Vivek Jalan

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.

Receipts for Transfer of "Copyright" by a Non-Resident (not having a PE in India) to a Resident in India are taxable in India as 'royalty'.

In terms of Section 275(1)(c) of the Income Tax Act, no order imposing penalty could be passed after the expiry of six months from the end of the month in which the action for imposition of penalties was initiated. The relevant provision is as under -

Prescribe conditions based on which taxpayers can seek to be assessed by Jurisdictional Assessing officer (‘JAOs’) instead of NFAC

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."

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'