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The Latest Breaking News from Income Tax

Income tax dept identifies up to 20,000 cases of individuals who used the ‘swapped provisions’ trick to reduce net tax liability; Know what to do now to fix this

The Income Tax Department has flagged 15,000-20,000 cases of individuals using a 'swapped provisions' trick to unfairly reduce their tax liability. This involves manipulating claims like House Rent Allowance (HRA) for undue benefits. Taxpayers who engaged in this practice are advised to voluntarily pay the correct tax and interest, or…

The Economic Times

Will the ITR filing deadline for AY 2026-27 be extended? Here's what taxpayers need to know

Taxpayers can breathe easy as the Income Tax Return (ITR) filing deadline for AY 2026-27 is unlikely to be extended. Unlike last year's technical glitches and delayed form releases, this year's process has been smooth, with utilities available on time. Experts advise against banking on an extension and urge prompt…

The Economic Times

No Form 16? Here's how salaried taxpayers can file ITR using AIS and Form 26AS for FY 2025-26

Salaried individuals awaiting Form 16 for ITR filing can still proceed without it. Employers must issue this TDS certificate by June 15th. If delayed, taxpayers can use salary slips, bank statements, and crucial documents like AIS and Form 26AS to verify income and tax details. These online statements, accessible via…

The Economic Times

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Do taxpayers need to file two ITRs for FY 25-26 income? I-T Department explains

AY 26-27 and TY 26-27: Confusion surrounding the new Income Tax Act, 2025, and its transition from Assessment Year (AY) to Tax Year (TY) is clarified by the Income Tax Department. Taxpayers will not need to file two returns for income earned between April 1, 2025, and March 31, 2026.

The Economic Times

Have a US 401(k)? Indians must report withdrawals and maturity details in ITR schedules FSI and FA

Indian taxpayers with US 401(k) accounts must now report withdrawals and maturity details in ITR schedules FSI and FA. Failure to disclose can lead to tax issues. Filing Form 40 is crucial for deferring Indian tax until withdrawal, aligning with US taxation and potentially enabling Foreign Tax Credit benefits. New…

The Economic Times

Tax reforms to play vital role in attracting global capital to India: Experts

India's economic ascent hinges on predictable and simplified tax reforms to attract global capital, according to a senior financial expert. The proposed Income Tax Code aims for a modern, user-friendly framework, aligning with international standards. The ICAI Singapore Chapter highlighted strides in transparent, tech-driven tax administration, boosting India's appeal as…

The Economic Times

Rs 17.25 lakh income of an employee was added as taxable salary despite working in UK; ITAT Delhi gives him relief under India-UK DTAA

The Income Tax Appellate Tribunal (ITAT) Delhi has ruled that even if a non-resident salaried individual has received any ‘per-diem’ payments from his Indian employer due to his overseas work, then this payment is not taxable under Article 16 of India-UK Double Tax Avoidance Treaty (DTAA).

The Economic Times

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Income Tax AY 2026-27: Even if your salary income is below Rs 12.75 lakh, you still need to pay tax for these incomes

Income Tax AY 2026-27: Salaried individuals earning up to Rs 12.75 lakh annually may enjoy zero tax liability due to enhanced Section 87A rebate and standard deduction, but filing an ITR is crucial. However, this rebate doesn't apply to special incomes like capital gains, Virtual Digital Assets (VDAs), and lottery…

The Economic Times

Kolkata woman made Rs 26 crore profit in stocks and paid zero tax: Here's how she did it legally

A Kolkata businesswoman, Saroj Goenka, legally saved ₹26 crore in taxes by reinvesting long-term capital gains from share sales into constructing a residential bungalow. This move, facilitated by Section 54F of the Income Tax Act, saw her win an appeal against tax objections. The case highlights prudent tax planning for…

The Economic Times

ITR filing for FY 2025-26: Key changes in due dates, ITR forms, and F&O disclosure rules taxpayers must know

The deadline for filing income tax returns for FY2025-26 has arrived, with new rules and forms in effect. Notably, ITR 3 and ITR 4 filings now have a staggered deadline of August 31st, offering some relief. Significant changes include updated disclosure requirements for Futures & Options trading and revised capital…

The Economic Times

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…

The Free Financial Advisor

Dining across the divide: ‘He mentioned the idea of 100% income tax over £350,000. I think the threshold should be lower’

An academic and a medical student share concerns about extremes of wealth and poverty, but do they agree on the monarchy?

The Guardian - UK

How the RSS changed its constitution to defend legal status and guru dakshina

Karnataka Home Minister Priyank Kharge’s persistent questioning of the Rashtriya Swayamsevak Sangh’s legal status appears to have forced a reckoning of sorts. The organisation’s chief Mohan Bhagwat and other senior functionaries have now claimed that these questions were settled decades ago and are offering “evidence” to that effect.

