Simplified Laws Guide to Taxation and Legal Concern

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 …

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 …