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The Latest Breaking News from Income Tax

REIT, InvIT investors can benefit if trust switches income tax regime: Know how maximum effective tax rate of 34.94% under old tax regime comes down to 28.60% under new tax regime

Effective tax rate of 34.94% under old and 28.60% under new tax regime; know how REIT, InvIT unitholders can benefit if trusts' switch tax regime. REIT, InvIT unitholders can gain from new tax regime.

The Economic Times

Paid Rs 6.5 crore and bought a property with stamp duty value of Rs 8.85 crore, got income tax notice for unexplained investment; He fought back won relief in ITAT

Buyer purchased Rs 8.85 crore worth property by paying Rs 6.5 crore; Tax dept sent notice for unexplained property investment u/s 69B; Know how the buyer won case in ITAT Mumbai. Read the article

The Economic Times

How should my NRI children disclose gifts received from relatives in ITR-2?

ET Wealth Reader's Query: My two NRI children are unable to find a field in ITR-2 to disclose gifts received from relatives. The Income Tax department has also not responded to the grievance lodged on its portal regarding this issue. Kindly guide us on how such gifts should be reported…

The Economic Times

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

Tax -saving mutual funds or Equity Linked Savings Schemes (ELSSs) helps you to save income tax under Section 80C of the IT Act. You can invest a maximum of Rs 1.5 lakh in ELSSs and claim tax deductions on your investments every financial year. Are you interested?

The Economic Times

Parliament clears taxation bill, Sitharaman says UPI transactions to remain free

Parliament has passed the Taxation and other Laws (Amendment) Bill. Finance Minister Nirmala Sitharaman confirmed UPI will remain free for consumers. The legislation removes the linkage between payment systems and income tax. It also provides legal backing to modify zero-MDR frameworks for digital transactions. The bill aims to attract foreign…

The Economic Times

Sold property for Rs 94 lakh despite a stamp value of Rs 1.93 crore, received an income tax notice under Section 50C; ITAT Chennai grants relief for this reason

Chennai man sold property for Rs 94 lakh despite Rs 1.93 crore stamp duty value; so tax dept sent notice u/s Section 50C to tax the differential amount; ITAT Chennai gives him relief; Know why he won the case in ITAT Chennai.

The Economic Times

Lower or nil TDS certificates to go fully online soon, rules being framed

New rules are being prepared for electronic applications for lower TDS certificates. Taxpayers can soon apply online for reduced or nil tax deductions. This initiative aims to ease compliance burdens for small taxpayers. The Income Tax department disposed of many appeals in the last fiscal year. Faceless assessments were also…

The Economic Times

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Sold land for Rs 7.24 crore, paid no tax, received income tax notice; Know how Google Earth photos and revenue records helped taxpayer to win this case in ITAT Ahmedabad

Family member sold his 1/3rd share of agricultural land for Rs 7.24 crore, pays no tax, tax dept sent notice, he wins case in ITAT Ahmedabad; Know how Google earth photos and Revenue Records helped him win. Read the article.

The Economic Times

Will Taxes Deplete Your Estate? 6 Ways to Keep More of Your Assets in the Family

Without an estate tax plan, tax bills could eat into the wealth you worked hard to build. Here are six strategies to help ensure it passes into the right hands.

Kiplinger

IRS tax credit could mean up to $8,231 for eligible workers: Who qualifies for the Earned Income Tax Credit, how much you could receive and what you should check before filing

The IRS Earned Income Tax Credit (EITC) can provide significant tax relief to eligible low- and moderate-income workers. For tax year 2025, the maximum credit reached $8,231 for taxpayers with three or more qualifying children, while eligible workers without children could receive up to $664. The credit is refundable, meaning…

The Economic Times

6 reasons you may get income tax notice even after meeting July 31 ITR filing deadline

Filing your income tax returns punctually doesn't guarantee immunity from tax department notices. Often, discrepancies arise between reported earnings and the data the department holds. Additional sources of income, misreported TDS or TCS credits, and large cash transactions lacking corresponding declared income can trigger further scrutiny.

The Economic Times

Gratuity tax deduction denied due to ITR filing error? ITAT Chennai says genuine claims can't be rejected

Due to incorrect schedule in original ITR gratuity tax deduction under Section 43B denied; ITAT Chennai gives relief and says a genuine deduction cannot be denied merely because it was reported under an incorrect schedule in the ITR

The Economic Times

Are you committing tax fraud? New York Governor Kathy Hochul's about to find out, all thanks to the pied-à-terre tax rollout

The governor's office says it will pursue New Yorkers who dodge income taxes by claiming to live outside the city—or register their cars out of state.

