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UNCOVERED: 2 | History Defined

Working abroad? You may pay zero tax on selling Indian shares if you meet this condition

Indians working abroad can now potentially avoid paying tax on selling Indian shares. The key is to have purchased these shares using convertible foreign exchange. This provision, under Section 215 of the Income Tax Act, 2025, allows for tax exemption if the sale proceeds are reinvested in specified Indian assets…

The Economic Times

7 Oregon College Savings Tax Benefit Rules Families Should Review Before Making Contributions

Saving for college in Oregon comes with a tax break many families don’t realize they qualify for. Oregon residents who contribute to the state’s 529 plan can earn a refundable state income tax credit worth up to $190 for single filers or $380 for married couples filing jointly, depending on…

Everybody Loves Your Money

Rapper Twista pleads guilty to not paying taxes and faces potential prison time

Chicago rapper Twista has pleaded guilty to willfully failing to pay income taxes

The Independent UK

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Salary or dividends: What’s the best way for SME owners to pay themselves in 2026?

This decision can have an impact on your tax bill

The Independent UK

Where do workers take home the smallest share of their salaries in Europe?

The share of earnings taken through taxes and other deductions varies widely across Europe. But how much do workers actually keep? Euronews takes a closer look.

Euronews

ITR filing deadline 2026: From July 31 ITR filing to TDS due dates; key forms you can't afford to miss

July marks crucial income tax deadlines for Indian taxpayers. The major deadline is July 31 for salaried individuals and pensioners to file their Income Tax Returns (ITR), alongside numerous other compliance forms.

The Economic Times

Watch out — that income tax form could actually be dangerous malware

Researchers uncovered a fake tax notice campaign that delivered remote-access malware via staged downloads and encrypted communications.

TechRadar

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Avoiding the Widows' Penalty Tax Trap After a Spouse Passes

Many surviving spouses are surprised to discover that losing a partner can mean paying higher taxes on less income.

Kiplinger

How High Earners Can Get Through the Income Tax Maze

Income tax rules are more complex than ever, even more so for those earning between $150,000 and $500,000. The solution? Active and intentional tax management.

Kiplinger

Didn’t report FD interest in your ITR? Here’s how you can still correct the mistake

Missed reporting your Fixed Deposit interest in your Income Tax Return? Don't worry, you can still fix it. The Income Tax Department receives FD interest details, so omissions can be flagged. Filing an Updated Return (ITR-U) within four years allows you to declare missed income and rectify errors, though additional…

The Economic Times

Husband has to pay income tax on wife’s earnings from FD, gold, shares under clubbing of income in these cases

ITR filing: Transferring investments to your spouse to save taxes is a common misconception. The Income Tax Department scrutinises fund sources and can club income back to the original provider. This applies to FDs, shares, and gold, where income or capital gains from gifted assets are often taxed in the…

The Economic Times

Mumbai IT professional claims Rs 3.91 lakh TDS, gets only Rs 79,000 and Rs 3.36 lakh tax demand as employer failed to deposit tax; here's what happened next

ITAT Mumbai found that full TDS credit has not been granted since assessee’s employer has deducted TDS but has not remitted the same to the revenue. Because of this, full TDS credit didn’t reflect in her Form 26AS and so the Rs 3.91 lakh TDS credit claim was denied. Read…

The Economic Times

Senior citizen mistakenly paid tax on tax-free VRS compensation; wins complete relief from ITAT Chennai on this ground

A senior citizen wrongly paid tax on Rs 24 lakh retrenchment compensation received under a BSNL Voluntary Retirement Scheme. Despite a significant delay, the Income Tax Appellate Tribunal (ITAT) in Chennai granted him full tax exemption, recognizing the compensation as tax-free under Section 10(10B). This ruling offers relief and highlights…

The Economic Times

King Charles’ tax bombshell reveals monarch has paid more than £30million to HMRC

Buckingham Palace has disclosed the King’s voluntary income tax and capital gains tax payments for the first time, while Prince William has also released details of his own tax contributions as heir to the throne.

BANG Premier

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Evening Standard

Note 2200 Embargo: William nets income of xxx as he shares tax bill for first time

(Embargoed to 2200 Thursday June 25)Note embargo – check thisThe Prince of Wales received a private income of £xx million from his Duchy of Cornwall estate – a rise/fall of xxxxx, as he revealed his tax bill for the first time.As heir to the throne, William, the 25th Duke of…

The Economic Times

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…

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The Economic Times

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

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…

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