Get all your news in one place.

100's of premium titles.
One app.

Get all your news in one place.

100's of premium titles. One news app.

The Latest Breaking News from Income Tax

Household savings rise to 21.7% of GDP in FY25: Govt

Household savings increased to 21.7 percent of GDP in 2024-25. Government and RBI measures aim to boost incomes and financial security. RBI enhanced financial system resilience by adjusting consumer credit risk weights. Income tax exemptions and GST rationalization support household disposable incomes. Focus on ease of doing business fosters overall…

The Economic Times

Taxation laws (Amendment) Bill to attract more foreign capital, provide policy certainty introduced in LS

A groundbreaking bill has been introduced to boost foreign investment while fostering local manufacturing in India. By simplifying regulations for fund managers and foreign cloud enterprises, the initiative aims to attract funding. Additionally, extended tax breaks for electronics manufacturing and component storage are part of the plan. The bill also…

The Economic Times

ITR refund 2026: Filed income tax return within July 31, 2026 deadline? Here’s when you may get your tax refund

Taxpayers who filed their income tax returns by the July 31 deadline are now awaiting refunds. The Income Tax Department processes refunds after successful e-verification of the filed returns.

The Economic Times

From analysis to the latest developments in health,
read the most diverse news in one place.

Man, who refused US job offer earlier, pays over Rs 1 crore income tax, says 'I'm earning for someone else'; sparks debate

A man's Rs 1.14 crore income tax payment sparked debate on taxpayer value in India. He chose to stay in India despite overseas job offers to care for parents. Many users feel taxpayers receive limited benefits for significant contributions to the nation. Concerns include inadequate social security, healthcare, and public…

The Economic Times

450K Borrowers Win Debt Relief After Years of Limbo: 'I Should Be Happy, but I'm Really Angry'

Debt relief is finally reaching cheated-for-profit college students: discover who qualifies, the key deadlines, and why no federal income tax bill follows.

International Business Times UK

Why Andy Burnham’s devolution pledge will be tricky to deliver

Sharing income tax with England’s regional mayors could tackle inequality but many councils are ill-equipped for an enlarged role

The Guardian - UK

ITAT Mumbai cancels income tax notice over Rs 8 crore compensation to tenants without their consent; rejects I-T department's contingent liability claim

Builder's hired firm wanted to pay 56 tenants additional Rs 8 crore to vacate land; Tax Dept sent notice citing this payment as contingent liability; ITAT Mumbai cancels tax notice and rejects tax dept's contention. Know the full details of what happened in this case.

The Economic Times

Read news from The Economist, FT, and more,
with one subscription

Lady reported Rs 22.94 lakh LTCG after Rs 92 lakh land sale, faced tax notice; Gujarat HC ruled in her favour after 9 years fight; Know why

Lady got tax notice after selling land for Rs 92 lakh and reporting Rs 22.94 lakh LTCG in ITR; Know how Section 55A(a) helped her win case in Gujarat HC after 9 years fight. Read the article to know the details.

The Economic Times

Rs 22.94 lakh LTCG for land sale of Rs 92 lakh invited tax notice; Gujarat HC ruled in her favour after 9 years fight; Know why

The Economic Times

£30bn HMRC bombshell as millions more pensioners dragged into paying tax

Millions more pensioners are paying income tax after frozen thresholds pushed HMRC's take to £29.8bn, while pension tax relief climbed above…

The National (Scotland)

Man was denied Section 54F income tax exemption as builder delayed villa construction by 4 years; Telangana HC grants relief, says taxpayer can't suffer for builder's fault

Builder delayed villa's construction by 4 years, thus tax dept denied Section 54F tax exemption to homebuyer; Telangana HC says homebuyer can't be penalised for builder's fault and gives him 54F tax exemption. Know how homebuyer won Section 54F tax exemption case in Telangana High Court.

