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The Latest Breaking News from Income Tax

Rs 1,000 or Rs 5,000 late filing fee for missing ITR filing deadline of July 31? How much fine you may need to pay and why

ITR filing deadline: The July 31, 2026, deadline is crucial for many taxpayers filing income tax returns. Missing this date incurs a late filing fee based on total income. Belated returns for AY 2026-27 can be filed until December 31, 2026. E-verification within 60 days is necessary to validate the…

The Economic Times

July 31 isn't the ITR deadline for everyone: Who can file income tax returns by August 31, 2026?

The income tax return filing deadline for salaried individuals remains July 31, 2026. However, certain taxpayers with business income can file by August 31, 2026. This extension provides additional time for finalizing accounts and completing the filing process. Companies and those subject to tax audits must file by October 31,…

The Economic Times

Confused about ITR forms? Here's how to pick the correct ITR for AY 2026-27

Choosing the right Income Tax Return form for AY 2026-27 depends on income sources. ITR-1 now allows reporting income from two house properties. Salary, house property, and other sources can be reported in ITR-2. Business or professional income generally requires ITR-3 or ITR-4. Complete income profile determines the final ITR…

The Economic Times

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'No evidence Andy Burnham anti-London' says Sadiq Khan as new PM to reveal devolution plans

Sir Sadiq says he’s ‘very excited about the direction of travel’ amid reports Andy Burnham will give mayors a share of income tax revenue

Evening Standard

With the Widow's Penalty, Prevention Is Better Than the Cure: A Financial Adviser Explains Why

Don't get hit with a higher tax bill just when you've lost your spouse. You can deal with it once the worst has happened, but it's far better to plan ahead.

Kiplinger

ITR filing mistakes to avoid before July 31 deadline: Expert reveals 5 mistakes that can lead to delays, failure of ITR form submission

ITR filing : Taxpayers rush to file income tax returns before the July 31 deadline. Common errors include not e-verifying and mismatched personal details. Reconciling income with Form 16 and AIS is crucial for successful submission.

The Economic Times

TDS deducted but you haven't filed your ITR yet? Here's what happens if you miss the July 31 deadline

Failing to file your income tax return by July 31, 2026, after TDS deduction has consequences. You will face interest charges and a late filing fee for delayed submissions. Not filing an ITR prevents claiming refunds and carrying forward losses. Virtual digital asset income is taxed regardless of the exemption…

The Economic Times

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Jeff Bezos, Mark Zuckerberg, Sergey Brin, Larry Page and more: Tech billionaires are flocking to America's second-most expensive metro area and it's not California or New York

Tech billionaires such as Jeff Bezos, Mark Zuckerberg, Sergey Brin, and Larry Page are among high-profile names who are flocking to Miami despite soaring costs in the US city. Tax proposals in California and New York are pushing billionaires to Florida. No state income tax, warm weather, international travel connections…

The Economic Times

ITR filing deadline of July 31, 2026: With only 4 days left to due date; 5 checks you must complete before submitting form

ITR filing: Taxpayers have four days remaining to file their Income Tax Return by the July 31, 2026 deadline. It is important to match Form 16 with AIS and Form 26AS for accurate tax deductions. Gather all income and deduction documents, and choose the correct tax regime for potential savings.

The Economic Times

Don't let selling your house trigger a tax notice: Check these rules under Sections 54 and 54F

Many taxpayers who purchase or construct a residential house to claim exemption under Sections 54 or 54F are unaware that selling the house within the prescribed lock-in period can reverse the earlier tax benefit. This article explains how such a sale affects the computation of capital gains, highlights the different…

The Economic Times

Which ITR form should I file as I am a homemaker who has Rs 98,000 dividend income and paid Rs 4000 TDS?

