"

Posted by Vivek Jalan 25 November 2024 232 Views

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)

Posted by Vivek Jalan 22 November 2024 252 Views

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

Posted by Vivek Jalan 08 November 2024 772 Views

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

Posted by Vivek Jalan 07 November 2024 7388 Views

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

Posted by Vivek Jalan 23 August 2024 19586 Views

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

Posted by Vivek Jalan 14 June 2024 1194 Views

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

Posted by Vivek Jalan 13 April 2024 844 Views

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.

Can Share Valuation under DCF Method be Rejected and Recalculated by the Assessing Officer?

Posted by Vivek Jalan 09 April 2024 408 Views

Any businessman or entrepreneur, visualises the business based on certain future projection and undertakes all kind of risks. It is the risk factor alone which gives a higher return to a businessman and the income tax department or revenue official cannot guide a businessman in which manner risk has to be undertaken.