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The Latest Breaking News from Tax Deduction

Colorado farmer Marc Arnusch turned down solar leases on 2,700 acres; instead he chose a conservation easement to protect the family farm, then faced an IRS audit

In Colorado, a farmer prioritized preserving his farmland rather than accepting lucrative solar development offers. He sought a conservation easement that enabled a noteworthy tax deduction. However, this triggered an IRS audit regarding the complicated valuation. This situation reflects broader enforcement issues the IRS faces with conservation easements. The farmer…

The Times of India

$40 million Ferrari, $13 million tax twist: 87-year-old billionaire’s charity buy could cut his US tax bill

Herbert Wertheim purchased a Ferrari electric vehicle for forty million dollars. This significant charitable donation may qualify for a substantial US tax deduction. The purchase price far exceeded the car's estimated fair market value. New tax rules could limit the deduction for top earners. This situation highlights evolving charitable giving…

The Economic Times

In 2016, a partnership claimed a $180.2 million tax deduction after placing an easement on 236 Mississippi acres; the US Tax Court valued the deduction at about $2.2 million

A partnership claimed a $180.2 million charitable tax deduction in 2016 after placing a conservation easement on 236 acres in Mississippi. The US Tax Court rejected the valuation, finding the land was worth far less than claimed. The court determined the allowable deduction was about $2.18 million and upheld penalties…

The Times of India

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SALT Deduction Gets an Update for 2026 Taxes

A key homeowner tax break is higher this year. Here's what you need to know now.

Kiplinger

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

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

New tax regime: Save up to Rs 65,500 in tax through your employer's NPS contribution; here's how to claim it

Section 80CCD(2) provides a tax deduction for employer contributions to NPS. This benefit remains available under the new tax regime for salaried individuals. Private sector employees switching to the new regime find this deduction particularly attractive. Employer contributions lower taxable income and build retirement savings simultaneously.

The Economic Times

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5 Little-Known Senior Tax Deductions in 2026

Some may sound like myths, but these unique tax write-offs can be approved under strict IRS medical guidelines — provided you have the right paperwork.

Kiplinger

Home loan interest column for self-occupied house disabled in ITR utility? Know what to do while ITR filing for AY 2026-2027

Home loan interest column for self-occupied house is disabled in ITR utility? Know what to do while ITR filing for AY 2026-2027. The reason for this is under new tax regime, home loan interest tax deduction cannot be claimed but in old tax regime it can be claimed. So check…

The Economic Times

Salaried employee earning Rs 68 lakh donates Rs 12 lakh to political party, claims tax deduction; I-T dept denies it; he contests but loses in ITAT Ahmedabad

Employee with Rs 68 lakh salary donated Rs 12 lakh to political party for Section 80GGC tax break; ITAT Ahmedabad upholds tax dept's order denying such deduction. Know why this salaried employee lost the case in ITAT Ahmedabad. Keep reading.

The Economic Times

Claiming Section 80G tax deduction? You must report these additional details when filing your ITR for AY 2026-2027

ITR Filing 2026: Income Tax Return forms now require additional details for Section 80G deductions. Taxpayers must report transaction reference numbers and bank IFSC codes for donations. Schedule 80GGC also mandates providing the political party's name and PAN. These enhanced disclosures apply to AY 2026-2027 filings. The changes aim to…

The Economic Times

Welfare card rules eased after outcry

The Finance Ministry looks set to submit revised eligibility criteria for the state welfare card scheme to the cabinet, removing parental tax deduction and agricultural loan requirements following criticism that the existing criteria were unfair.

Bangkok Post

Centre scraps TDS on aircraft lease rentals at IFSCs

A significant tax relief has been granted to airlines, with India now exempting tax deducted at source (TDS) on aircraft lease rentals paid to companies operating from International Financial Services Centres (IFSCs). This move, aimed at boosting aircraft leasing via GIFT IFSC, will ease cash flow for airlines by eliminating…

The Economic Times

Taking a second loan for home loan repayment? Claim tax deduction on both under old tax regime for Tax Year 2026-2027

Homeowners can now potentially claim tax deductions on interest paid for both their original home loan and a subsequent loan taken to repay it, under the old tax regime. This benefit, supported by a 1969 CBDT circular and expected to continue under the Income-tax Act, 2025, allows for dual deductions…

The Economic Times

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The Economic Times

Annuity flexibility, tax tweaks can accelerate NPS growth: Axis Pension Fund CEO Sumit Shukla

A senior executive believes greater flexibility in retirement withdrawals and restored tax incentives could significantly boost the National Pension System (NPS). He advocates for allowing NPS subscribers to choose between annuities and a new Retirement Income System (RIS) and reintroducing the Rs 50,000 tax deduction under the new tax regime.…

The Free Financial Advisor

Money Moves Michigan Retirees Should Check After the 2026 Pension Withholding Change

Michigan retirees have watched several years of tax changes unfold, and 2026 marks a major milestone. The state’s phase-in of expanded retirement and pension tax deductions reaches full implementation, which means many retirees could see significant changes in how Michigan income tax withholding works on their pension payments. That sounds…

Saving Advice

9 Tax Deductions Seniors Over 65 Routinely Miss

Tax season can be frustrating, especially for retirees who assume their opportunities to reduce their tax bill are limited. The reality is that many older...

Bangkok Post

Welfare rules spark backlash

A wave of public criticism has erupted over the government's revised eligibility criteria for the state welfare card programme, under which parents may lose their entitlement to benefits if their children claim tax deductions for parental support.

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The Economic Times

Rs 1 lakh investment in NSC: What will be maturity value after 5 years?

National Savings Certificate provides a secure investment option. With a 7.7% interest rate, a Rs 1 lakh investment grows to over Rs 1.44 lakh in five years. Tax deductions are available under Section 80C for those following the old tax regime. NSC accounts can be transferred in specific situations.

Saving Advice

Beyond the BBQ: Memorial Day Is Also a Reminder to Claim the New $6,000 Senior Tax Deduction Before Summer

For many retirees, Memorial Day marks the unofficial start of summer, filled with cookouts, family gatherings, and travel plans. However, this holiday weekend is also...

The Guardian - AU

Albanese forges ahead with CGT and negative gearing plan while flagging possible business carve-outs

Labor’s pre-election promise of a $1,000 standard tax deduction and $250 ‘working Australians tax offset’ will be included in the draft laws

The Free Financial Advisor

Georgia Retirees Could Save Thousands Under New Senior Tax Deduction Rules Taking Effect in 2026

Georgia retirees may soon see a much friendlier tax bill as new senior deduction rules roll out in 2026. These updates aim to ease the financial pressure on older residents living on fixed incomes while dealing with rising living costs. State lawmakers designed the changes to expand tax relief and…

The Independent UK

Trump will visit The Villages in first major outing since assassination attempt

President Donald Trump will visit The Villages retirement community in Florida on Friday in his first major outing after an attempted assassination at the White House Correspondents’ dinner last weekend. The Villages is known as the largest retirement community in the world, spanning 30,000 acres, three counties and four zip…

Saving Advice

Virginia Seniors Could Still Lose a $6,000 Tax Deduction If They Don’t File This 2026 Form Correctly

A new tax break for seniors is making headlines, but many retirees could miss out simply because they don’t file correctly. The new “senior bonus...

The Conversation

How much a new $1,000 tax offset would really be worth – and who’s better off avoiding it

When Australian workers lodge a tax return from mid next year, around 6 million taxpayers look set to be able to claim up to A$1,000 with an “instant” work-related tax deduction, without receipts. The Albanese government has just released draft legislation on the change.

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