Articles by Vivek Jalan

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

Posted by Vivek Jalan 17 January 2025 283 Views

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

Posted by Vivek Jalan 06 January 2025 249 Views

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

Posted by Vivek Jalan 06 January 2025 367 Views

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

Posted by Vivek Jalan 04 January 2025 400 Views

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

Posted by Vivek Jalan 02 January 2025 247 Views

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

Posted by Vivek Jalan 01 January 2025 1797 Views

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

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 2134 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