The article explains how GST composition scheme, exemption rules, and time of supply provisions work in practice. It highlights common compliance mistakes that often lead to GST notices and interest demands.
The GST Invoice Management System (IMS) promises stronger ITC reconciliation, fraud prevention, and invoice-level transparency. However, businesses may face higher compliance costs, vendor dependency, and litigation risks due to increased procedural requirements.
The updated ITR-1 form for AY 2026-27 expands eligibility to taxpayers with up to two house properties and limited equity LTCG reporting. The guide explains the revised rules, filing steps, and key precautions for smooth return filing.
The article summarizes important notifications, circulars, judicial rulings, and regulatory changes issued between 11–17 May 2026. It covers major developments across Income Tax, GST, Customs, DGFT, SEBI, RBI, and IBBI.
The article explains the tax implications of domestic and international holidays under the Income Tax Act, 2025. It highlights rules relating to Leave Travel Allowance, TCS on overseas travel, and taxation of company-sponsored vacations.
The article examines how denying ITC to genuine buyers due to supplier tax default creates constitutional and commercial concerns under GST law. It argues that compliant recipients should not be penalized for failures beyond their control.
The article explains how increasing life expectancy, better health, and corporate demand for experienced leadership are driving growth in advisory services. It highlights why businesses prefer retired experts for strategic guidance and stability.
This article discusses GST compliance for service providers eligible for the QRMP scheme up to ₹5 crore turnover. It clarifies why businesses must maintain monthly accounting, tax tracking, and ITC reconciliation despite quarterly filing.
The article examines how conflicting Supreme Court judgments in Rainbow Papers and Raman Ispat created uncertainty regarding the status of tax dues under the IBC waterfall mechanism. It highlights the unresolved issue of whether statutory tax claims rank as secured or operational debts.
Applying Exception 2 to Section 375 IPC, Rajasthan HC ruled that no rape offence could be made out against a legally wedded husband where wife was an adult. Court therefore quashed the FIR and all consequential proceedings.
