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The Latest Breaking News from Income Tax

Sold multi-asset MFs? Before filing ITR, check the fund’s underlying asset mix as it determines tax treatment; know how to file return on such gains

Multi-asset mutual fund taxation depends on equity and debt exposure. Equity-oriented funds have specific tax rates and holding periods. Debt-oriented funds are taxed at investor slab rates after 24 months. Specified mutual funds treat all gains as short-term capital gains. Correct ITR schedules are crucial for reporting these gains accurately.

The Economic Times

Lady with Rs 5.28 lakh income pays no tax despite Rs 1.42 lakh STCG from equities; Know why ITAT Mumbai allowed the Section 87A rebate

Ever since the Income Tax utility has disabled the option to claim Section 87A tax rebate on short term capital gains (STCG) from listed equities in 2024, a flurry of taxpayers from across the country were left with either a tax demand or an uncertain thought. Read to know how…

The Economic Times

How to file ITR-4 online on the e-filing ITR portal for AY 2026-2027

Individuals eligible for presumptive taxation can file ITR-4 online. The due date for filing ITR-4 varies based on tax audit requirements. Taxpayers must verify pre-filled data and complete required schedules carefully. Income from salary, house property, and interest are generally included. E-verification within thirty days is mandatory for successful submission.

The Economic Times

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How to file ITR-3 online on the Income Tax e-filing portal for AY 2026-2027

Individuals with business income must file ITR-3 for AY 2026-2027. This form captures various income sources, including salary and capital gains. Taxpayers can file ITR-3 online through the e-filing portal. The process involves filling general information and specific schedules. E-verification must be completed within thirty days of submission.

The Economic Times

Son becomes NRI, gifts shares worth Rs 30 lakh to father; should this be disclosed in ITR? What taxpayers must do to avoid tax notices

NRI son gifted Rs 30 lakh shares to his father through an off-market transfer. Should it be reported in ITR? Although a genuine gift of shares from a son to his father is not regarded as a transfer for capital gains purposes in the hands of the donor, the reporting…

The Economic Times

Need help with ITR filing? Check the ITR filing charges across various websites for AY 2026-2027 for students, salaried persons, pensioners and NRIs

Individuals can compare income tax return filing charges across several platforms. The deadline for filing is July 31, 2026, for many taxpayers. AI-assisted self-filing options are available at lower costs. Expert-assisted plans offer comprehensive support for complex income situations. These services cater to students, salaried individuals, pensioners, and NRIs.

The Economic Times

ITR filing: Received Section 143(1) intimation with tax demand? Respond within 30 days or risk being treated as an ‘assessee in default’; know how to do it

Taxpayers must respond to Section 143(1) intimations with tax demands promptly. Failure to respond within thirty days can lead to penalties. Interest accrues on unpaid demands after the stipulated period expires. Ignoring these notices may result in being classified as an assessee in default. This classification empowers the tax department…

The Economic Times

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Canada: Ontario launches first phase of major immigration programme overhaul

Ontario has launched a new immigration program, replacing eight existing streams with one. This new system will reopen later this year, requiring fresh applications. Points will be awarded for Ontario work experience and Canadian income tax history. Job offers outside Toronto and health occupations will receive additional consideration. Applicants and…

The Economic Times

Andy Burnham income tax row: What exactly has PM said on rise in £12,570 personal allowance?

New Prime Minister caught in first fiscal controversy after suggesting threshold for paying income tax may go up

Evening Standard

The States Where Americans Have the Most Retirement Savings and Where They Have the Least

New data reveals significant differences in retirement savings across US states, highlighting where residents are best prepared for retirement and where savings fall short.

International Business Times UK

ITR verification process: Different ways to e-verify your Income Tax Return using Aadhaar OTP, net banking, EVC

Taxpayers can now e-verify their Income Tax Returns using multiple online options. Aadhaar OTP and Electronic Verification Code (EVC) are convenient methods available. Net banking and Demat accounts also facilitate this essential tax process. The Income Tax Department provides clear steps for each verification method. Completing this verification ensures your…

The Economic Times

Rs 5.26 lakh capital loss carry forward was claimed in original ITR but a lesser claim was denied in revised ITR; Taxpayer fights back and wins in ITAT Bangalore

Filed revised ITR but lost Rs 2.99 lakh capital loss carry forward benefit claimed in original ITR; Know how a man challenged tax dept's decision and won case in ITAT Bangalore. Know how the taxpayer won the case in ITAT Bangalore.

