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The Latest Breaking News from Income Tax

Georgia’s Income Tax Rate Drops to 4.99% in 2026: 6 Paycheck Checks Households Should Make

A little extra money in each paycheck can feel like finding cash in an old jacket pocket. Georgia taxpayers may soon experience that feeling as the state’s income tax rate drops to 4.99% beginning January 1, 2026, according to the Georgia Department of Revenue. While the reduction may not create…

Everybody Loves Your Money

Paying rent but not receiving HRA? Here’s how non-salaried individuals can claim tax deduction

Self-employed individuals and salaried employees not receiving House Rent Allowance (HRA) can claim tax benefits for rent paid under Section 80GG of the Income Tax Act. This deduction, capped at Rs 60,000 annually, is available only under the old tax regime and requires filing Form 10BA. HRA exemption and Section…

The Economic Times

Tax-free income in India: 8 types of income you don’t need to pay any tax on

Tax-free income: Unlock tax savings with these eight income sources exempt from income tax in India. From agricultural earnings and provident fund withdrawals to gifts from relatives and insurance payouts, understand how to keep more of your money.

The Economic Times

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TDS Challan correction for Income Tax Act, 2025 needs to be done using the old TRACES portal; Here’s how to do it

Taxpayers must correct TDS challans for Tax Year 2026-27 on the old TRACES portal. This is crucial if the challan was mistakenly filed under FY 2025-26. Failure to correct will prevent TDS credit for Tax Year 2026-27, increasing tax liability. The new TRACES portal does not yet support this correction.…

The Economic Times

Income Tax department labels her stock market trader, denies investor status; she fights and wins Rs 54 crore capital loss claim at ITAT

Dolly Khanna successfully challenged the tax department's classification of her Rs 54 crore short-term capital loss as a business loss. The ITAT Chennai ruled she is an investor, not a trader, allowing the loss to be treated as a capital loss. This decision was supported by a 2016 CBDT circular…

The Economic Times

ITR filing due dates for AY 2026-27: July 31 is not the deadline for every taxpayer; check 5 other tax filing due dates

The Income Tax Department has set July 31, 2026, as the deadline for most individual taxpayers, including the salaried class, to file their Income Tax Returns (ITR) for AY 2026-27. However, different due dates apply based on income sources and audit requirements, with some non-audit businesses and professionals now having…

The Economic Times

Do you need to file ITR if you only incurred losses from equities or mutual funds? Check the details

Individuals earning below basic exemption limits (Rs 2.5 lakh old, Rs 4 lakh new regime) generally don't need to file ITR. However, mandatory filing applies if you have capital losses to carry forward, trade in Futures & Options, or incur specific expenses like high credit card bills or foreign travel.

The Economic Times

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HMRC overcharged millions of pensioners in income tax last year

IN FULL

The Independent UK

State Pension Is Just £22 Away From Triggering Income Tax for Millions of Pensioners

Rising State Pension payments are pushing UK pensioners closer to the income tax threshold. Here's a look at the impact of the frozen Personal Allowance and how to manage potential tax bills effectively.

International Business Times UK

How Roth Conversions Can Help Your Family Avoid an IRA Tax Trap After You're Gone

Your spouse and children could be bumped into higher tax brackets if you leave them a substantial sum in an IRA. Partial Roth conversions now can help.

Kiplinger

Income tax alert: These taxpayers could receive scrutiny notices by June 30, 2026 under Section 143(2)

The CBDT has set June 30, 2026, as the deadline for issuing scrutiny notices under Section 143(2) for FY 2025-26 returns. An internal deadline of June 15, 2026, requires tax officers to forward selected cases for scrutiny. Taxpayers with errors can file updated returns or provide explanations during scrutiny.

