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The Latest Breaking News from Income Tax

Income Tax AY 2026-27: Even if your salary income is below Rs 12.75 lakh, you still need to pay tax for these incomes

Income Tax AY 2026-27: Salaried individuals earning up to Rs 12.75 lakh annually may enjoy zero tax liability due to enhanced Section 87A rebate and standard deduction, but filing an ITR is crucial. However, this rebate doesn't apply to special incomes like capital gains, Virtual Digital Assets (VDAs), and lottery…

The Economic Times

Kolkata woman made Rs 26 crore profit in stocks and paid zero tax: Here's how she did it legally

A Kolkata businesswoman, Saroj Goenka, legally saved ₹26 crore in taxes by reinvesting long-term capital gains from share sales into constructing a residential bungalow. This move, facilitated by Section 54F of the Income Tax Act, saw her win an appeal against tax objections. The case highlights prudent tax planning for…

The Economic Times

ITR filing for FY 2025-26: Key changes in due dates, ITR forms, and F&O disclosure rules taxpayers must know

The deadline for filing income tax returns for FY2025-26 has arrived, with new rules and forms in effect. Notably, ITR 3 and ITR 4 filings now have a staggered deadline of August 31st, offering some relief. Significant changes include updated disclosure requirements for Futures & Options trading and revised capital…

The Economic Times

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Money Moves Michigan Retirees Should Check After the 2026 Pension Withholding Change

Michigan retirees have watched several years of tax changes unfold, and 2026 marks a major milestone. The state’s phase-in of expanded retirement and pension tax deductions reaches full implementation, which means many retirees could see significant changes in how Michigan income tax withholding works on their pension payments. That sounds…

The Free Financial Advisor

Dining across the divide: ‘He mentioned the idea of 100% income tax over £350,000. I think the threshold should be lower’

An academic and a medical student share concerns about extremes of wealth and poverty, but do they agree on the monarchy?

The Guardian - UK

How the RSS changed its constitution to defend legal status and guru dakshina

Karnataka Home Minister Priyank Kharge’s persistent questioning of the Rashtriya Swayamsevak Sangh’s legal status appears to have forced a reckoning of sorts. The organisation’s chief Mohan Bhagwat and other senior functionaries have now claimed that these questions were settled decades ago and are offering “evidence” to that effect.

Newslaundry

Tenant wins tax relief on Rs 38.62 lakh sale of landlord’s property, received for surrendering tenancy rights; know why ITAT Mumbai ruled in his favour

A Mumbai tenant received tax relief after selling a property he obtained for surrendering his tenancy rights. The Income Tax Appellate Tribunal ruled that the fair market value of the surrendered tenancy rights should be considered the cost of acquisition, not nil. This decision significantly reduced the tenant's capital gains…

The Economic Times

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US Open Prize Money Has Hit Record Levels... But How Much Take-Home Pay Does The Winner Actually See?

There is a record prize money payout at the 2026 US Open, but the headline number is nowhere near what the champion will collect next week

Golf Monthly

Ask the Tax Editor, June 19: Estimated Tax Payments and Withholding

In this week's Ask the Editor Q&A, Joy Taylor answers tax questions on federal estimated tax payments and federal income tax withholding.

Kiplinger

Has Form 168 replaced Form 26AS for FY 25-26? Here's what taxpayers need to know for ITR filing

Form 168: The Income Tax Department has unveiled Form 168, a comprehensive upgrade to the Annual Information Statement, effectively superseding the traditional Form 26AS. This new form consolidates all tax-related and financial transaction data linked to your PAN, offering a holistic view of your tax compliance. It's automatically generated, so…

The Economic Times

NRE vs NRO income tax rules: How these NRIs, OCIs can save up to Rs 20,500 on $10,000 FD investment

NRIs can significantly reduce tax on NRE deposits in India, as this income is tax-exempt. While NRO account interest is taxable in India, NRIs can leverage Double Taxation Avoidance Agreements (DTAAs) to potentially lower their tax burden or claim credits in their country of residence, avoiding double taxation.

The Economic Times

ITR-3 release date: Who should file this income tax return form as I-T Department enables online filing, Excel utilities for it

The Income Tax Department has launched online filing and Excel utility for Income Tax Return-3 for Assessment Year 2026-27. This form is for individuals and HUFs with business or professional income. Taxpayers not eligible for simpler forms must use ITR-3. The due date for salaried individuals is July 31, 2026.

