Articles by Vivek Jalan

Section 40A(2)(b): Domestic Transfer Pricing in GST Era

Vivek Jalan 20 January 2025 at 08:38

Domestic transfer pricing: Specified Domestic transaction to exclude payments made u/s 40A(2)(b); Inter-unit comparison of net profit in these GST times

Streamlining Tax Laws: Merging Provisions, Enhancing Officer Accountability and Promoting Ease of Compliance

Vivek Jalan 17 January 2025 at 08:47

Today each Section and Rule of The Income Tax Act is flooded with Provisions and explanations. Then there are circulars as well as notifications, some of which are so old that it is even difficult to find them publicly.

Condonation of Delay in Filing Key Tax Forms for NPOs & Corporates

Vivek Jalan 06 January 2025 at 08:44

Condonation of delay in filing Form 9A/10/10B/10BB for NPOs and 10IC and 10ID for Corporates for availing lower rate of tax

55th GST Council Decision: Payment Aggregators Get Exemption, Not Payment Gateways

Vivek Jalan 06 January 2025 at 08:44

Analysis of 55th GST Council's decision to clarify that RBI regulated Payment Aggregators are eligible for the exemption, not payment gateway (PG)

55th GST Council: Major Amendments in CGST Rules Affecting IMS

Vivek Jalan 04 January 2025 at 08:50

Analysis of the 55th GST Council's decision for Amendments in the CGST Act, 2017 and CGST Rules, 2017 in respect of the functionality of the Invoice Management System (IMS)

Analysis of GST Council's Decision on Issues pertaining to Taxability of Vouchers

Vivek Jalan 02 January 2025 at 08:41

In a significant move to address long-standing concerns regarding the taxability of vouchers under GST, the GST Council made certain recommendations

GST Relief to Hotels and Restaurants: Analysis of 55th GST Council's decision

Vivek Jalan 01 January 2025 at 07:57

To omit the definition of declared tariff and suitably amend the definition of specified premises (from the services rate and exemption notifications) to link it with actual value of supply of any unit

Section 270A(9): Importance of Citing Specific Clauses for Alleged Income Misreporting

Vivek Jalan 16 December 2024 at 08:47

The concepts of 'underreporting of income' and 'misreporting of income' are two different charges with very clear boundaries. Sec. 270A(2) of the Income Tax Act deals with the concept of 'underreporting of income'

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