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The Latest Breaking News from Income Tax

IRS Proposes New Restrictions on Refundable Tax Credits for Some Immigrants

The Department of the Treasury and the Internal Revenue Service have issued proposed regulations that would clarify eligibility requirements for the refunded portions of certain individual income tax credits, according to an official IRS announcement designated IR-2026-93.

The Free Financial Advisor

NRI selling Indian assets? US, UK, UAE, Canada, Australia or Singapore - how your country of residence could decide the income tax bill

When selling Indian assets, be cautious of the potential tax implications linked to your country of residence. Tax obligations can vary based on your residency timeline and applicable regulations. Read on to understand how your residency can impact your tax bill if you are an NRI in the US, UK,…

The Economic Times

Unsuspecting landowner got income tax notice as his land was sold for Rs 6.82 crore cash by someone via forged sale deed; he fights back and wins tax case in ITAT Ahmedabad on this ground

For Rs 6.82 crore cash notorious land grabbing gang sold land via forged sale deed with forged signature of landowner; however landowner got tax notice for not reporting sale of land; ITAT Ahmedabad cancels tax notice on this ground. Read the article.

The Economic Times

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Treasury, IRS Move to Restrict Refundable Tax Credits for Certain Immigrants: ‘The Days of Illegal Aliens…'

The U.S. Department of the Treasury and Internal Revenue Service (IRS) proposed rules Wednesday to restrict access to the refunded portion of certain federal tax credits for immigrants who do not meet federal eligibility requirements.

Benzinga

8 income tax notices that salaried employees can get after filing ITR; know what they mean and how to respond

Employees who are on a salary may find themselves receiving tax notices following their income tax return filings. These notices typically point out discrepancies requiring immediate attention from the taxpayer. It is essential to understand the context of each notice to ensure proper compliance and effective dispute resolution. The Income…

The Economic Times

£500 State Pension Rise Comes With a Tax Sting as Full Rate Heads Above £12,570

UK pensioners may receive a £500 state pension increase next year, potentially exceeding the income tax threshold. The rise depends on wage growth and inflation figures due in September.

International Business Times UK

Man constructs a house before selling his old property and claims income tax exemption under Section 54; Income Tax Department sends notice; he wins case in ITAT Delhi

Constructs house for Rs 47 lakh in Tilak Nagar, sells old property in Paschim Viharfor Rs 53 lakh, pays no tax, tax dept sent notice, man wins case in ITAT Delhi; Know how. This Paschim Vihar property was purchased on July 20, 2005 for Rs 6.48 lakh (including stamp duty).

The Economic Times

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Income Tax Department launches nationwide verification of suspicious foreign remittances

The Income Tax Department has launched a nationwide verification exercise into suspicious foreign remittances after identifying several entities that allegedly remitted large amounts of foreign exchange despite reporting little or no turnover, the Central Board of Direct Taxes (CBDT) said.

The Economic Times

I-T department officials discuss roadmap for improving services for taxpayers

Senior Income Tax officials met in Jaipur for a two-day conclave. They discussed improving taxpayer services and reducing litigation for the department. Discussions also covered strengthening infrastructure and creating an actionable future roadmap. E-HRMS, service matters, and capacity building were extensively deliberated upon. The conclave concluded with a focus on…

The Economic Times

Income tax dept has identified suspicious entities that sent money abroad, launches verification drive; Know what to do

Based on ground intelligence and analysis of data, Income tax dept Income tax dept has identified suspicious entities who sent money abroad; Know what to do

The Economic Times

SBI's error in depositing TDS cost landlord Rs 2.7 lakh in TDS credit; Landlord fights in ITAT Agra and wins the case

SBI paid Rs 40.62 lakh rent to three landlords but erroneously reported entire TDS against one landlord's PAN, leading to tax dept denying Rs 2.7 lakh TDS credit as landlord only declared 1/3rd rent in ITR; Landlord fights in ITAT Agra and wins case; Know why

The Economic Times

West Virginia Wants To Use Data Centers To Eliminate Its Income Tax

The state's plan to attract large infrastructure projects is full of administrative hurdles and concedes many of the bad arguments made by NIMBY critics.

