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The Latest Breaking News from Income Tax

ITR filing mistakes to avoid before July 31 deadline: Expert reveals 5 mistakes that can lead to delays, failure of ITR form submission

ITR filing : Taxpayers rush to file income tax returns before the July 31 deadline. Common errors include not e-verifying and mismatched personal details. Reconciling income with Form 16 and AIS is crucial for successful submission.

The Economic Times

TDS deducted but you haven't filed your ITR yet? Here's what happens if you miss the July 31 deadline

Failing to file your income tax return by July 31, 2026, after TDS deduction has consequences. You will face interest charges and a late filing fee for delayed submissions. Not filing an ITR prevents claiming refunds and carrying forward losses. Virtual digital asset income is taxed regardless of the exemption…

The Economic Times

Jeff Bezos, Mark Zuckerberg, Sergey Brin, Larry Page and more: Tech billionaires are flocking to America's second-most expensive metro area and it's not California or New York

Tech billionaires such as Jeff Bezos, Mark Zuckerberg, Sergey Brin, and Larry Page are among high-profile names who are flocking to Miami despite soaring costs in the US city. Tax proposals in California and New York are pushing billionaires to Florida. No state income tax, warm weather, international travel connections…

The Economic Times

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ITR filing deadline of July 31, 2026: With only 4 days left to due date; 5 checks you must complete before submitting form

ITR filing: Taxpayers have four days remaining to file their Income Tax Return by the July 31, 2026 deadline. It is important to match Form 16 with AIS and Form 26AS for accurate tax deductions. Gather all income and deduction documents, and choose the correct tax regime for potential savings.

The Economic Times

Don't let selling your house trigger a tax notice: Check these rules under Sections 54 and 54F

Many taxpayers who purchase or construct a residential house to claim exemption under Sections 54 or 54F are unaware that selling the house within the prescribed lock-in period can reverse the earlier tax benefit. This article explains how such a sale affects the computation of capital gains, highlights the different…

The Economic Times

Which ITR form should I file as I am a homemaker who has Rs 98,000 dividend income and paid Rs 4000 TDS?

ET Wealth Reader's Query: I am 43, a homemaker, with mutual fund investments of Rs 35 lakh and stock investments of Rs 50 lakh, mostly invested from my husband’s income. During FY2025 26, I received dividend income of Rs 98,000, on which TDS of Rs 4,000 was deducted. I have…

The Economic Times

Employee wrongly declared Rs 14 lakh Australian salary in Indian ITR: ITAT grants tax relief but denies Rs 3.4 lakh foreign tax credit

Employee mistakenly declared Rs 14 lakh Australia salary in Indian ITR, later sought Rs 3.4 lakh foreign tax credit in India for tax paid in Australia; ITAT gives him full tax exemption on salary but denies Rs 3.4 lakh foreign tax credit. Know how employee won the fight in ITAT…

The Economic Times

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Which States Are Lowering Income Taxes? Here’s Where Rates Are Changing

State income taxes can have a significant impact on your paycheck, retirement income, and long-term financial planning. Over the past few years, a growing number...

Saving Advice

Record 10.2 Million Over-65s Set to Pay UK Income Tax as Frozen Thresholds Bite

More retirees are becoming taxpayers as frozen allowances and rising pension income widen the UK's income tax net, HMRC projections show.

International Business Times UK

Mapped: Areas most likely to benefit as Burnham eyes income tax overhaul

Experts have warned the new prime minister could create a ‘postcode lottery’

The Independent UK

Number of billionaires grows 4-fold in five years to 576 in AY'26: Income tax return data

Five hundred seventy-six individuals reported over Rs 100 crore income in 2025-26. This figure shows a fourfold increase from the previous five years. The number of high-income earners rose significantly after a dip in 2024. Labour markets have recovered beyond pre-COVID levels, reducing unemployment. Government measures aim to reduce inequality…

The Economic Times

File your ITR for just Rs 11: Paytm partners with ClearTax; here's how you can file income tax return

ITR filing: Paytm users can now file Income Tax Returns directly through the app. This service is available starting at an affordable price of eleven rupees. The company partnered with ClearTax to offer a quicker online filing process.

