Articles by Vivek Jalan
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CBDT issues order giving effect to the Budget proposal of remitting petty tax demands
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
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
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
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
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
SCNs for FY 17-18 and 18-19 remain valid; Issuance allowed u/s 74
SCNs for FY 17-18 and 18-19 are still not time-barred. All SCNs can be issued u/s 74
Decoding Natural Justice in GST Cases
Section 75 of The CGST Act 2017 is a Code in Itself for invocation of Natural Justice in GST Cases
No Interest under GST on delayed filing of GSTR-3B
While Section 50 of The CGST Act was retrospectively amended to provide that there would be no interest liability on delayed filing of GSTR-3B to the extent of balance in The Electronic Credit Ledger
Powers of the CIT(A) Limited to AO's Scope under Section 251 of Income Tax Act
Powers of the CIT(A), of enhancement under section 251 of Income Tax Act is restricted to the matter dealt with by the AO
Decoding Section 143(2): Why Issuance of Notice is Crucial for Valid Assessments
Issuance of notice u/s 143(2) is mandatory and non-compliance of the same will result in nullifying the assessment orders
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