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The Latest Breaking News from Income Tax

Weekly Brew: June 5, 2026

The General Assembly of North Carolina approved two constitutional amendments on property and income tax limits for the Nov. 3 ballot.

Ballotpedia

Hong Kong-based son gets tax notice after father buys insurance policy in his name with cash; he fights back and wins case in ITAT Mumbai

An NRI in Hong Kong faced an income tax dispute after withdrawing cash from his NRE account to give to his father. The father used this money to buy an insurance policy in his son's name, leading to an 'unexplained cash credit' notice. ITAT Mumbai ultimately ruled in favor of…

The Economic Times

Smaller Refunds Are Hitting Filers Who Made One Specific Change Last Year

Tax season keeps surprising millions of filers, and this year delivers a particularly frustrating twist for many households expecting a comfortable refund. Many taxpayers open their results only to find a much smaller number than they planned for, and the shock often traces back to a single decision made last…

The Free Financial Advisor

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Want to exchange old gold for new jewellery? Beware of these taxes

Indians exchanging old gold for new should be aware of potential taxes on sales and purchases. The Income Tax Department monitors high-value gold transactions, including large cash deposits or unexplained sources of funds. Proper documentation is crucial to avoid scrutiny and penalties, especially when dealing with inherited, gifted, or imported…

The Economic Times

Why should these taxpayers avoid filing ITR before June 15th for AY 2026-2027

Taxpayers are advised to delay filing their Income Tax Returns for AY 2026-2027 until after June 15th. This allows for the accurate updation of the Annual Information Statement with data from companies and banks. Salaried individuals should also wait for their Form 16. Filing without complete information can lead to…

The Economic Times

Maximum 39% marginal rate of income tax applicable for these individuals in Tax Year 2026-2027

Individuals and certain entities will face a maximum 39% income tax rate under the new tax regime for Tax Year 2026-2027. This Maximum Marginal Rate applies to specific income categories to prevent tax avoidance. The new regime streamlines surcharges, capping them at 25%. However, exceptions exist, potentially leading to higher…

The Economic Times

ITR filing 2026: 5 benefits of filing income tax return besides paying taxes

Filing your Income Tax Return is more than just a tax duty. It acts as a vital financial record. It helps in getting loans approved. You can claim tax refunds if you paid extra. Your ITR proves your income, especially for freelancers. It allows carrying forward losses to reduce future…

The Economic Times

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Worked in the US, UK or Canada? Form 40 can help Indians defer income tax liability on foreign pension accounts

Indian residents with foreign pension accounts like 401(k) from working in the US, UK, or Canada can now defer India tax liability. By filing Form 40 electronically before the income tax return deadline, taxation shifts from accrual to withdrawal basis. This option, once exercised, is generally irrevocable but becomes void…

The Economic Times

Lady sold apartment, took Rs 2.5 lakh cash, bought new apartment from son-in-law, paid no tax, got income tax notice; she fights back and wins case in ITAT Chennai

A Chennai woman successfully appealed a tax notice after selling her apartment for Rs 35.5 lakh, including Rs 2.5 lakh in cash, and buying a new one from her son-in-law. The ITAT Chennai ruled in her favor, upholding the validity of registered documents and bank transactions, and deleting additions made…

The Economic Times

Could you be missing a critical June 2026 tax deadline? Check these essential TDS, Form 16, STT and advance tax requirements before it's too late

June 2026 income tax deadlines are closer than many taxpayers realize. Form 16 issuance, TDS deposits, advance tax payments and STT reconciliation can directly affect your Income Tax Return filing. A missed compliance step may lead to penalties, tax credit mismatches or filing delays. Before June 20, reviewing these key…

The Economic Times

North Carolina voters to decide on two measures on property and income tax limits in November

Welcome to the Monday, June 1, 2026, Brew.

Ballotpedia

New income tax regime: Don’t miss out on these 3 key deductions that will reduce your taxable income & help save more tax

Many taxpayers mistakenly believe the New Tax Regime offers no deductions. However, salaried employees and pensioners can claim a Rs 75,000 standard deduction. Employer contributions to NPS and interest on home loans for let-out properties are also still permissible, reducing overall tax liability.

The Economic Times

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

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Fortune

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.

GOBankingRates

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.

The Economic Times

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…

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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…

Salon

Trump's big beautiful income tax dodge

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

The Canberra Times

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

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

The Economic 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 National (Scotland)

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 Economic Times

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…

Ballotpedia

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.

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