ET Wealth Reader's Query: I am 43, a homemaker, with mutual fund investments of Rs 35 lakh and stock investments of Rs 50 lakh, mostly invested from my husband’s income. During FY2025 26, I received dividend income of Rs 98,000, on which TDS of Rs 4,000 was deducted. I have…

The Economic Times

Employee wrongly declared Rs 14 lakh Australian salary in Indian ITR: ITAT grants tax relief but denies Rs 3.4 lakh foreign tax credit

Employee mistakenly declared Rs 14 lakh Australia salary in Indian ITR, later sought Rs 3.4 lakh foreign tax credit in India for tax paid in Australia; ITAT gives him full tax exemption on salary but denies Rs 3.4 lakh foreign tax credit. Know how employee won the fight in ITAT…

The Economic Times

Which States Are Lowering Income Taxes? Here’s Where Rates Are Changing

State income taxes can have a significant impact on your paycheck, retirement income, and long-term financial planning. Over the past few years, a growing number...

Saving Advice

Record 10.2 Million Over-65s Set to Pay UK Income Tax as Frozen Thresholds Bite

More retirees are becoming taxpayers as frozen allowances and rising pension income widen the UK's income tax net, HMRC projections show.

International Business Times UK

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The Independent UK

Mapped: Areas most likely to benefit as Burnham eyes income tax overhaul

Experts have warned the new prime minister could create a ‘postcode lottery’

The Economic Times

Number of billionaires grows 4-fold in five years to 576 in AY'26: Income tax return data

Five hundred seventy-six individuals reported over Rs 100 crore income in 2025-26. This figure shows a fourfold increase from the previous five years. The number of high-income earners rose significantly after a dip in 2024. Labour markets have recovered beyond pre-COVID levels, reducing unemployment. Government measures aim to reduce inequality…

The Economic Times

File your ITR for just Rs 11: Paytm partners with ClearTax; here's how you can file income tax return

ITR filing: Paytm users can now file Income Tax Returns directly through the app. This service is available starting at an affordable price of eleven rupees. The company partnered with ClearTax to offer a quicker online filing process.

The Economic Times

Save income tax when filing ITR for AY 2026-2027 by claiming Section 54 or 54F benefits if you sold land, house property or equity shares; Know how

Indian taxpayers can claim capital gains tax exemptions by reinvesting sale proceeds. Section 54 and 54F allow exemptions for residential property sales and other assets. Specific timelines and conditions must be met for claiming these tax benefits. Unutilised amounts must be deposited in the Capital Gains Account Scheme. Reporting these…

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The Economic Times

Rs 17.41 lakh penalty for ITR filing mistake: CA firm's owner's affidavit helps taxpayer get relief in ITAT Mumbai; know how

Rs 17.41 lakh penalty imposed due to error in ITR filed by junior staff in CA firm; Here's how affidavit from the CA firm's owner helps taxpayer get relief from penalty in ITAT Mumbai. Know how taxpayer won case in ITAT Mumbai

The Economic Times

ITR filing last date: Will Income Tax Department extend July 31 deadline for FY 25-26? Here's what experts say

ITR filing deadline: The July 31 income tax return deadline approaches with many taxpayers yet to file. Experts are divided on whether the government will extend the filing deadline. Some believe the portal is functioning smoothly and an extension is unlikely. Others suggest a short extension might be granted if…

Kiplinger

States With No Retirement Tax Ranked by Medical Care

Zero tax on retirement income sounds great, until you can't find a doctor. Here's how five "tax havens" compare on healthcare, property taxes, and living costs.

Kiplinger

Why Paying More in Taxes Today Could Leave You Wealthier Tomorrow: A Financial Planner Explains Roth Conversions

Roth conversions sound like a no-brainer — pay more tax now to pay less in future. But you need to understand your tax bracket to make sure they'll work for you.

The Free Financial Advisor

8 States Cutting Income Tax Rates in 2026

The 2026 tax year brought lower individual income tax rates to eight states, giving taxpayers a little more room between their paychecks and the tax collector. The changes range from modest reductions to major rate cuts, with several states continuing multiyear plans that could push rates even lower in the…

Evening Standard

Andy Burnham ‘to give Sadiq Khan a share of income tax revenue’

The new Prime Minister is set to give mayors extra cash to pay for local infrastructure, investment, job creation and growth projects

Kiplinger

Ask the Tax Editor, July 24: Taxation of I Bonds

In this week's Ask the Editor Q&A, Joy Taylor answers readers' questions about the taxation of I bonds in various situations.

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