The Economic Times

Over 5.9 crore income tax returns filed by July 31 for AY27 as deadline closes

More than 5.9 crore income tax returns were filed by the July 31 deadline. This figure represents filings for assessment year 2026-27 by individuals and HUFs. Last year's extended deadline saw over 7.3 crore returns filed by September 16. Taxpayers typically file a substantial share during the final week before…

The Economic Times

Missed filing your ITR by July 31, 2026? Know your options and here’s what you can do now

Taxpayers missing the July 31, 2026 income tax return deadline have options. A belated ITR can be filed until December 31, 2026, with a late fee. Alternatively, a condonation of delay application can be submitted for acceptance. Filing after the due date incurs interest on unpaid taxes and potential loss…

The Economic Times

What does Andy Burnham's devolution plan mean for London transport, jobs and housing?

Andy Burnham said Sir Sadiq Khan and other regional leaders in England will get to keep a portion of income tax and business rates to spend as part of a major devolution shake-up

Evening Standard

Get all your
news in one place.

100's of premium titles.
One news app.

Kiplinger

Ask the Tax Editor, July 31: Questions on Income Tax Credits

In this week's Ask the Editor Q&A, Joy Taylor explains the difference between refundable and nonrefundable tax credits and answers more questions from readers.

Evening Standard

Giving mayors a share of tax collected will ’empower’ regions, Burnham says

The Prime Minister announced that regional mayors will be allowed to keep a slice of income tax and business rates to spend on their priorities.

The Economic Times

ITR filing deadline extension: Will Income Tax Department extend July 31 ITR filing due date? Here’s what chartered accountants believe

ITR filing deadline: Nearly 5.44 crore taxpayers filed income tax returns for AY 2026-27 by July 30. Experts suggest the July 31 deadline extension for income tax returns is unlikely. The e-filing portal has been functioning smoothly with no widespread technical issues reported. Taxpayers should file their returns by the…

The Economic Times

Don’t worry if you miss July 31, 2026 ITR filing due date as belated ITR with late fee can be filed by this date; Know who can file it

ITR filing deadline: Missing the July 31 income tax filing deadline allows for belated returns. Taxpayers can file a belated return within nine months of the tax year's end. A revised return can be filed within twelve months of the tax year's end.

Get all your
news in one place.

100's of premium titles.
One news app.

The Economic Times

What if you miss the July 31, 2026 ITR filing due date? Here are your options

Missing the July 31, 2026 ITR filing deadline incurs a late fee. Belated returns can be filed with interest and a penalty up to Rs 5,000. Crypto investors lose the ability to carry forward losses to future tax periods. Non-filing can trigger tax notices from the department. Options include condoning…

The Economic Times

Not prepared for ITR filing: Should you file your ITR now with available information or wait and file a belated ITR?

Taxpayers face a choice between filing income tax returns now or later. The income tax return due date is approaching for many individuals. Filing a revised return corrects errors but large deviations may attract scrutiny. Belated returns are an option if the original deadline is missed. Missing the belated deadline…

The Independent UK

Burnham vows to give mayors a share of income tax in devolution push

IN FULL

Evening Standard

Sadiq Khan handed more powers and income tax cash as Andy Burnham announces huge devolution drive

Prime Minister confirms London mayor will get to keep portion of income tax and business rates as part of pledge to ‘take power out of Westminster’

The Guardian - UK

Burnham to free mayors from ‘Treasury death grip’ with new devolved powers

Local leaders say plan will transform funding so English regions no longer rely on Whitehall handouts for projects

Ballotpedia

Missouri voters will decide four amendments on Aug. 4. Here's what to know.

Missouri voters will be deciding four statewide ballot measures on Aug. 4, 2026.

Kiplinger

Cut Your Taxes With Tax-Loss Harvesting in 2026

Turn market drops into lower taxes by offsetting your capital gains.

1 … 5 6 7 8

People

From analysis to the latest developments in health,
read the most diverse news in one place.

Organisations

the Income Tax Department

128 stories

The Kiplinger Tax Letter

Read news from The Economist, FT, and more,
with one subscription

Topics

Places

Fourteen days free

Download the app

One app. One membership.
100+ trusted global sources.