Articles by Vivek Jalan

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Income Tax Act Revamp: An Introduction

  Vivek Jalanpro badge    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...



Income from Renting under House Property Income or PGBP

  Vivek Jalanpro badge    07 November 2024 at 06:43

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

  Vivek Jalanpro badge    23 August 2024 at 08:44

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

  Vivek Jalanpro badge    13 June 2024 at 14:47

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

  Vivek Jalanpro badge    13 April 2024 at 06:38

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?

  Vivek Jalanpro badge    09 April 2024 at 08:46

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.



Prioritizing Appeals Disposal by CIT(A) Assessment Units and Additional Joint CIT(Appeals)

  Vivek Jalanpro badge    30 March 2024 at 08:15

Priority/out of turn disposal of appeals by CIT(A) Assessment Units and Additional Joint CIT(Appeals)



RBI streamlines process to standardise filing of supervisory returns by banks, NBFCs

  Vivek Jalanpro badge    29 March 2024 at 08:37

As per FEMA Norms, Supervisory returns refer to all periodic/ ad-hoc data submitted to RBI in formats prescribed from time to time.



Global Minimum Tax: Addressing Digitalization Challenges with Amount B Report and OECD Commentary Updates

  Vivek Jalanpro badge    28 March 2024 at 08:43

Global Minimum Tax: Challenges arising from digitalisation: Release of Amount B report to simplify transfer pricing rules and conforming changes to the Commentary of the OECD Model Tax Convention



Jewellery seizure and addition under Income Tax: Validity and Limits

  Vivek Jalanpro badge    22 March 2024 at 08:49

There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance.