Vivek Jalan

There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance. Legitimate holding of jewellery up to any extent is fully protected. Further, w.r.t. seizure of jewellery during Search and seizure, CBDT Instruction 1994 dated 11-05-1994 prescribes the following additional guidelines for strict compliance -

OECD/Inclusive Framework released its Final Report on Pillar One - Amount B. OECD expects that this approach will benefit Low-capacity jurisdictions (LCJs) which have limited resources and data availability.

As per FEMA Norms, Supervisory returns refer to all periodic/ ad-hoc data submitted to RBI in formats prescribed from time to time. Commercial banks have to file 36 returns, including on "Asset Liability and Off-Balance Sheet Exposures", "asset quality", "liquidity return", "Interest Rate Sensitivity", "Large Credits", "Red Flagged Account/Fraud Borrowers", "Defaulted Borrowers", "Ownership and Control", "Connected Exposure", "financial conglomerates", and "Stressed MSME Sub-ordinate Debt Scheme".

A reference from the Prime Minister's Office or a VIP reference will help an Income Tax Appeal to be taken up on priority or out of turn disposal, CBDT has said in its new guidelines no.

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. Such an approach of the revenue has been judicially frowned by the Hon'ble Apex Court on several occasions, for instance in the case of SA Builders, 288 ITR 1 (SC) and CIT vs. Panipat Woollen and General Mills Company Ltd., 103 ITR 66 (SC). The Courts have held that Income Tax Department cannot sit in the armchair of businessman to decide what is profitable and how the business should be carried out. Commercial expediency has to be seen from the point of view of businessman. Similarly the Income Tax Department cannot allege malfeasance where the projected revenues could not be achieved.

Section 170A was inserted vide the Finance Act, 2022 with effect from April 1, 2022, to make provisions for giving effect to the order of business

Now that the new Government has been formed, the policy landscape would again get moving. The long pending GST Tribunals would finally see light of day soon.

The GST Amnesty Scheme has been Enacted Vide Finance (No. 2) Act 2024 (No. 15 of 2024) dated 16th August, 2024.

Income from rental property has different connotations depending on whether it is treated as house property or business income.

The income tax department has received 6,500 suggestions from stakeholders over the past month on review of the Income Tax Act.