Reason

Election black money cases must be probed faster, says Supreme Court

The Supreme Court mandated swift conclusion of criminal cases involving election-related black money. Authorities must report cash seizures within twenty-four hours to the District Magistrate. Investigations must conclude within one year, with reasons for delays reported. Static Surveillance Teams will forward large cash findings to income tax authorities. High courts…

The Economic Times

UK based employee sold ESOP worth Rs 26 lakh, declared Rs 1 lakh short-term capital loss, Income Tax dept treated it as unexplained gains; He fights and wins case in ITAT Mumbai

UK-based Indian employee sold 1,540 L&T Infotech shares for Rs 26 lakh which he had acquired through ESOPs, declared Rs 1 lakh short-term capital loss; Tax dept treated it as Rs 29.59 lakh unexplained gains; ITAT Mumbai rules in employee's favour. Read the article to know why.

The Economic Times

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The Economic Times

Got Income Tax notice asking you to pay Rs 6,000 in tax? Check this warning from government’s fact check team

Attention taxpayers: a fraudulent Income Tax notice demanding a payment of Rs 6,000 has been detected online. The Fact Check team from the Press Information Bureau has categorically identified it as a phishing scam. Citizens are strongly advised not to respond to such deceptive messages from unfamiliar sources. Remember, the…

The Economic Times

NRI used NRE account to buy Rs 79 lakh property, got ‘unexplained cash’ tax notice; ITAT Ahmedabad grants full relief

NRI used money from his NRE bank a/c to buy property for Rs 79 lakh, files no ITR; tax dept sent notice for unexplained cash; he wins case in ITAT Ahmedabad

The Economic Times

New Delhi Secretariat building to come up at ITO; Income Tax Office to get new building

Delhi government plans a new high-tech single tower secretariat at ITO. This project involves redeveloping approximately ten acres of government land. The Income Tax Office will relocate to a newly constructed multi-storey building. This initiative aims to consolidate scattered government offices into one central location. A global tender will soon…

The Economic Times

Property dealer deposits Rs 54 lakh cash in bank, files no ITR, gets tax notice, does not respond, wins case in ITAT Delhi; Know why

Property buyers gave Rs 54 lakh to property dealer who deposited it in his own bank a/c; dealer gets tax notice, he fights and wins case in ITAT Delhi; Know why

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The Economic Times

Income tax for senior citizens: No salary after retirement? These 7 incomes can still attract tax; know what is exempt

Retirement is not synonymous with tax freedom. Your pensions, interest income, rental earnings, and capital gains may still incur taxes. It's crucial to identify which income streams are subject to taxation and which advantages remain untaxed to prevent errors and manage your finances wisely. Learn strategies to legally minimize your…

The Economic Times

Delhi HC pauses judges’ ITR processing amid tax exemption row

The Delhi High Court has halted the processing of judges' income tax returns. This action stems from a dispute over certain allowance exemptions under new tax rules. The court directed private secretaries to submit necessary details to tax authorities. It also ordered that any demand raised shall remain in abeyance.…

International Business Times UK

Trump Accounts Could Receive $2,500 Tax-Free Employer Contributions Under New IRS Proposal

Trump Accounts offer US workers tax advantages, with up to $2,500 in employer contributions tax-free. Learn how this impacts various income brackets and why higher earners benefit more.

International Business Times UK

Why Over 2 Million Pensioners Will Pay Tax on Their Savings This Year

An increasing number of UK pensioners are paying Income Tax due to rising incomes and frozen tax thresholds, impacting their financial stability during retirement.

The Economic Times

Man did not disclose UAE bank account and foreign shares in ITR, I-T dept imposed Rs 1.86 lakh penalty; He escalates the case but ITAT Delhi offers no relief

Dubai connection: Man claimed friend sent money to Dubai Emirates NBD bank a/c to start business but didn't disclose foreign assets in Schedule FA of ITR; ITAT Delhi upholds Rs 1.86 lakh penalty under Black Money Act, 2015. Know why did he lose the case.

Times Life

Term Insurance vs Endowment Plans: What Every Indian Must Know Before Buying a Policy

The Coverage Gap Nobody Talks About at the Time of PurchaseA 32-year-old earning Rs 12 lakh a year buys an endowment plan with a sum assured of Rs 10 lakh. The premium is Rs 40,000 a year for 20 years. The family feels protected. They are not. Ten lakh rupees…

International Business Times UK

New UK Pension Rules Could Trigger a 91% Tax Hit From April 2027: Who's Most at Risk

From April 2027, UK pensions will be subject to inheritance tax, potentially impacting beneficiaries significantly. This change could lead to a combined tax rate of up to 91% on pension wealth.

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