Articles by Vivek Jalan
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Condonation of Delay in Filing Key Tax Forms for NPOs & Corporates
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
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
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
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
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
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
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
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
Faceless assessments should be made more flexible
Prescribe conditions based on which taxpayers can seek to be assessed by Jurisdictional Assessing officer (‘JAOs’) instead of NFAC
FPI to FDI Reclassification: New RBI Framework
The RBI Vide its circular dated 11 November 2024, has finalised an operational framework for reclassification of Foreign Portfolio Investment made by FPI to FDI under Foreign Exchange Management (Non-debt Instruments) Rules, 2019
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