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 …
Read More »An Update on Updated Income Tax Returns
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 …
Read More »Union Budget Part I – Proposals Related to Individual Taxation
You might have already come across plenty of information on the budget proposals. Still, I thought of writing a series of short notes. Let me start with the simplest one. Proposal #1 – Basic Exemption Limit Raised Under the New Tax Regime (NTR) to Rs.4,00,000 Scenario 1: Should Mr. Ramesh …
Read More »Have you declared your Indian income in your home country? Fact-check please
This Saturday, I got a call from a gentleman residing in Germany, telling me that he had received a notice from the German tax authorities, mentioning the rental income earned in India and asking why he had not paid the taxes in Germany. He wanted to know the way forward. …
Read More »The Final Crucial Step in Income Tax Return Filing: E-Verification
By now, most of you would have filed your income tax return (ITR) in India. Typically, the bulk of the work involves compiling documents, processing them, and filing the return. However, the final, yet most crucial step is the e-verification of the returns. Remember, without completing e-verification within 30 days …
Read More »One Important Change in the Union Budget of India 2024
How is the budget? The corporate world says it’s great! Ask the middle class and they say both the rich and the poor are benefitted while they are left high and dry. Day traders and traders in Stocks are unhappy due to the increased tax rates. Several amendments have been …
Read More »Bogus Claims: A Recipe for Sleepless Nights
During every Income Tax Return filing season, I receive numerous calls from salaried employees asking if I can secure them a tax refund by showing false expenses. Some professionals, who work directly for foreign companies and are paid via payment apps, also engage in the deceitful practice of not declaring …
Read More »Documenting the money trail
The phrase money trail is scary! It is often associated with investigations into financial crimes. However, I am using the same phrase but not related to investigation or crime. It has to do with our financial transaction management. So, what exactly is a money trail in our context? It involves …
Read More »Even the honest can come under the scrutiny of the Black Money Act.
Those reading this note may consider it as the final opportunity to rectify the errors or disclose the missing income or information in the Income Tax Return (ITR) for the Financial Year 2022-23 (i.e., financial year ending 31st March 2023). Try to put your house in order if messed up …
Read More »Impact of Increased Guidance Value on Real Estate Transactions in Karnataka
Effective from 1st October, 2023 the Guidance Value of properties in Karnataka is increased by 10% to 30%. But what is Guidance Value (GV) and how does it affect property transactions? It is the minimum price at which a property is to be registered at the sub-registrar’s office in …
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