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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
