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YOU WONT BELIEVE: 4 - What They Never Told You

Income tax burden reduction over 12 years reflects 'Ramrajya', government says

A government booklet marks Narendra Modi's tenure as India's longest-serving Prime Minister. It highlights tax reductions and reforms like GST and Digital India. These initiatives have built public trust and supported India's journey towards becoming a USD 5-trillion economy. Increased taxpayer confidence fuels investment in national development.

The Economic Times

Nationwide pays £100 Fairer Share payments to millions of UK customers on first day of rollout

Since its inception in 2023, the initiative will have returned approximately £1.5 billion to members

The Independent UK

Nationwide makes over four million Fairer Share payments on first day of rollout

Some people may be liable for income tax on payments, if the total interest earned in the tax year is above their personal savings allowance.

Evening Standard

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Paying rent above Rs 50,000? Failure to deduct TDS can make you an assessee in default; know what to do

Tenants paying over Rs 50,000 monthly rent must deduct TDS. This applies to individuals and HUFs not requiring tax audits. The TDS rate is 2% on gross rent. Tax is deducted in the last month of tenancy or financial year. Tenants deposit TDS via Form 26QC and issue Form 16C…

The Economic Times

Qualified but not working? HC denies maintenance to doctor wife, says she can’t burden husband

The Allahabad High Court has ruled that a qualified wife, capable of earning but choosing not to work solely to burden her husband, can be denied maintenance. In a case involving a Gynaecologist, the court upheld the denial of interim maintenance, citing her ability to earn over Rs 31 lakh…

The Economic Times

Zepto IPO: ED summons founders in FEMA matter, seeks shareholding, business details

The Enforcement Directorate sought details on foreign investments and overseas investments, audited balance sheets since FY21, owned immovable properties, shareholding pattern, loans and guarantees, income tax returns, bank accounts, and a note on Zepto’s business model, according to the updated prospectus.

The Economic Times

Best tax saving mutual funds or ELSS to invest in June 2026

Taxpayers can save income tax up to Rs 1.5 lakh annually by investing in Equity Linked Savings Schemes (ELSS). These tax-saving mutual funds offer potential for higher returns over the long term and have a shorter three-year lock-in period compared to other 80C options. Investors should be aware of the…

The Economic Times

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Income Tax Department issues ITR scrutiny guidelines: These ITR filers may face compulsory scrutiny in FY 26-27

The CBDT has released new guidelines for compulsory income tax return scrutiny in FY 2026-27, impacting returns filed in FY 2025-26. Specific risk parameters will mandate detailed examination by the I-T Department. A June 30, 2026 deadline is set for issuing scrutiny notices under Section 143(2).

The Economic Times

Man sold unlisted shares, bought Rs 5.65 cr house, faced income tax scrutiny; he fought back and won in ITAT Delhi despite low income declaration

Mr. Bansal successfully appealed a tax demand after claiming Section 54F exemption on Rs 7.59 crore long-term capital gains from unlisted shares. The ITAT Delhi ruled that depositing unutilized funds in the Capital Gains Account Scheme was unnecessary as the property was purchased before filing the ITR. The tribunal also…

The Economic Times

Thailand inches towards negative income tax

The Finance Ministry is preparing a comprehensive overhaul of the government's welfare system, laying the groundwork to implement a negative income tax (NIT) system in Thailand.

Bangkok Post

Weekly Brew: June 5, 2026

The General Assembly of North Carolina approved two constitutional amendments on property and income tax limits for the Nov. 3 ballot.

Ballotpedia

Hong Kong-based son gets tax notice after father buys insurance policy in his name with cash; he fights back and wins case in ITAT Mumbai

An NRI in Hong Kong faced an income tax dispute after withdrawing cash from his NRE account to give to his father. The father used this money to buy an insurance policy in his son's name, leading to an 'unexplained cash credit' notice. ITAT Mumbai ultimately ruled in favor of…

The Economic Times

Smaller Refunds Are Hitting Filers Who Made One Specific Change Last Year

Tax season keeps surprising millions of filers, and this year delivers a particularly frustrating twist for many households expecting a comfortable refund. Many taxpayers open their results only to find a much smaller number than they planned for, and the shock often traces back to a single decision made last…