The Economic Times

Save income tax when filing ITR for AY 2026-2027 by claiming Section 54 or 54F benefits if you sold land, house property or equity shares; Know how

Indian taxpayers can claim capital gains tax exemptions by reinvesting sale proceeds. Section 54 and 54F allow exemptions for residential property sales and other assets. Specific timelines and conditions must be met for claiming these tax benefits. Unutilised amounts must be deposited in the Capital Gains Account Scheme. Reporting these…

The Economic Times

Rs 17.41 lakh penalty for ITR filing mistake: CA firm's owner's affidavit helps taxpayer get relief in ITAT Mumbai; know how

Rs 17.41 lakh penalty imposed due to error in ITR filed by junior staff in CA firm; Here's how affidavit from the CA firm's owner helps taxpayer get relief from penalty in ITAT Mumbai. Know how taxpayer won case in ITAT Mumbai

The Economic Times

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The Economic Times

ITR filing last date: Will Income Tax Department extend July 31 deadline for FY 25-26? Here's what experts say

ITR filing deadline: The July 31 income tax return deadline approaches with many taxpayers yet to file. Experts are divided on whether the government will extend the filing deadline. Some believe the portal is functioning smoothly and an extension is unlikely. Others suggest a short extension might be granted if…

Kiplinger

States With No Retirement Tax Ranked by Medical Care

Zero tax on retirement income sounds great, until you can't find a doctor. Here's how five "tax havens" compare on healthcare, property taxes, and living costs.

Kiplinger

Why Paying More in Taxes Today Could Leave You Wealthier Tomorrow: A Financial Planner Explains Roth Conversions

Roth conversions sound like a no-brainer — pay more tax now to pay less in future. But you need to understand your tax bracket to make sure they'll work for you.

The Free Financial Advisor

8 States Cutting Income Tax Rates in 2026

The 2026 tax year brought lower individual income tax rates to eight states, giving taxpayers a little more room between their paychecks and the tax collector. The changes range from modest reductions to major rate cuts, with several states continuing multiyear plans that could push rates even lower in the…

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Evening Standard

Andy Burnham ‘to give Sadiq Khan a share of income tax revenue’

The new Prime Minister is set to give mayors extra cash to pay for local infrastructure, investment, job creation and growth projects

Kiplinger

Ask the Tax Editor, July 24: Taxation of I Bonds

In this week's Ask the Editor Q&A, Joy Taylor answers readers' questions about the taxation of I bonds in various situations.

The Guardian - UK

Our blueprint for Andy Burnham’s success

Letters: Readers advise the new prime minister and his party on how to turn Labour’s fortunes, and the country’s, around

The Economic Times

Finance minister Nirmala Sitharaman asks I-T officials to ease burden on honest taxpayers

Finance Minister Nirmala Sitharaman urged tax officials to ensure taxpayer convenience. She stressed firm action against tax evasion and economic certainty. Officials must adopt an empathetic approach while enforcing tax laws. Sitharaman outlined five priorities for the Income Tax Department. She advised officials to exercise their powers with humility and…

The Economic Times

Wife paid Rs 58 lakh from Indian bank a/c, husband paid Rs 80 lakh from UAE bank a/c for property purchase; she gets tax notice for unexplained investment, wins case in ITAT Mumbai for this reason

To purchase property in India, wife paid Rs 58 lakh from her bank a/c and husband paid Rs 80 lakh via his UAE bank a/c using Dubai exchange bureau; she got tax notice for unexplained property investment; she fights and wins case in ITAT Mumbai for this reason. Know how…

The Economic Times

Rs 9.48 lakh income tax demand on coaching centre quashed: ITAT explains why attendance alone doesn't make contractual teachers employees

Contractual teachers held as employees by the tax department and on this ground, Rs 9.48 lakh tax demand raised; ITAT Cochin rules administrative supervision over timings, attendance and leave does not automatically create an employer-employee relationship. Know what ITAT Cochin said about TDS on salary paid to contractual employees.

The Economic Times

ITR filing deadline FY 2025-26: Due dates, penalties, and what happens if you miss July 31 deadline

Taxpayers will file Income Tax Returns for FY 2025-26 under the Income-tax Act, 1961. The due date for most individuals is July 31, 2026, while others have later deadlines. Missing the initial deadline allows filing a belated return until December 31, 2026. Late filing incurs a fee of Rs 5,000…

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