Income Tax

Simplification of Income Tax – A New Era in Taxation

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 …

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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 …

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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 …

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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 …

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