Income Tax News

An Indian man who moved to the US failed to file his Income Tax Return, incurring a penalty, but the ITAT Jaipur later canceled it, providing relief.

A tax dispute in New Delhi involved a minor with Rs 1.17 crore interest income and their father facing a Rs 12.83 lakh penalty, with the case being reopened by

A Bloomberg analysis suggests that income tax brackets could change for 2027, potentially offering financial relief to taxpayers by taxing more of their income

A High Court has struck down Section 147A of the Income Tax Act, impacting income tax reassessment notices, though the ruling does not invalidate all such proce

A father was initially penalized ₹13 lakh for his child's income but subsequently won his case in the Income Tax Appellate Tribunal (ITAT).

Tánaiste and Minister for Finance Simon Harris plans to increase the threshold for the higher income tax rate in each of the next four budgets.

The Delhi Income Tax Appellate Tribunal (ITAT) invalidated an ₹8.71 crore income tax reassessment notice issued to a deceased taxpayer. The ruling emphasizes th

A record 10 million people over 65 are expected to pay income tax due to a frozen tax threshold, continuing an annual increase in the number of pensioners subje

Robert Jenrick is expected to announce a tax cut, which Reform claims would save the average taxpayer £500 annually and remove 2.9 million people from income ta

ITAT Mumbai clarified that income tax cannot be charged on a ₹9.6 lakh EPF interest entry in an ITR if it was a mistake and no evidence of withdrawal exists.

ITAT ने एक मुंबई के करदाता के मामले में महत्वपूर्ण फैसला सुनाया है, जिन्होंने 2017 में अपनी पत्नी के साथ संयुक्त रूप से एक फ्लैट खरीदा था, जहाँ वास्तविक भुगतान

A new political debate in Telangana questions the compensation of MLAs and MLCs, with claims of higher take-home amounts than officially reported and scrutiny o

Pensioners may face a 'retirement stealth tax' next year as the full-rate state pension is projected to exceed the basic-rate income tax threshold.

Form 1 for the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026, is now live on the income tax e-filing portal, allowing eligible taxpayers to declare

September 2026 includes several crucial income tax deadlines, such as TDS payments by September 7, TDS certificate issuance by September 14, the second advance

The ITAT Mumbai ruled in favor of a taxpayer, deleting an ₹8.87 lakh tax addition on seized cash during a tax raid, accepting the explanation of family savings

A Freedom of Information request by former pensions minister Sir Steve Webb reveals that the number of pensioners paying the higher rate of income tax has doubl

The income tax department announced that over seven crore Income Tax Returns (ITRs) have been filed as of August 27, urging non-audit taxpayers not to wait unti

The ITAT Chennai has ruled that retirees can retroactively claim an increased leave encashment tax exemption from ₹3 lakh to ₹25 lakh, benefiting those who reti

The Income Tax department has reminded taxpayers with business income about the August 31 deadline for filing Income Tax Returns for AY 2026-27. Over 6.5 crore

London's income tax bill has reached a record £80 billion, with the Treasury collecting nearly £7 billion more from Londoners in a single year. The Prime Minist

ITAT Delhi overturned a ₹3.74 lakh penalty on a salaried employee earning ₹30 lakh, ruling that the delay in ITR filing was due to procedural lapses, not an int

The income tax return filing deadline for ITR-3, ITR-4, ITR-5, and ITR-7 is August 31, with penalties for missing it, though belated returns are possible until

The Delhi ITAT has overturned a ₹3.74 lakh penalty imposed on a salaried taxpayer who failed to file an ITR despite earning over ₹30 lakh. The tribunal found th