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The Latest Breaking News from Income Tax

Do Australians really ‘work half the week’ just to pay their income tax? See for yourself

The next federal election in 2028 looks set to be a battle of the tax plans.

The Conversation

Man pays zero tax on Rs 5 crore land sales despite filing ITR after deadline; ITAT Mumbai rules in his favour for this reason

A Mumbai man successfully claimed a tax exemption on Rs 5 crore land sales despite filing his ITR after the deadline. The ITAT Mumbai ruled in his favor, stating that since he used the entire capital gains to purchase a new property before filing his belated return, depositing the funds…

The Economic Times

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

Billionaire Amazon founder, Jeff Bezos, says the bottom 50% of Americans should pay no federal income tax—and he plans to pitch the idea to President Trump.

Fortune

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Jeff Bezos Calls for No Income Taxes on Lower-Earning Americans

Jeff Bezos, one of the richest men in the world, has a new message for Washington: stop collecting federal income taxes from the bottom half of American earners.

Latin Times

'Taxing the Rich Won't Help': Jeff Bezos Defends the Ultra-Wealthy Amid Tax Debate — Zohran Mamdani Hits Back

Jeff Bezos told CNBC that the bottom half of US earners should pay zero income tax and dismissed wealth taxes. NYC Mayor Zohran Mamdani fired back.

International Business Times UK

Starmer says he will campaign for Burnham in Makerfield byelection – as it happened

Prime minister tells reporters he would campaign personally in the contest

The Guardian - UK

Billionaire Jeff Bezos Says Bottom 50% Should Pay Zero Income Tax – And He'll Push Trump On It

Jeff Bezos proposes eliminating federal income tax for the bottom 50% of US earners, arguing it would provide relief without major fiscal disruption. The proposal has sparked debate and mixed reactions

International Business Times UK

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Jeff Bezos Calls for a Total Federal Income Tax Exemption to Lift the Burden Off Struggling American Workers

Jeff Bezos proposes exempting low-earning Americans from income tax, arguing their contributions are minimal. His stance sparks debate with New York politicians over economic inequality and taxation policies.

International Business Times UK

Parliamentary panel expresses concern over investments in cryptocurrencies

A parliamentary panel has expressed alarm over thousands of crores invested in virtual digital assets. The committee is studying global approaches to regulation. They advocate for continuing taxes on all such digital transactions. This move aims to ensure revenue stays within India. The panel will make recommendations after further deliberations.

The Economic Times

Millions Of Americans Are Missing Out On The SALT Deduction

The SALT deduction, which stands for state and local taxes, continues to play a significant role in how Americans calculate their federal tax bills. Many households in high-tax states rely on this deduction to soften the blow of property taxes, income taxes, and sales taxes. Federal tax law allows taxpayers…

The Free Financial Advisor

Fact check: Welfare spending and WHO comments on hantavirus

Round-up of fact checks from the last few days compiled by Full Fact

Evening Standard

Income tax return AY 26-27: Excel utility, online filing for ITR-1, and ITR-4 forms now available on e-filing portal

Income tax return AY 26-27: The Income Tax Department has launched Excel utilities and online filing for ITR-1 and ITR-4 for the Assessment Year 2026-27. Taxpayers earning up to Rs 50 lakh, with specific income sources, can now prepare and file their returns.

The Economic Times

Who can file ITR-1 this year? Common mistakes to avoid while filing ITR-1 for AY 2026-27 on or before July 31, 2026

Individuals eligible for ITR-1 filing for AY 2026-27 must file by July 31, 2026. This form is for resident individuals with income up to ₹50 lakh from salary, one house property, and other simple sources. Avoid common errors like using Aadhaar enrolment IDs instead of verified Aadhaar numbers. Ensure accurate…

The Economic Times

Republicans’ plan for zero state income tax could be ‘devastating’, experts warn

As Missouri asks voters whether to eliminate tax, experts say claims it will grow businesses and create jobs aren’t true

The Guardian - US

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The Conversation

Angus Taylor promises to index income tax to inflation in big tax gamble

Opposition Leader Angus Taylor has committed a Coalition government to phase in income tax indexation under a “tax back guarantee” that he says “will fully protect all taxpayers from inflation”.

The Economic Times

Gave up tenancy, got new flat in redeveloped property, then faced income tax notice of STCG of Rs 1.1 crore: How tenant won at ITAT Mumbai

A Mumbai tenant successfully challenged a Rs 1.1 crore tax notice. He surrendered tenancy for a new flat in a redeveloped building. The Income Tax Appellate Tribunal ruled in his favour. The tribunal stated that the surrender of tenancy rights, the taxable event, had not occurred in the year under…

The Economic Times

Gave up tenancy, got new flat redeveloped property, then faced income tax notice of STCG of Rs 1.1 crore: How tenant won at ITAT Mumbai

The Economic Times

Zero income tax on Rs 15 lakh CTC? Here’s how these allowances and perks can cut your tax under new tax regime

Salaried individuals can significantly reduce their tax liability under the new tax regime by strategically utilizing allowances and perquisites. The new rules for Tax Year 2026-27 allow for tax-free benefits on items like meal coupons and gadget reimbursements, potentially bringing a Rs 15 lakh CTC to zero tax.

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The Economic Times

New Income Tax law aims to build transparent, tech-driven ecosystem for taxpayers: Official

Pune's Principal Chief Commissioner of Income Tax, Vivek Wadekar, announced the new Income Tax Act, 2025, aims to simplify compliance and foster transparency. Launched on April 1, 2026, the act features digital initiatives like the 'Kar Saathi' chatbot and 'Kar Setu' for taxpayer assistance.

Kiplinger

The Real Reason 'Tax Me More' Billionaires Don't Just Cut a Check to the IRS

IRS collections are obligations, not donations. Discover how ultra-wealthy households shield fortunes from ordinary rates and how you might, too.

The Economic Times

What should you do with your gold investments after PM Modi urges people to postpone gold purchases?

Prime Minister Modi urged citizens to postpone gold purchases to curb India's import bill amidst West Asia tensions. While the intention is welcomed, the industry fears business and job impacts. Experts advise existing investors to hold, suggesting digital gold for new buyers, and propose solutions like domestic gold recycling and…

GOBankingRates

Grant Cardone Says Ending Income Taxes Would Boost the Middle Class — Is He Right?

Grant Cardone says eliminating income taxes would boost middle-class finances. Here’s how it could affect paychecks, spending and quality of life.

The Economic Times

Best tax saving mutual funds or ELSS to invest in May 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 long-term returns and have a shorter three-year lock-in period compared to other 80C options. While carrying higher risk, ELSSs serve as an entry…

The Economic Times

Key changes in ITR 1, 2, 3 and 4 forms in FY 25-26: Reporting of LTCG, buyback losses, F&O, intra-day trading & more; what new forms include

The Income Tax Department has revised ITR forms for FY 2025-26, introducing new disclosure requirements for capital gains, trading, and foreign assets. These updates aim to simplify filing for various taxpayer categories, including individuals, businesses, and presumptive income earners.

The Economic Times

Fake income tax emails target Indians: Kaspersky warns of ‘SilverFox’ hacker attack

Cybersecurity firm Kaspersky has warned Indian consumers about a sophisticated phishing campaign by the SilverFox hacker group. These malicious emails, disguised as official Income Tax Department notices, aim to trick users into downloading malware. The attackers use a multi-stage approach, deploying backdoors like ValleyRAT and ABCDoor to gain remote access…

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