Simplified Laws Guide to Taxation and Legal Concern

The Karnataka Budget Proposal to scientifically determine the guidance value using GIS (Geographic Information System) could be a major relief for many property owners. After the guidance value revision in October 2023, thousands of properties have been overvalued compared to actual market rates, making it difficult for both buyers and …

The Income-Tax Act, 1961, has long been a key pillar of India’s tax system. Enacted on 1st April 1962, the Act has been amended over 4,000 times through Finance Acts to adapt to the evolving economic landscape. However, the accumulation of amendments, complex language, and a bulky structure have made …

The Union Budget 2025 has introduced a key change in the Updated Income Tax Return (ITR-U) mechanism by extending the filing period by two more years. This change provides a longer window for taxpayers who missed filing or underreported their income. But before understanding its impact, let’s briefly revisit the …