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The Latest Breaking News from Income Tax

Presumptive taxation: Rebate to losses & deductions, what is the practical impact of changes under Income Tax Act, 2025

Under the old Income Tax Act, 1961, the regime operated under three separate provisions. The new Income Tax Act, 2025 consolidates them into a single section. While this structural consolidation is welcome, it does introduce substantive changes that could raise taxable income and cause fresh compliance issues.

The Economic Times

EPFO invites applications from PF trusts for amnesty scheme

The Employees' Provident Fund Organisation has launched a new amnesty scheme for provident fund trusts. This one-time opportunity allows exempted trusts to regularise their status for six months. The scheme offers retrospective regularisation and waives certain compliance requirements. Pending assessments for dues and damages will be withdrawn under specific conditions.…

The Economic Times

Over 1.7 cr ITRs filed for AY 2026-27: I-T deptt

More than 1.7 crore income tax returns have been filed for the 2025-26 fiscal year. Over ten lakh returns were submitted on Friday alone by taxpayers. The deadline for filing ITRs 1 and 2 is July thirty-first. ITR Form 1 is for individuals with income up to fifty lakh rupees.…

The Economic Times

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How to check Annual Information Statement (AIS) before filing ITR: Step-by-step guide

Taxpayers must review their Annual Information Statement before filing their Income Tax Return. This statement details financial transactions linked to a taxpayer's PAN for a specific year. Information is dynamically updated throughout the year as reports are processed by various entities.

The Economic Times

NRI sells his Bangalore property for Rs 2.63 crore, declares Rs 16.33 lakh LTCG, gets tax notice; he fights and wins partial relief from ITAT for this reason

Sold property for Rs 2.63 crore and reported Rs 16.33 lakh LTCG, claimed home loan interest, travel, water, electricity and brokerage as expenses; Tax dept denied the expenses; ITAT Bangalore allows partly allows his expenses claim. Know why did the NRI win the tax case in ITAT Bangalore.

The Economic Times

SCSS vs MIS: Which offers higher interest on a Rs 5 lakh investment?

Senior Citizens Savings Scheme offers a higher interest rate than the Post Office Monthly Income Scheme. An investment of five lakh rupees in SCSS yields approximately forty-one thousand rupees annually. The Post Office Monthly Income Scheme provides nearly thirty-seven thousand rupees in annual interest. SCSS offers tax benefits on principal…

The Economic Times

Confused about ITR forms? Check the right ITR for salaried, pensioners, students and other taxpayers

Salaried individuals, pensioners, and students must select the appropriate ITR form for AY 2026-2027. Taxpayers not requiring an audit can use ITR-1, ITR-2, or ITR-3 for their filings. The due date for filing income tax returns is July 31, 2027. Certain transactions necessitate filing an ITR even below basic exemption…

The Economic Times

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Forgot your Income Tax e-filing password? Here's how to reset it without access to your registered mobile number

Taxpayers can reset their Income Tax e-filing portal passwords without a registered mobile number. Options include using a Digital Signature Certificate or net banking facilities. If these are unavailable, an email request with necessary documents can be sent.

The Economic Times

Same-sex couple challenges Income Tax provision that exempts gifts only between spouses

The Karnataka High Court has requested a response from the Union government concerning a petition that challenges a tax exemption clause. This clause grants gift exemptions solely to married heterosexual couples, neglecting same-sex partners. Arguing for constitutional equality, the petitioners seek change, with the next hearing set for July fifteenth.

The Economic Times

Have foreign income or assets? AIS to soon show foreign assets and income details shared by foreign countries

This is a CBDT order dated July 8, 2026 issued under Section 119 of the Income-tax Act, 1961. It is an administrative order that authorizes the Income-tax Department to upload foreign financial information received under Automatic Exchange of Information (AEOI) into taxpayers' Annual Information Statement (AIS) in Form 26AS/AIS. Know…

The Economic Times

Claiming Section 80G tax deduction? You must report these additional details when filing your ITR for AY 2026-2027

ITR Filing 2026: Income Tax Return forms now require additional details for Section 80G deductions. Taxpayers must report transaction reference numbers and bank IFSC codes for donations. Schedule 80GGC also mandates providing the political party's name and PAN. These enhanced disclosures apply to AY 2026-2027 filings. The changes aim to…

The Economic Times

ITR filing 2026: NRIs need to file Schedule FA in ITR to declare foreign asset for AY 2026-2027 in this case

Resident and ordinarily resident individuals must report foreign assets. This disclosure is required in Schedule FA of the income tax return. Non-resident Indians and resident but not ordinarily resident individuals are exempt. Schedule FA requires reporting peak values and beneficial ownership details. Failure to comply can lead to significant penalties…

The Economic Times

ITR filing 2026: Rs 15 lakh, Rs 20 lakh, and Rs 25 lakh salary; how much tax you could pay under new vs old tax regime?