Fortune

Good news for investors: No income tax on dividends received from REITs and InvITs in this case, Lok Sabha passes the bill; Check the details

The Lok Sabha passed a bill amending tax laws on August 6, 2026. This amendment benefits REIT and InvIT investors by exempting dividend income. Special Purpose Vehicles can opt for a new tax regime with a higher surcharge. This decision requires careful evaluation of the entire structure's tax efficiency. The…

The Economic Times

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The Economic Times

NPS for NRIs: Who can invest, tax benefits, eligibility, withdrawal rules explained

Non-Resident Indians have the opportunity to secure their retirement through investment in the National Pension System (NPS). This program provides considerable tax advantages as per the Indian Income Tax Act, allowing annual contributions to be deducted up to two lakh rupees. While withdrawals made after the age of sixty are…

The Economic Times

Rs 1.33 crore cash deposit, no ITR filing, yet senior citizen wins income tax case; ITAT Bangalore explains why

Retired teacher from Mysore deposits Rs 1.33 crore cash in bank, files no ITR; tax dept issues notice; he wins case in ITAT Bangalore as tax notice was issued 26 days after the limitation period had expired. Know how he won case in ITAT Bangalore.

The Economic Times

Can you get income tax notice for making digital payments through UPI, NEFT, RTGS, and IMPS? Know when it can be triggered

Digital transactions like UPI and NEFT can trigger income tax notices. These notices arise when transactions do not match your declared income. The Income Tax Department cross-verifies financial data from various sources. Taxpayers should regularly check their Annual Information Statement and reconcile records. Maintaining transaction records and accurately reporting income…

The Economic Times

Global Market: Prudential shares tumble as China offshore insurance tax report rattles investors

Shares of Prudential plunged after reports that Chinese tax authorities had begun collecting personal income tax on returns from offshore insurance policies, stoking concerns over tighter regulatory oversight of cross-border investments. The development also weighed on other Hong Kong-focused financial stocks amid fears of weaker demand from mainland Chinese customers.

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The Economic Times

Global Market: Hong Kong insurers slump after report on China taxing offshore policy income

Hong Kong-listed insurance stocks slumped after reports that Chinese tax authorities have begun levying a 20% personal income tax on income earned from offshore insurance policies. The move has raised concerns over demand from mainland Chinese customers, weighing on insurers and financial stocks with significant cross-border exposure.

Kiplinger

How Your Inheritance Actually Gets Taxed: From Stepped-Up Basis to IRA Rules

Most inheritances won’t trigger a federal income tax bill. But what you inherit and what happens afterward mean other tax rules could come into play.

The Economic Times

PPF rules for NRIs: Can non-resident Indians open PPF account in India?

A Public Provident Fund (PPF) is a long-term, small savings scheme offered by the government of India. The PPF offers an attractive interest rate and tax benefits under the Old Tax Regime. The PPF interest rate is 7.1% for this quarter. Interest earned is tax-free under the Income Tax Act…

The Economic Times

Wife paid husband Rs 7.5 crore after selling her shares and bought his Mumbai property, filed ITR claiming 54F tax exemption, got tax notice; she fought and won the case in ITAT Mumbai

Wife got tax notice as she claimed Section 54F tax exemption by purchasing her husband’s own Mumbai property for Rs 7.5 crore; ITAT Mumbai rules that a property transaction between spouses does not become sham merely because they are related. Know how she won the case in ITAT Mumbai.

The Guardian - UK

Palantir paid just £2m corporation tax in UK in 2024 despite lucrative public sector contracts

Software group benefits from global systems and accounting practices ‘that enable tax to be shirked’, says union boss

International Business Times UK

Missouri Voters Reject Amendment 5 Income Tax Plan, Preventing Potential Sales Tax Changes on Consumer Goods

Missouri voters rejected Amendment 5, killing a plan to phase out state income tax and expand sales taxes, in a defeat that warns other US states eyeing the same swap.

Ballotpedia

Signatures submitted for Colorado graduated income tax measure that competes with proposed income tax cap initiative

In Colorado, signatures were submitted to the secretary of state on August 3, 2026, for a ballot initiative to establish a graduated income tax.

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