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The Latest Breaking News from Income Tax

Mumbai man received tax notice over unreported income, not filing ITR; ITAT rules in his favour on TDS benefit, tax demand reduced

Manoj Soman had not filed an ITR for the relevant assessment year, which is FY 10-11 in this case. Based on information available through the AIR mechanism and other departmental databases, the Income-tax Department noticed substantial cash deposits in the taxpayer's bank account. ITAT Mumbai, however, ruled in the assesse’s…

The Economic Times

Why the BCCI, one of the world’s richest sports bodies, answers to no one

The Board of Control for Cricket in India (BCCI) is one of the wealthiest sports governing bodies in the world. But for years, one simple question has remained unanswered: why is the BCCI not accountable to the public, which funds, watches, and sustains the game it controls?

Newslaundry

Even if every California billionaire left overnight, a wealth tax would help the state come out ahead for 25 years

The Golden State might be able to stomach more ultra-wealthy departures than first feared.

Fortune

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read the most diverse news in one place.

Here’s What Moving to a No-Tax State Really Costs (or Saves) Retirees

For retirees, what looks like a simple tax decision on the surface is more complicated when other costs, timing and lifestyle factors come into play.

GOBankingRates

ITR-2 online filing and excel utility for A.Y. 2026–27 are now enabled on the e-Filing ITR portal

Individuals and HUFs without business income but with complex income sources like salary, multiple house properties, or capital gains can file ITR-2 for AY 2026-27 by July 31, 2026. Key errors to avoid include misclassifying capital gains, neglecting foreign asset disclosures, and incorrect residential status determination.

The Economic Times

Gujarat govt's 'revolutionary' decision to provide Rs 1,500 cr financial relief to sugar cooperatives

Gujarat Chief Minister Bhupendra Patel approved sugarcane prices paid by cooperative societies to farmers. This decision benefits over two lakh farmers and cooperative societies by an estimated Rs. 1,500 crore. The move addresses past Income Tax demands. A Union Ministry of Cooperation amendment in 2023 enabled this State Government approval…

The Economic Times

Supreme Court notice to Centre on plea highlighting vacant posts in Income Tax Appellate Tribunal

The Supreme Court on Tuesday has asked the Centre to fill vacant posts across the Income Tax Appellate Tribunal. A bench directed High Courts to send judicial officers on deputation as a temporary measure. The court expressed surprise over the long-standing vacancies. This action follows a Public Interest Litigation filed…

The Economic Times

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Trump's big beautiful income tax dodge

The president's settlement with the Justice Department means he could never face IRS audits again

Salon

Barr dismisses concerns about bracket creep wiping out public sector wage rise

Bracket creep 'needs to be dealt with' but concerns overblown.

The Canberra Times

New PAN norms 2026: Where quoting is relaxed and where it’s now mandatory

New Income Tax Rules, 2026 have relaxed PAN quoting for several transactions, including cash deposits and debit card applications. However, PAN is now mandatory for certain property transactions and annual cash withdrawals exceeding Rs 10 lakh. Form 97 replaces Form 60 for declarations without PAN.

The Economic Times

Tom Hunter called out for bizarre 'false claim' about Scottish tax system

SCOTTISH multi-millionaire Tom Hunter has been urged to correct his “highly misleading claim” that just 250 super-rich individuals pay 60 of…

The National (Scotland)

Rs 400 crore agricultural income but no land: CBDT digs up names of rich ‘farmers’ without farms

Tax authorities have uncovered a major scam involving fake agricultural income claims. Over 300 individuals claimed exemptions worth thousands of crores without owning any land. These claims were used to evade taxes and legitimize black money. The Income Tax Department used advanced data analytics and satellite imagery to identify these…

The Economic Times

North Carolina voters to decide on two measures related to property and income tax limits on the November 2026 ballot

The North Carolina State Legislature approved two constitutional amendments related to property and income tax limits for the Nov. 3, 2026, statewide general election ballot. Legislators passed both amendments on May 20, 2026.

Ballotpedia

Do Australians really ‘work half the week’ just to pay their income tax? See for yourself

The next federal election in 2028 looks set to be a battle of the tax plans.

The Conversation

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The Economic Times

Man pays zero tax on Rs 5 crore land sales despite filing ITR after deadline; ITAT Mumbai rules in his favour for this reason

A Mumbai man successfully claimed a tax exemption on Rs 5 crore land sales despite filing his ITR after the deadline. The ITAT Mumbai ruled in his favor, stating that since he used the entire capital gains to purchase a new property before filing his belated return, depositing the funds…

Fortune

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

Billionaire Amazon founder, Jeff Bezos, says the bottom 50% of Americans should pay no federal income tax—and he plans to pitch the idea to President Trump.

Latin Times

Jeff Bezos Calls for No Income Taxes on Lower-Earning Americans

Jeff Bezos, one of the richest men in the world, has a new message for Washington: stop collecting federal income taxes from the bottom half of American earners.

International Business Times UK

'Taxing the Rich Won't Help': Jeff Bezos Defends the Ultra-Wealthy Amid Tax Debate — Zohran Mamdani Hits Back

Jeff Bezos told CNBC that the bottom half of US earners should pay zero income tax and dismissed wealth taxes. NYC Mayor Zohran Mamdani fired back.

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The Guardian - UK

Starmer says he will campaign for Burnham in Makerfield byelection – as it happened

Prime minister tells reporters he would campaign personally in the contest

International Business Times UK

Billionaire Jeff Bezos Says Bottom 50% Should Pay Zero Income Tax – And He'll Push Trump On It

Jeff Bezos proposes eliminating federal income tax for the bottom 50% of US earners, arguing it would provide relief without major fiscal disruption. The proposal has sparked debate and mixed reactions

International Business Times UK

Jeff Bezos Calls for a Total Federal Income Tax Exemption to Lift the Burden Off Struggling American Workers

Jeff Bezos proposes exempting low-earning Americans from income tax, arguing their contributions are minimal. His stance sparks debate with New York politicians over economic inequality and taxation policies.

The Economic Times

Parliamentary panel expresses concern over investments in cryptocurrencies

A parliamentary panel has expressed alarm over thousands of crores invested in virtual digital assets. The committee is studying global approaches to regulation. They advocate for continuing taxes on all such digital transactions. This move aims to ensure revenue stays within India. The panel will make recommendations after further deliberations.

The Free Financial Advisor

Millions Of Americans Are Missing Out On The SALT Deduction

The SALT deduction, which stands for state and local taxes, continues to play a significant role in how Americans calculate their federal tax bills. Many households in high-tax states rely on this deduction to soften the blow of property taxes, income taxes, and sales taxes. Federal tax law allows taxpayers…

Evening Standard

Fact check: Welfare spending and WHO comments on hantavirus

Round-up of fact checks from the last few days compiled by Full Fact

The Economic Times

Income tax return AY 26-27: Excel utility, online filing for ITR-1, and ITR-4 forms now available on e-filing portal

Income tax return AY 26-27: The Income Tax Department has launched Excel utilities and online filing for ITR-1 and ITR-4 for the Assessment Year 2026-27. Taxpayers earning up to Rs 50 lakh, with specific income sources, can now prepare and file their returns.

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