Salaried employees face a crucial tax decision between old and new regimes. The new tax regime offers lower tax liability across various income levels. However, substantial deductions can make the old tax regime more beneficial. Taxpayers should calculate their actual tax under both systems. This ensures the most tax-efficient choice…

The Economic Times

Section 234B interest on updated ITRs: CPC's computation logic appears contrary to law

Taxpayers filing updated returns face incorrect interest charges. Centralised Processing Centre calculates Section 234B interest beyond tax payment dates. This leads to excess demands and additional income tax levies. The law mandates interest cessation upon full tax payment before filing. Taxpayers should seek rectification for these erroneous demands.

The Economic Times

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Jeff Bezos Says ‘We Don’t Have a Revenue Problem’ in America — Bottom Half Paying Just 3% of Taxes Means ‘We Can Find 3%’

Amazon founder Jeff Bezos says America has a spending—not a revenue—problem, arguing the bottom half of taxpayers should pay zero federal income tax and that vilifying billionaires misses the point.

The Economic Times

ITR filing 2026: Step-by-step guide to filing ITR-2 online on the income tax portal

Individuals and HUFs not eligible for ITR-1 can file ITR-2 online. This guide details the necessary documents and steps for submission. The e-filing portal requires filling specific schedules before final submission. Pre-filled data in Part A General needs verification and potential profile updates. E-verification must be completed within thirty days…

The Economic Times

Filing ITR for FY 2025-26? Income Tax Department shares 10 mistakes to avoid and tips to follow

Taxpayers should gather documents and choose the correct tax regime and ITR form. Verify Annual Information Statement and Form 26AS details carefully before filing. Ensure all personal information and pre-filled data are accurate and verified.

Ballotpedia

97% of Trump-endorsed candidates won primaries this election cycle

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The Economic Times

Income tax slabs for Tax Year 2026-2027, FY 2025-26 (AY 2026-27) under the new tax regime

The new Income Tax Act, 2025, takes effect from April 1, 2026, maintaining current tax slab rates. Highest tax rate remains 30% for incomes exceeding Rs 24 lakh under this regime. Marginal relief prevents excessive tax burdens when income slightly crosses Rs 12 lakh. The new tax regime is now…

The Economic Times

Filing ITR for easy loans, visas, and scholarships - sounds strange? Know why filing ITR is more important than you think

Consistently filing Income Tax Returns creates a verifiable financial document. Banks often request these returns to assess loan applicant income stability. ITRs also help demonstrate financial capacity for visa and study abroad applications. Landlords and businesses may seek ITRs for tenancy and partnership evaluations. Preserving complete tax records is crucial…

The Economic Times

ITR filing 2026: Is AIS enough to report stock and mutual fund capital gains?

Taxpayers should verify Annual Information Statement data for capital gains. Relying solely on AIS may lead to incorrect income reporting for AY 2026-27. Download broker P&L statements and reconcile them with AIS information. Independent capital gains computation is crucial before filing income tax returns. This ensures accurate reporting and compliance…

Bangkok Post

Make tax fit the real Thailand

The recent policy debate surrounding a negative income tax (NIT) in Thailand offers a promising vision for fiscal restructuring. By guaranteeing an income floor through the tax system, NIT could theoretically streamline welfare and mitigate the challenges of an ageing society.

The Economic Times

CBDT clarification: All approvals like Nil or lower TDS certificate and existing tax benefits will continue under Income Tax Act, 2025; Here’s what it means for you

Existing tax benefits and approvals will continue under the Income Tax Act, 2025. Pending applications filed before March 31, 2026, will be processed under the new law. Lower or nil TDS certificates issued previously remain protected and valid. New applications filed after April 1, 2026, will follow the 2025 Act.…

Ballotpedia

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

In Washington, signatures were submitted to the secretary of state on July 2, 2026, for a ballot initiative that would repeal legislation establishing an income tax for certain households and ban income taxes altogether.

The Economic Times

From cash receipts to property deals: 8 key income tax limits every taxpayer should know to avoid penalties

New rules under the Income Tax Act 2025 are set to curb tax evasion by limiting cash transactions. Individuals cannot receive over Rs 2 lakh in cash from one person daily. Loans, deposits, and repayments exceeding Rs 20,000 must be cashless.

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