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The Latest Breaking News from Income Tax

Name appearing in builder's records showing cash payment: Will you need to pay income tax for such property purchase? Here’s what ITAT said

Can the Income Tax Department tax you based only on papers found during a builder's search? A recent ITAT ruling explains when third-party documents are not enough and the important rights every property buyer should know.

The Economic Times

Delhi government plans global tender for 'Twin Towers' Secretariat building project

Delhi government plans a global tender for constructing new twin-towers Secretariat. This ambitious project aims to consolidate scattered departments into one location. The Income Tax department will share its land for the proposed twin-tower development. Major construction firms worldwide can participate in this significant undertaking. The new high-rise building will…

The Economic Times

What Shabana Mahmood as chancellor could mean for your money and taxes

From income tax to capital gains levies – we examine how Andy Burnham’s likely new chancellor could impact your wallet

The Independent UK

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How a 50p income tax rate would work – and does Shabana Mahmood support it?

IN FULL

The Independent UK

Chancellor favourite Shabana Mahmood backed 50p income tax rate

Home secretary rallied against a ‘tax cut for millionaires’ while in opposition

The Independent UK

For Opportunity, getting into Parliament will be the easy part

Comment: Qiulae Wong’s leadership may give Opportunity the best chance yet of entering Parliament, but its legacy will depend on whether it can preserve the policy that set Top apart, writes Gareth Morgan.

Newsroom.co.nz

2026 Capital Gains Tax Rates by State: How Much Investors Pay This Year

Selling investments at a profit can be rewarding for some — until tax season arrives. And federal taxes are just one part of the equation.

Kiplinger

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Govt to replace Ordinance by introducing Income-tax (Amendment) Bill in Monsoon session

Parliament will soon consider a bill to replace an ordinance on tax exemptions. This aims to attract foreign capital and stabilize the rupee. The proposed legislation seeks to deepen India's sovereign debt market. It will also enhance liquidity amid global economic uncertainties. Another bill to amend MSME Development Act will…

The Economic Times

Why the number of over-65s paying income tax is set to hit 10 million

IN FULL

The Independent UK

Cost Inflation Index: How it can help you file your income tax return

The Income Tax Department has announced the Cost Inflation Index for the upcoming tax year. This index, set at 384, will adjust asset acquisition costs for capital gains. It becomes effective from April 1, 2026, impacting future tax calculations.

The Economic Times

Record 10 million over-65s to pay income tax amid threshold freeze

The number of pensioners paying tax continues to rise every year

The Independent UK

NRI woman sold her property in Gujarat for Rs 21 lakh, tax dept sent notices, she missed them as she lived abroad; later she files case and wins in ITAT Ahmedabad

ITAT overturns STCG tax on Gujarat house sale: When Kaminiben, an NRI from Anand, Gujarat, sold her house for Rs 21.4 lakh in AY 2018-19, which she had originally bought in 2005 for Rs 1.94 lakh, the tax dept issued her tax notices. However, as she was living abroad as…

The Economic Times

ITR 2026: Common income tax return filing mistakes that cost employees lakhs

A careful, timely, and well-documented filing approach can help employees avoid notices, interest, penalties, and refund delays while ensuring that all eligible deductions and benefits are correctly claimed. The Income Tax Return (ITR) filing due date for salaried individuals is July 31, 2026 if they are not liable for tax…

The Economic Times

ITR filing: Should you keep printouts of all your tax documents, or are digital copies enough?

Taxpayers must retain income tax documents for several years after filing returns. Digital copies are generally sufficient, but original physical records are vital for ownership. Documents depend on income sources, including salary, capital gains, and business income. Keeping records helps respond to tax notices and supports future tax calculations.

The Economic Times

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Evening Standard

10m people aged 65 and over expected to be income tax payers in 2026-27

In 2026-27, the number of people aged 65 and over expected to be paying income tax was put at 10,200,000 in HMRC figures.

The Economic Times

Did you claim a minimum Rs 10,000 income tax refund for your car bought in FY26? Here's how to claim your 1% TCS now

According to the income tax rules, car dealers are required to deduct 1% TCS if the ex-showroom value of the car exceeds Rs 10 lakh. However, do not confuse your total car cost with the ex-showroom price, which is the base retail cost excluding any kind of taxes, accessory charges…

The Economic Times

Income tax on gifts: Received cash, property or shares? You may have to pay tax and report it in your ITR in these cases

Gifts from specified relatives are fully exempt from income tax. Non-relative gifts exceeding certain values become taxable under specific rules. Taxable gifts must be reported under income from other sources. Maintaining proper documentation is crucial for all gift transactions. Read the article to learn which gifts stay exempt from tax…

The Economic Times

ITR filing 2026: How to download interest certificate from SBI, HDFC Bank, ICICI Bank, Axis Bank and India Post

Individuals filing income tax returns for FY 2025-26 will need interest certificates. These documents verify interest income and loan interest deductions for tax purposes. The article provides step-by-step instructions for downloading these certificates from ICICI, HDFC, SBI, and Axis Bank.

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The Economic Times

Salaried employee earning Rs 68 lakh donates Rs 12 lakh to political party, claims tax deduction; I-T dept denies it; he contests but loses in ITAT Ahmedabad

Employee with Rs 68 lakh salary donated Rs 12 lakh to political party for Section 80GGC tax break; ITAT Ahmedabad upholds tax dept's order denying such deduction. Know why this salaried employee lost the case in ITAT Ahmedabad. Keep reading.

The Economic Times

Filed your ITR but did not get your income tax refund? Here's how to check your ITR status online and resolve common delays

Taxpayers can check income tax refund status online via the e-filing portal. Common statuses like 'Refund Issued' and 'Refund Failed' require specific actions. Delays often stem from incorrect bank details or unverified returns. Mismatches in AIS and Form 26AS can also cause processing issues. The department may adjust refunds against…

The Economic Times

Bengaluru landowner sells 17 apartments, earns Rs 11.8 crore LTCG, pays no tax; I-T dept sends notices; he contests and wins in ITAT Bangalore

Landowner sells 17 apartments, earns Rs 11.8 crore gains, paid no tax, reinvests gains into 5 properties; tax dept sent notice; he wins case in ITAT Bangalore. Read the article to know the landowner won the tax case in ITAT Bangalore.

Euronews

Where are property taxes highest and lowest in Europe?

Buying a home in Europe? Taxes follow you from purchase to sale. Here's where property is taxed most and least.

The Economic Times

What happens if you miss July 31, 2026, ITR filing deadline? Why you should not miss this due date

The belated Income Tax Return filing deadline for AY 2026-27 is December 31, 2026. Missing this date can result in losing tax refunds and incurring penalties. Late filing fees of up to Rs 5,000 will apply to delayed submissions. Failure to file can impact loan and visa applications significantly. Filing…

The Economic Times

Will filing your ITR early get you a faster income tax refund? Here's what really determines the processing time

Filing income tax returns early increases processing likelihood but does not guarantee faster refunds. Successful e-verification and matching tax records are crucial for timely refund processing. Pre-validating bank accounts and avoiding complex disclosures expedite the refund process. Mismatched information and unverified returns can significantly delay refund issuance. Accurate details and…

The Economic Times

Income tax guide: Allowance and reimbursement exemption limits every salaried employee should know

Salaried employees should know income tax exemption limits for various allowances. Leave Travel Allowance is exempt for self and family travel within India. Children Education Allowance offers exemption up to three thousand rupees per child. Phone bill reimbursements are generally not taxable for employees. Meal card benefits are exempt up…

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