The Economic Times

California voters set to decide third ballot measure since 2012 to maintain top marginal tax on high incomes to fund public education

The California Secretary of State announced that a ballot initiative to make permanent the state’s top marginal tax rates on higher incomes, which are set to expire in 2031, has qualified for the November ballot. This will be the third ballot initiative related to this income tax, which was enacted…

Ballotpedia

Salaried employees beware! These 5 mistakes during ITR filing can trigger unexpected tax demands

With the ITR filing season for AY 2026-27 now underway, many salaried taxpayers who faced TDS shocks in the last quarter of FY 2025-26 are now encountering self-assessment tax and interest liability while preparing to file their income tax returns. This article outlines five practical ways, including the use of…

The Economic Times

Can you sell household items worth more than Rs 2 lakh in cash? Check the tax rules

A woman successfully challenged the Income Tax Department's addition of Rs 10.80 lakh as unexplained cash. The ITAT Chennai ruled in her favor, accepting her explanation for cash deposits from a property sale and sale of household items. The tribunal noted individual transactions for household items were below the Rs…

The Economic Times

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The Economic Times

ITR filing 2026: 9 key checks every taxpayer must make for AY 2026–27

India's income tax administration has become increasingly data-driven, with information from TDS/TCS reporting, SFT filings and other sources being integrated into the Annual Information Statement (AIS) and used to cross-check taxpayer disclosures. In this environment, filing an accurate and complete ITR is essential to avoid refund delays, tax demands, penalties,…

The Economic Times

Income tax burden reduction over 12 years reflects 'Ramrajya', government says

A government booklet marks Narendra Modi's tenure as India's longest-serving Prime Minister. It highlights tax reductions and reforms like GST and Digital India. These initiatives have built public trust and supported India's journey towards becoming a USD 5-trillion economy. Increased taxpayer confidence fuels investment in national development.

Evening Standard

Nationwide makes over four million Fairer Share payments on first day of rollout

Some people may be liable for income tax on payments, if the total interest earned in the tax year is above their personal savings allowance.

The Independent UK

Nationwide pays £100 Fairer Share payments to millions of UK customers on first day of rollout

Since its inception in 2023, the initiative will have returned approximately £1.5 billion to members

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The Economic Times

Paying rent above Rs 50,000? Failure to deduct TDS can make you an assessee in default; know what to do

Tenants paying over Rs 50,000 monthly rent must deduct TDS. This applies to individuals and HUFs not requiring tax audits. The TDS rate is 2% on gross rent. Tax is deducted in the last month of tenancy or financial year. Tenants deposit TDS via Form 26QC and issue Form 16C…

The Economic Times

Qualified but not working? HC denies maintenance to doctor wife, says she can’t burden husband

The Allahabad High Court has ruled that a qualified wife, capable of earning but choosing not to work solely to burden her husband, can be denied maintenance. In a case involving a Gynaecologist, the court upheld the denial of interim maintenance, citing her ability to earn over Rs 31 lakh…

The Economic Times

Zepto IPO: ED summons founders in FEMA matter, seeks shareholding, business details

The Enforcement Directorate sought details on foreign investments and overseas investments, audited balance sheets since FY21, owned immovable properties, shareholding pattern, loans and guarantees, income tax returns, bank accounts, and a note on Zepto’s business model, according to the updated prospectus.

The Economic Times

Best tax saving mutual funds or ELSS to invest in June 2026

Taxpayers can save income tax up to Rs 1.5 lakh annually by investing in Equity Linked Savings Schemes (ELSS). These tax-saving mutual funds offer potential for higher returns over the long term and have a shorter three-year lock-in period compared to other 80C options. Investors should be aware of the…

The Economic Times

Income Tax Department issues ITR scrutiny guidelines: These ITR filers may face compulsory scrutiny in FY 26-27

The CBDT has released new guidelines for compulsory income tax return scrutiny in FY 2026-27, impacting returns filed in FY 2025-26. Specific risk parameters will mandate detailed examination by the I-T Department. A June 30, 2026 deadline is set for issuing scrutiny notices under Section 143(2).

The Economic Times

Man sold unlisted shares, bought Rs 5.65 cr house, faced income tax scrutiny; he fought back and won in ITAT Delhi despite low income declaration

Mr. Bansal successfully appealed a tax demand after claiming Section 54F exemption on Rs 7.59 crore long-term capital gains from unlisted shares. The ITAT Delhi ruled that depositing unutilized funds in the Capital Gains Account Scheme was unnecessary as the property was purchased before filing the ITR. The tribunal also…

Bangkok Post

Thailand inches towards negative income tax

The Finance Ministry is preparing a comprehensive overhaul of the government's welfare system, laying the groundwork to implement a negative income tax (NIT) system in Thailand.

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