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The Latest Breaking News from Income Tax

Zero tax on Rs 15 lakh CTC? Here’s how these allowances and perks can cut your tax under new tax regime

Salaried individuals can significantly reduce their tax liability under the new tax regime by strategically utilizing allowances and perquisites. The new rules for Tax Year 2026-27 allow for tax-free benefits on items like meal coupons and gadget reimbursements, potentially bringing a Rs 15 lakh CTC to zero tax.

The Economic Times

New Income Tax law aims to build transparent, tech-driven ecosystem for taxpayers: Official

Pune's Principal Chief Commissioner of Income Tax, Vivek Wadekar, announced the new Income Tax Act, 2025, aims to simplify compliance and foster transparency. Launched on April 1, 2026, the act features digital initiatives like the 'Kar Saathi' chatbot and 'Kar Setu' for taxpayer assistance.

The Economic Times

The Real Reason 'Tax Me More' Billionaires Don't Just Cut a Check to the IRS

IRS collections are obligations, not donations. Discover how ultra-wealthy households shield fortunes from ordinary rates and how you might, too.

Kiplinger

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What should you do with your gold investments after PM Modi urges people to postpone gold purchases?

Prime Minister Modi urged citizens to postpone gold purchases to curb India's import bill amidst West Asia tensions. While the intention is welcomed, the industry fears business and job impacts. Experts advise existing investors to hold, suggesting digital gold for new buyers, and propose solutions like domestic gold recycling and…

The Economic Times

Grant Cardone Says Ending Income Taxes Would Boost the Middle Class — Is He Right?

Grant Cardone says eliminating income taxes would boost middle-class finances. Here’s how it could affect paychecks, spending and quality of life.

GOBankingRates

Best tax saving mutual funds or ELSS to invest in May 2026

Taxpayers can save income tax up to Rs 1.5 lakh annually by investing in Equity Linked Savings Schemes (ELSS). These tax-saving mutual funds offer potential for higher long-term returns and have a shorter three-year lock-in period compared to other 80C options. While carrying higher risk, ELSSs serve as an entry…

The Economic Times

Key changes in ITR 1, 2, 3 and 4 forms in FY 25-26: Reporting of LTCG, buyback losses, F&O, intra-day trading & more; what new forms include

The Income Tax Department has revised ITR forms for FY 2025-26, introducing new disclosure requirements for capital gains, trading, and foreign assets. These updates aim to simplify filing for various taxpayer categories, including individuals, businesses, and presumptive income earners.

The Economic Times

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Fake income tax emails target Indians: Kaspersky warns of ‘SilverFox’ hacker attack

Cybersecurity firm Kaspersky has warned Indian consumers about a sophisticated phishing campaign by the SilverFox hacker group. These malicious emails, disguised as official Income Tax Department notices, aim to trick users into downloading malware. The attackers use a multi-stage approach, deploying backdoors like ValleyRAT and ABCDoor to gain remote access…

The Economic Times

Lady took loan for investment into venture capital fund, claimed Rs 1.49 crore interest deduction, was denied by I-T dept; ITAT allows it in a landmark ruling

Aishwarya Bachchan won a tax case in ITAT Mumbai. She claimed Rs 1.49 crore interest deduction on a loan taken for Venture Capital Fund investments. The tax department denied this. ITAT ruled in her favour, allowing the deduction. The tribunal cited consistency in accepting similar claims and sufficient proof of…

The Economic Times

12 key income tax form changes every taxpayer should know: From Form 16 to Form 168

A new Income-tax Act arrives on April 1, 2026. It brings fresh income tax forms and replaces many old ones. Taxpayers will use these new forms for various reporting needs. Key changes include updated PAN application forms and new TDS certificates. This marks a significant shift in tax compliance procedures…

The Economic Times

Family and business trusts could soon have to pay more tax – with a few likely exceptions

Should some of Australia’s more than 1 million family and small business trusts face higher taxes in future, bringing them closer to what ordinary wage earners already pay in income tax?

The Conversation

Which Europeans pay the most income tax and where do children make the biggest difference?

Europe’s personal income tax rates differ significantly, with dependent children lowering tax burdens in several countries.

Euronews

May 2026 income tax calendar: Important TDS, TCS deadlines and other due dates explained

Taxpayers, mark your calendars for May 2026! Crucial compliance deadlines loom, including TDS/TCS deposits for April and certificate issuances. Remember to file key statements and declarations under the Income-tax Act, 2025, to avoid penalties. Stay informed to meet these important dates.

The Economic Times

Prince William's income tax bill revealed - and he's one of Britain's biggest taxpayers

Most of William’s income comes from the Duchy of Cornwall, a royal land estate valued at more than £1 billion

Evening Standard

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The Independent UK

Local elections 2026: What is each party offering voters?

More than one million people are eligible to vote on Thursday in the biggest set of elections since 2024

International Business Times UK

Amazon and Tesla Among 88 Major US Firms Paying Zero Corporate Income Tax Last Year Despite Billions in Profit

A report by the Institute on Taxation and Economic Policy reveals that 88 major US corporations paid no federal income tax in 2025, despite earning significant profits, due to legal tax code provisions.

Evening Standard

Nearly two million more higher-rate taxpayers since start of decade

The rise has been driven by more people moving into the tax band thanks to the freeze on income thresholds.

Evening Standard

'Stealth' income tax bombshell: London hit with record £71billion bill as millions in city pay more

Exclusive: Londoners are being hammered with rising income tax bills as hundreds of thousands are dragged into paying its basic or higher rates

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The Independent UK

Do you prefer to pay income taxes or sales taxes? Missouri voters will get to choose

Do you prefer to pay income taxes or sales taxes

Kiplinger

April 30 Deadline: If You Live in One of These 'Late States,' Your Taxes Are Due This Week

Residents in Delaware, Iowa, Virginia, and beyond must file 2025 state income taxes soon or request an extension. Don't miss the due date.

The Independent UK

Paradise lost? This state has the highest tax burden in the country

The states with the highest and lowest tax burdens couldn’t be more different

GOBankingRates

10 Most Affordable States for High-Income Earners

Find the most affordable states where high-income earners benefit from lower taxes, reasonable cost of living and more take-home pay.

The Free Financial Advisor

Tennessee Residents Still Pay Federal Taxes on Investment Income Despite State Changes

Tennessee has made headlines in recent years for eliminating its state tax on certain types of investment income, and that sounds like a big win at first glance. The reality, however, carries a twist that often catches investors off guard. While the state stepped back from taxing dividends and interest,…

Saving Advice

6 Cities That Completely Skip Income Tax for Seniors (But Few Know About Them)

If you’re living on a fixed income, every dollar matters more than ever. One of the biggest hidden drains on retirement income is state income...

The Free Financial Advisor

North Carolina’s Flat Tax Savings in 2026: Why Everyday Costs Still Matter

North Carolina’s flat tax was introduced to simplify the state’s income tax system and reduce the burden on households. By replacing tiered brackets with a single rate, lawmakers aimed to make filing easier and give residents more predictable savings.

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