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The Latest Breaking News from Income Tax

ITR utility updated: New 'other income' column added under exempt income schedule; here's what it means

Income Tax Return (ITR) filing for the assessment year 2026-2027 sees a significant update with a new 'Other Income' column under the Exempt Income Schedule. This allows taxpayers to voluntarily disclose non-taxable receipts that don't fit specific categories, like rural agricultural land sales or gifts from relatives. Experts advise this…

The Economic Times

Man sells property for Rs 48 lakh, constructs a new house but faces delay, income tax dept denies Section 54 claim; he fights and wins case in ITAT Chennai

A Chennai resident successfully reclaimed his Section 54 tax exemption after a three-year construction delay on his new home, initially denied by the tax department. The Income Tax Appellate Tribunal (ITAT) ruled in his favour, citing the COVID-19 pandemic as an extraordinary circumstance beyond his control. The tribunal emphasized a…

The Economic Times

Millions of People Are Aging Alone: What Living Single Means for Retirement Taxes

Some core tax strategies look different when you're living single and planning for one.

Kiplinger

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read the most diverse news in one place.

Tony Blair tells Andy Burnham: Stay away from capital gains tax

The former prime minister’s think tank said equalising the levy with income tax would hurt innovation

The Independent UK

Blair’s think tank warns Burnham against capital gains tax hike

Labour former prime minister Sir Tony Blair’s institute said equalising the levy with income tax would hurt innovation.

Evening Standard

Rs 17 lakh income tax refund claim was denied as taxpayer did not e-verify ITR since he was busy taking care of late father; ITAT Delhi allows refund for this reason

A Delhi landlord, busy caring for his ailing father, missed the deadline to e-verify his income tax return, leading to a denied Rs 17 lakh refund. The Income Tax Appellate Tribunal (ITAT) Delhi intervened, ruling that withholding the refund on a technicality would amount to unjust enrichment. The tribunal emphasized…

The Economic Times

Burnham ‘could give young people income tax break’ – how it would work

IN FULL

The Independent UK

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Burnham targets Gen Z voters with tax breaks to help them onto property ladder

Exclusive: PM-in-waiting wants to make ‘major offer’ with policy package to bridge generational wealth gap

The Independent UK

Made less than Rs 1.25 lakh LTCG from equities this year, do you need to file ITR?

Even if your long-term capital gains from stocks are under Rs 1.25 lakh, you must still file your Income Tax Return for AY 2026-27. While this amount is tax-exempt, the Income Tax Department requires you to report these gains. Failure to disclose can lead to issues. Learn how to correctly…

The Economic Times

Think you don't need to file an ITR for FY 25-26? These 8 benefits may change your mind

ITR filing: Filing your Income Tax Return (ITR) offers significant advantages beyond just tax payment. It's crucial for claiming refunds, carrying forward losses to reduce future tax, and enhancing loan and visa application prospects. Even if your income is below taxable limits, filing might be mandatory under certain conditions.

The Economic Times

Zero income tax in Form 16? You may still have to file an ITR in these cases

Even if your Form 16 shows zero tax payable due to the Section 87A rebate, filing an Income Tax Return (ITR) might still be mandatory. Certain income levels, high-value transactions like significant bank deposits, foreign travel, or owning foreign assets can trigger a filing requirement.

The Economic Times

SC lays down guidelines on computation of income of motor accident victims

The Supreme Court has established new guidelines for determining motor accident compensation based on Income Tax Returns. For salaried individuals, only the previous year's ITR will be considered, while self-employed persons will have their average income from the last three years used. This aims to bring uniformity to compensation awards…

The Economic Times

E-commerce platforms asked to collect income tax from sellers in Indonesia

JAKARTA — Indonesia's tax office said on Wednesday it has asked e-commerce marketplaces Tokopedia, Shopee, ‌Lazada and Blibli to collect income taxes from sellers based on sales made on their platforms, with the policy to take effect from August.

Bangkok Post

Stock traders' alert: When income tax audit becomes mandatory for AY 2026-27

Stock market traders, especially those involved in intraday and F&O trading without a registered business, need to understand tax audit rules. Income from these activities is typically classified as speculative business income. Turnover calculation, based on the aggregate of positive and negative differences, determines audit applicability, generally requiring an audit…

The Economic Times

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The Economic Times

ITR filing season AY 2026-27: Received Section 143(2) notice for AY 2025-26? What it means and how to respond

As Section 143(2) scrutiny notices for AY 2025-26 reach taxpayers during the ITR filing season for AY 2026-27, this article explains why taxpayers receive scrutiny notices, how they should respond, the consequences of non-compliance and under-reporting of income, the relief available under Section 270AA, and the key compliance lessons for…

The Economic Times

Working abroad? You may pay zero tax on selling Indian shares if you meet this condition

Indians working abroad can now potentially avoid paying tax on selling Indian shares. The key is to have purchased these shares using convertible foreign exchange. This provision, under Section 215 of the Income Tax Act, 2025, allows for tax exemption if the sale proceeds are reinvested in specified Indian assets…

Everybody Loves Your Money

7 Oregon College Savings Tax Benefit Rules Families Should Review Before Making Contributions

Saving for college in Oregon comes with a tax break many families don’t realize they qualify for. Oregon residents who contribute to the state’s 529 plan can earn a refundable state income tax credit worth up to $190 for single filers or $380 for married couples filing jointly, depending on…

The Independent UK

Rapper Twista pleads guilty to not paying taxes and faces potential prison time

Chicago rapper Twista has pleaded guilty to willfully failing to pay income taxes

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The Independent UK

Salary or dividends: What’s the best way for SME owners to pay themselves in 2026?

This decision can have an impact on your tax bill

Euronews

Where do workers take home the smallest share of their salaries in Europe?

The share of earnings taken through taxes and other deductions varies widely across Europe. But how much do workers actually keep? Euronews takes a closer look.

The Economic Times

ITR filing deadline 2026: From July 31 ITR filing to TDS due dates; key forms you can't afford to miss

July marks crucial income tax deadlines for Indian taxpayers. The major deadline is July 31 for salaried individuals and pensioners to file their Income Tax Returns (ITR), alongside numerous other compliance forms.

TechRadar

Watch out — that income tax form could actually be dangerous malware

Researchers uncovered a fake tax notice campaign that delivered remote-access malware via staged downloads and encrypted communications.

Kiplinger

Avoiding the Widows' Penalty Tax Trap After a Spouse Passes

Many surviving spouses are surprised to discover that losing a partner can mean paying higher taxes on less income.

Kiplinger

How High Earners Can Get Through the Income Tax Maze

Income tax rules are more complex than ever, even more so for those earning between $150,000 and $500,000. The solution? Active and intentional tax management.

The Economic Times

Didn’t report FD interest in your ITR? Here’s how you can still correct the mistake

Missed reporting your Fixed Deposit interest in your Income Tax Return? Don't worry, you can still fix it. The Income Tax Department receives FD interest details, so omissions can be flagged. Filing an Updated Return (ITR-U) within four years allows you to declare missed income and rectify errors, though additional…

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