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ITR-1 Decoded: Hidden Issues & Common Taxpayer Confusions: Part I

May 25, 2026 3447 Views 0 comment Print

The article explains how seemingly simple questions in ITR-1 can create major confusion for taxpayers. It highlights practical issues relating to tax regime selection, Form 10-IEA, and salary reporting.

FAQ on Key Managerial Personnel under Section 203 of Companies Act, 2013

May 25, 2026 618 Views 0 comment Print

This article explains which companies must appoint Key Managerial Personnel under Section 203 of the Companies Act, 2013. It highlights compliance thresholds, required positions, and governance obligations for listed, public, and private companies.

Entire Bogus Turnover Cannot Be Taxed as Income, Only 1% Commission Taxable: ITAT Mumbai

May 25, 2026 1272 Views 0 comment Print

The ITAT Mumbai held that alleged accommodation entry operators cannot be taxed on the entire turnover amount. The Tribunal ruled that only the commission element embedded in such transactions, estimated at 1%, can be treated as taxable income.

Transit State GST Officers Cannot Detain Inter State Goods: AP HC

May 24, 2026 897 Views 0 comment Print

The Andhra Pradesh High Court held that GST officers in a transit State cannot invoke Sections 129/130 against inter-State consignments where neither supplier nor recipient is located in that State. The ruling reinforces that jurisdiction depends on tax nexus, not physical passage of goods.

Internal Audit Applicability for Private Companies in India

May 23, 2026 26379 Views 0 comment Print

Private limited companies with turnover above ₹200 crore or borrowings exceeding ₹100 crore must appoint an internal auditor under the Companies Act, 2013. The article explains compliance rules, penalties and governance benefits.

Why Income Tax Notices Are Increasing in Property Transactions Below Circle Rate

May 23, 2026 1797 Views 0 comment Print

AI-driven scrutiny and AIS integration are increasing Income Tax notices where property transactions occur below stamp duty value. Both buyers and sellers may face taxation under Sections 50C and 56(2)(x).

Gig Workers: Five-Star Service, Zero-Star Protection

May 23, 2026 849 Views 0 comment Print

The article explains how gig platforms classify workers as independent partners to avoid minimum wage, social security, and dismissal protections. It highlights the urgent need for legal reforms recognizing algorithmic control as employment supervision.

Why Congress Never Demands Accountability From Centre On Bench In Any State?

May 23, 2026 543 Views 0 comment Print

The article questions why Congress has not consistently demanded accountability from the Centre regarding creation of High Court Benches in states like Uttar Pradesh, Bihar, and Odisha. It highlights alleged regional disparities and references long-pending recommendations for new Benches.

Can a Homebuyer Be Taxed for Paying “On-Money” to a Builder?

May 23, 2026 3996 Views 2 comments Print

This case highlights that cash paid to builders as “on-money” will not automatically be treated as tax evasion if it originates from disclosed bank funds. However, buyers must prove the source with proper documentation to avoid tax additions.

Foreign Liabilities and Assets (FLA) Return

May 23, 2026 1251 Views 1 comment Print

The requirement applies if foreign assets or liabilities exist as of 31 March, even without fresh transactions. The rule ensures disclosure of outstanding FDI/ODI positions under FEMA reporting norms.

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