Newslaundry

Tenant wins tax relief on Rs 38.62 lakh sale of landlord’s property, received for surrendering tenancy rights; know why ITAT Mumbai ruled in his favour

A Mumbai tenant received tax relief after selling a property he obtained for surrendering his tenancy rights. The Income Tax Appellate Tribunal ruled that the fair market value of the surrendered tenancy rights should be considered the cost of acquisition, not nil. This decision significantly reduced the tenant's capital gains…

The Economic Times

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Golf Monthly

US Open Prize Money Has Hit Record Levels... But How Much Take-Home Pay Does The Winner Actually See?

There is a record prize money payout at the 2026 US Open, but the headline number is nowhere near what the champion will collect next week

Kiplinger

Ask the Tax Editor, June 19: Estimated Tax Payments and Withholding

In this week's Ask the Editor Q&A, Joy Taylor answers tax questions on federal estimated tax payments and federal income tax withholding.

The Economic Times

Has Form 168 replaced Form 26AS for FY 25-26? Here's what taxpayers need to know for ITR filing

Form 168: The Income Tax Department has unveiled Form 168, a comprehensive upgrade to the Annual Information Statement, effectively superseding the traditional Form 26AS. This new form consolidates all tax-related and financial transaction data linked to your PAN, offering a holistic view of your tax compliance. It's automatically generated, so…

The Economic Times

NRE vs NRO income tax rules: How these NRIs, OCIs can save up to Rs 20,500 on $10,000 FD investment

NRIs can significantly reduce tax on NRE deposits in India, as this income is tax-exempt. While NRO account interest is taxable in India, NRIs can leverage Double Taxation Avoidance Agreements (DTAAs) to potentially lower their tax burden or claim credits in their country of residence, avoiding double taxation.

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The Economic Times

ITR-3 release date: Who should file this income tax return form as I-T Department enables online filing, Excel utilities for it

The Income Tax Department has launched online filing and Excel utility for Income Tax Return-3 for Assessment Year 2026-27. This form is for individuals and HUFs with business or professional income. Taxpayers not eligible for simpler forms must use ITR-3. The due date for salaried individuals is July 31, 2026.

The Economic Times

Retired employee claims tax exemption on Rs 19 lakh leave encashment; I-T dept issues notice and caps it at Rs 3 lakh; ITAT Chennai grants him full relief

When Mr Balasubramanian Venkatachalaperumal from Jagadamal Street retired from ONGC in FY 2019-20, he got Rs 19.05 lakh as leave encashment and thus he filed his income tax return (ITR) on October 29, 2021. In his ITR he declared a total income of Rs 31.62 lakh after claiming tax exemption…

Everybody Loves Your Money

Georgia’s Income Tax Rate Drops to 4.99% in 2026: 6 Paycheck Checks Households Should Make

A little extra money in each paycheck can feel like finding cash in an old jacket pocket. Georgia taxpayers may soon experience that feeling as the state’s income tax rate drops to 4.99% beginning January 1, 2026, according to the Georgia Department of Revenue. While the reduction may not create…

The Economic Times

Paying rent but not receiving HRA? Here’s how non-salaried individuals can claim tax deduction

Self-employed individuals and salaried employees not receiving House Rent Allowance (HRA) can claim tax benefits for rent paid under Section 80GG of the Income Tax Act. This deduction, capped at Rs 60,000 annually, is available only under the old tax regime and requires filing Form 10BA. HRA exemption and Section…

The Economic Times

Tax-free income in India: 8 types of income you don’t need to pay any tax on

Tax-free income: Unlock tax savings with these eight income sources exempt from income tax in India. From agricultural earnings and provident fund withdrawals to gifts from relatives and insurance payouts, understand how to keep more of your money.

The Economic Times

TDS Challan correction for Income Tax Act, 2025 needs to be done using the old TRACES portal; Here’s how to do it

Taxpayers must correct TDS challans for Tax Year 2026-27 on the old TRACES portal. This is crucial if the challan was mistakenly filed under FY 2025-26. Failure to correct will prevent TDS credit for Tax Year 2026-27, increasing tax liability. The new TRACES portal does not yet support this correction.…

The Economic Times

Income Tax department labels her stock market trader, denies investor status; she fights and wins Rs 54 crore capital loss claim at ITAT

Dolly Khanna successfully challenged the tax department's classification of her Rs 54 crore short-term capital loss as a business loss. The ITAT Chennai ruled she is an investor, not a trader, allowing the loss to be treated as a capital loss. This decision was supported by a 2016 CBDT circular…

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