The Economic Times

How to select the right ITR form based on your income for AY 2026-2027

Choosing the right income tax return form for AY 2026-27 depends on income sources. Individuals can now report two house properties using ITR-1 under specific conditions. Salary, house property, and other sources may qualify for ITR-1 if income is below fifty lakh. Business or professional income typically requires ITR-3 or…

The Economic Times

ITR filing: Claimed capital gains exemption? The 3-year tax trap that may trigger income-tax notices

Many taxpayers wrongly believe that capital gains deposited in the Capital Gains Account Scheme (CGAS) become taxable only on withdrawal. This article explains the overlooked three-year rule under Sections 54 and 54F, why it leads to income tax notices and the key compliance checks taxpayers should undertake while filing their…

The Economic Times

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Kiplinger

New Study Reveals How Much Tax You'll Pay Over Your Lifetime

It's no secret that many people feel squeezed by taxes. A new analysis shows just how much various levies add up and which state has the highest tax burden over time.

The Economic Times

INR exchange rate while filing ITR to report foreign assets: Use this reference rate to convert foreign currency into INR as prescribed under income tax rules

Indian taxpayers must report foreign assets in their Income Tax Returns for AY 2026-27. Foreign currency amounts require conversion to Indian Rupees using SBI's TTBR exchange rate. This specific rate is mandated by the Income-tax Rules for accurate reporting. Taxpayers should use the TTBR rate applicable on the relevant date…

The Economic Times

ITR filing: Got Section 143(1) intimation after filing your income tax return? Here’s what it means

After filing your Income Tax Return, you may receive a Section 143(1) intimation notice. This notice confirms the tax department's preliminary processing of your filed return. It details any adjustments made to your income, deductions, and tax liability. Taxpayers must review this intimation carefully for any discrepancies or demands. Responding…

Evening Standard

Andy Burnham insists £12,570 income tax allowance could rise in Budget amid confusion on policy

The new Prime Minister said there was no ‘commitment’ to increase the threshold for starting paying income tax but the move would be considered later this year

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The Economic Times

ITR filing 2026: Step-by-step guide to filing ITR-1 for AY 2026-27 before the July 31 deadline

Students, salaried individuals, and pensioners can file ITR-1 for AY 2026-2027. The deadline for filing this income tax return is July 31, 2026. This simplified form is for resident individuals with income up to fifty lakh rupees. It covers income from salary, one house property, and other specified sources. Taxpayers…

The Economic Times

ITR-4 or ITR-3? Know which ITR form to file under presumptive taxation scheme and the documents required

Taxpayers using the presumptive taxation scheme must select the correct Income Tax Return form. Generally, ITR-4 is suitable for individuals and HUFs with income up to fifty lakh rupees. However, certain conditions like foreign income or losses necessitate filing ITR-3. Essential documents include PAN, Aadhaar, bank details, and tax payment…

The Independent UK

How Shabana Mahmood’s history on tax could spark tension with Burnham allies

Shabana Mahmood is the frontrunner to be named Andy Burnham’s Chancellor, a move already causing tensions with left-wing Labour MPs due to her past criticisms of tax and welfare policies. Mahmood privately branded Rachel Reeves’ tax hikes as “ridiculous” and “anti-competitive,” opposing measures such as increased employers’ national insurance contributions,…

The Economic Times

Income Tax, MSME reforms among 7 key Bills on government's Monsoon Session agenda

The Centre will introduce five new Bills during the Monsoon Session. Key proposals include income tax reforms and increasing Supreme Court judges. Two pending legislations, including the Foreign Contribution Bill, will also be taken up. The Registration of Births and Deaths Bill is among the new proposals. These measures aim…

The Economic Times

Employee wrongly reported Rs 65.21 lakh VRS payout in ITR, lost tax relief; ITAT Pune rules the amount is not taxable and grants him relief

Employee got Rs 65.21 lakh as VRS after company shut plant, but wrong ITR reporting led to tax dispute; ITAT Pune rules in his favour and gives him relief from tax. Know how this empoyee won the case in ITAT Pune.

Ballotpedia

Signatures submitted for Colorado income tax cap measure that competes with proposed graduated income tax initiative

In Colorado, signatures were submitted to the secretary of state on July 15, 2026, for a ballot initiative to cap individual and corporate income tax rates at 4.4% of a taxpayer's federal taxable income.

Ballotpedia

Washington voters to decide on an initiative to repeal legislation establishing an income tax for households earning over $1 million and ban income taxes in general

Voters in Washington will decide on a ballot measure that would repeal legislation establishing an income tax for certain households and ban income taxes altogether on Nov. 3, 2026.

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