Latest Updates
Income Tax Act 2025 Set To Replace 60-Year-Old Law From April
The Income Tax Act 2025 will replace India’s outdated 1961 tax law starting April 1, 2026. Aimed at simplifying compliance, clarifying rules on global income and digital assets, and reducing litigation, this landmark law impacts individuals, businesses, and investors alike. With a digital-first approach and globally aligned rules, the Act represents a new era of taxation for India’s economy. Here’s what’s changing and how to prepare.
Costly Mistake: CRA Penalizes Taxpayer for Not Reporting Home Sale
Costly Mistake: CRA Penalizes Taxpayer for Not Reporting Home Sale – Since 2016, all Canadian home sales must be reported, even if fully exempt under the Principal Residence Exemption. A recent court case shows the risks: a Toronto taxpayer was fined $21,000+ for failing to disclose a sale. Learn the rules, penalties, and how to fix mistakes before CRA catches up with you.
$2,700 Tax Refund for Aussies? Bold GST Plan Could Unlock $152 Billion Windfall
Australia is weighing a bold tax shake-up: a $2,700 income tax refund funded by a broader GST. Economist Chris Murphy says it could boost GDP by 6%, business investment by 11%, and housing supply by 8%, unlocking a $152 billion windfall. But risks include higher grocery bills and political backlash. For now, it’s just a proposal—but one with power to transform Australia’s economy and household budgets.
19 Major Bills Passed Including New Income Tax Act While Opposition Stayed Silent
In August 2025, India’s Parliament passed 19 major bills—including the new Income Tax Act, 2025—while opposition parties stayed silent. The law trims 800+ sections down to 536, introduces digital compliance, and keeps a ₹12 lakh exemption. While reforms simplify life for taxpayers and promise to attract global investment, the lack of parliamentary debate raises questions about accountability. This article explains what happened, why it matters, and what’s next.
Shocking Demand – Should Tax Crimes Lead to Citizenship Denaturalization?
Should tax crimes lead to citizenship denaturalization? The Department of Justice thinks so, sparking a heated U.S. debate. With 23 million naturalized citizens potentially affected, expanding denaturalization to include tax crimes raises concerns about fairness, equality, and due process. This article explores the history, legal standards, global comparisons, and practical advice for naturalized citizens and professionals navigating America’s tax and immigration system
Tampa OnlyFans Star Who Made $5.4 Million Now Charged With Tax Evasion
A Tampa OnlyFans star who made more than $5.4 million is facing federal charges for allegedly failing to pay $1.69 million in taxes. Kylie Leia Perez, also known as “Natalie Monroe,” could face up to seven years in prison if convicted. Her case highlights the growing IRS focus on digital creators and the risks of ignoring tax obligations. The lesson: success is sweet, but taxes are serious.
₹4 Crore Bank Fraud in Bhopal Exposed After Income Tax Notice Triggers Probe
A ₹4 crore bank fraud in Bhopal came to light after an income tax notice exposed a fake account opened in 2021 using stolen ID documents. The case reveals banking lapses, insider fraud, and the global risk of identity theft. This article explains what happened, why it matters, and how to protect yourself from scams, with practical tips, global comparisons, and expert-backed preventive strategies.
Big Tax Bill Update – Child Tax Credit Changes Every Family Should Know About
The Big Tax Bill Update raises the Child Tax Credit to $2,200 per child, introduces inflation indexing, and keeps phase-out thresholds steady. Families with lower tax liability can get up to $1,700 refunded per child. However, stricter SSN rules may exclude some households. This in-depth guide explains the changes, shows real-life examples, and gives families and professionals practical steps to maximize benefits and prepare for future tax seasons.
Indian-Origin US Doctor Jailed 34 Months for $700K Tax Evasion and Medical Fraud
Illinois physician Dr. Krishnaswami Sriram was sentenced to 34 months in prison for $700,000 tax evasion and medical fraud. He transferred funds overseas and left $1.6 million in unpaid taxes. This case is part of a larger problem: healthcare fraud costs the U.S. billions annually. Learn the full story, its impact, and lessons professionals can use to stay compliant, protect their reputation, and build careers on integrity.
Filing ITR This Year? – 4 Key Points Every Salaried Taxpayer Must Remember
Filing ITR this year? Salaried taxpayers in India must remember four key points: meet the September 15 deadline, pay taxes by July 31, select the correct ITR form, and verify pre-filled details. With a clear choice between old and new regimes, plus options like ITR-U for corrections, filing has become easier than ever. This comprehensive guide explains deadlines, forms, tips, and mistakes to avoid, making ITR filing simple and stress-free.