The Economic Times

Retired employee claims tax exemption on Rs 19 lakh leave encashment; I-T dept issues notice and caps it at Rs 3 lakh; ITAT Chennai grants him full relief

When Mr Balasubramanian Venkatachalaperumal from Jagadamal Street retired from ONGC in FY 2019-20, he got Rs 19.05 lakh as leave encashment and thus he filed his income tax return (ITR) on October 29, 2021. In his ITR he declared a total income of Rs 31.62 lakh after claiming tax exemption…

The Economic Times

Georgia’s Income Tax Rate Drops to 4.99% in 2026: 6 Paycheck Checks Households Should Make

A little extra money in each paycheck can feel like finding cash in an old jacket pocket. Georgia taxpayers may soon experience that feeling as the state’s income tax rate drops to 4.99% beginning January 1, 2026, according to the Georgia Department of Revenue. While the reduction may not create…

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The Economic Times

Paying rent but not receiving HRA? Here’s how non-salaried individuals can claim tax deduction

Self-employed individuals and salaried employees not receiving House Rent Allowance (HRA) can claim tax benefits for rent paid under Section 80GG of the Income Tax Act. This deduction, capped at Rs 60,000 annually, is available only under the old tax regime and requires filing Form 10BA. HRA exemption and Section…

The Economic Times

Tax-free income in India: 8 types of income you don’t need to pay any tax on

Tax-free income: Unlock tax savings with these eight income sources exempt from income tax in India. From agricultural earnings and provident fund withdrawals to gifts from relatives and insurance payouts, understand how to keep more of your money.

The Economic Times

TDS Challan correction for Income Tax Act, 2025 needs to be done using the old TRACES portal; Here’s how to do it

Taxpayers must correct TDS challans for Tax Year 2026-27 on the old TRACES portal. This is crucial if the challan was mistakenly filed under FY 2025-26. Failure to correct will prevent TDS credit for Tax Year 2026-27, increasing tax liability. The new TRACES portal does not yet support this correction.…

The Economic Times

Income Tax department labels her stock market trader, denies investor status; she fights and wins Rs 54 crore capital loss claim at ITAT

Dolly Khanna successfully challenged the tax department's classification of her Rs 54 crore short-term capital loss as a business loss. The ITAT Chennai ruled she is an investor, not a trader, allowing the loss to be treated as a capital loss. This decision was supported by a 2016 CBDT circular…

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The Economic Times

ITR filing due dates for AY 2026-27: July 31 is not the deadline for every taxpayer; check 5 other tax filing due dates

The Income Tax Department has set July 31, 2026, as the deadline for most individual taxpayers, including the salaried class, to file their Income Tax Returns (ITR) for AY 2026-27. However, different due dates apply based on income sources and audit requirements, with some non-audit businesses and professionals now having…

The Economic Times

Do you need to file ITR if you only incurred losses from equities or mutual funds? Check the details

Individuals earning below basic exemption limits (Rs 2.5 lakh old, Rs 4 lakh new regime) generally don't need to file ITR. However, mandatory filing applies if you have capital losses to carry forward, trade in Futures & Options, or incur specific expenses like high credit card bills or foreign travel.

The Independent UK

HMRC overcharged millions of pensioners in income tax last year

IN FULL

International Business Times UK

State Pension Is Just £22 Away From Triggering Income Tax for Millions of Pensioners

Rising State Pension payments are pushing UK pensioners closer to the income tax threshold. Here's a look at the impact of the frozen Personal Allowance and how to manage potential tax bills effectively.

Kiplinger

How Roth Conversions Can Help Your Family Avoid an IRA Tax Trap After You're Gone

Your spouse and children could be bumped into higher tax brackets if you leave them a substantial sum in an IRA. Partial Roth conversions now can help.

The Economic Times

Income tax alert: These taxpayers could receive scrutiny notices by June 30, 2026 under Section 143(2)

The CBDT has set June 30, 2026, as the deadline for issuing scrutiny notices under Section 143(2) for FY 2025-26 returns. An internal deadline of June 15, 2026, requires tax officers to forward selected cases for scrutiny. Taxpayers with errors can file updated returns or provide explanations during scrutiny.

Ballotpedia

California voters set to decide third ballot measure since 2012 to maintain top marginal tax on high incomes to fund public education

The California Secretary of State announced that a ballot initiative to make permanent the state’s top marginal tax rates on higher incomes, which are set to expire in 2031, has qualified for the November ballot. This will be the third ballot initiative related to this income tax, which was enacted…

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