Articles by Vivek Jalan

Streamline Tax Laws: Simpler Compliance & Officer Accountability

Posted by Vivek Jalan 17 January 2025 283 Views

Discover how merging tax provisions, enhancing officer accountability, and simplifying compliance can transform the Income Tax Act for individuals and businesses.

Condoning Tax Form Delays for NPOs & Corporates

Posted by Vivek Jalan 06 January 2025 249 Views

Learn how NPOs and corporates can apply for condonation of delay in filing crucial tax forms like 9A, 10, 10B, 10BB, 10-IC, and 10-ID. Find out the process and timelines.

GST Exemption for Payment Aggregators, Not Gateways

Posted by Vivek Jalan 06 January 2025 367 Views

Clarification on GST exemption: RBI-regulated Payment Aggregators qualify, but Payment Gateways and other fintech services do not. Learn more.

GST Council: Key CGST Rule Changes Affecting IMS

Posted by Vivek Jalan 04 January 2025 400 Views

Discover major CGST rule amendments from the 55th GST Council meeting, impacting Invoice Management System (IMS) and credit note procedures. Learn how these changes affect your business.

GST Council Clarifies Voucher Taxability Rules

Posted by Vivek Jalan 02 January 2025 247 Views

Understand the GST Council's latest decisions on voucher taxability. Learn about supply, distribution, and unredeemed vouchers under GST.

GST Changes for Hotels & Restaurants: 55th Council Decision

Posted by Vivek Jalan 01 January 2025 1797 Views

Understand the 55th GST Council's decision on hotel & restaurant GST rates. Learn about new rules for declared tariff and value of supply from April 2025.

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

Posted by Vivek Jalan 16 December 2024 559 Views

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

Posted by Vivek Jalan 13 December 2024 2141 Views

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

Posted by Vivek Jalan 11 December 2024 741 Views

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