The Free Financial Advisor

Want to exchange old gold for new jewellery? Beware of these taxes

Indians exchanging old gold for new should be aware of potential taxes on sales and purchases. The Income Tax Department monitors high-value gold transactions, including large cash deposits or unexplained sources of funds. Proper documentation is crucial to avoid scrutiny and penalties, especially when dealing with inherited, gifted, or imported…

The Economic Times

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The Economic Times

Why should these taxpayers avoid filing ITR before June 15th for AY 2026-2027

Taxpayers are advised to delay filing their Income Tax Returns for AY 2026-2027 until after June 15th. This allows for the accurate updation of the Annual Information Statement with data from companies and banks. Salaried individuals should also wait for their Form 16. Filing without complete information can lead to…

The Economic Times

Maximum 39% marginal rate of income tax applicable for these individuals in Tax Year 2026-2027

Individuals and certain entities will face a maximum 39% income tax rate under the new tax regime for Tax Year 2026-2027. This Maximum Marginal Rate applies to specific income categories to prevent tax avoidance. The new regime streamlines surcharges, capping them at 25%. However, exceptions exist, potentially leading to higher…

The Economic Times

ITR filing 2026: 5 benefits of filing income tax return besides paying taxes

Filing your Income Tax Return is more than just a tax duty. It acts as a vital financial record. It helps in getting loans approved. You can claim tax refunds if you paid extra. Your ITR proves your income, especially for freelancers. It allows carrying forward losses to reduce future…

The Economic Times

Worked in the US, UK or Canada? Form 40 can help Indians defer income tax liability on foreign pension accounts

Indian residents with foreign pension accounts like 401(k) from working in the US, UK, or Canada can now defer India tax liability. By filing Form 40 electronically before the income tax return deadline, taxation shifts from accrual to withdrawal basis. This option, once exercised, is generally irrevocable but becomes void…

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The Economic Times

Lady sold apartment, took Rs 2.5 lakh cash, bought new apartment from son-in-law, paid no tax, got income tax notice; she fights back and wins case in ITAT Chennai

A Chennai woman successfully appealed a tax notice after selling her apartment for Rs 35.5 lakh, including Rs 2.5 lakh in cash, and buying a new one from her son-in-law. The ITAT Chennai ruled in her favor, upholding the validity of registered documents and bank transactions, and deleting additions made…

The Economic Times

Could you be missing a critical June 2026 tax deadline? Check these essential TDS, Form 16, STT and advance tax requirements before it's too late

June 2026 income tax deadlines are closer than many taxpayers realize. Form 16 issuance, TDS deposits, advance tax payments and STT reconciliation can directly affect your Income Tax Return filing. A missed compliance step may lead to penalties, tax credit mismatches or filing delays. Before June 20, reviewing these key…

Ballotpedia

North Carolina voters to decide on two measures on property and income tax limits in November

Welcome to the Monday, June 1, 2026, Brew.

The Economic Times

New income tax regime: Don’t miss out on these 3 key deductions that will reduce your taxable income & help save more tax

Many taxpayers mistakenly believe the New Tax Regime offers no deductions. However, salaried employees and pensioners can claim a Rs 75,000 standard deduction. Employer contributions to NPS and interest on home loans for let-out properties are also still permissible, reducing overall tax liability.

The Economic Times

Mumbai man received tax notice over unreported income, not filing ITR; ITAT rules in his favour on TDS benefit, tax demand reduced

Manoj Soman had not filed an ITR for the relevant assessment year, which is FY 10-11 in this case. Based on information available through the AIR mechanism and other departmental databases, the Income-tax Department noticed substantial cash deposits in the taxpayer's bank account. ITAT Mumbai, however, ruled in the assesse’s…

Newslaundry

Why the BCCI, one of the world’s richest sports bodies, answers to no one

The Board of Control for Cricket in India (BCCI) is one of the wealthiest sports governing bodies in the world. But for years, one simple question has remained unanswered: why is the BCCI not accountable to the public, which funds, watches, and sustains the game it controls?

Fortune

Even if every California billionaire left overnight, a wealth tax would help the state come out ahead for 25 years

The Golden State might be able to stomach more ultra-wealthy departures than first feared.

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