MYSTERIOUS: 16 | Mind Blowing Facts

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

Golf Monthly · Jun 19

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.

Kiplinger · Jun 19

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 · Jun 19

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 · Jun 18

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 · Jun 18

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 · Jun 18

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…

The Economic Times · Jun 18

ITR filing due dates for AY 2026-27: July 31 is not the deadline for every taxpayer; check 5 other tax filing due dates

The Income Tax Department has set July 31, 2026, as the deadline for most individual taxpayers, including the salaried class, to file their Income Tax Returns (ITR) for AY 2026-27. However, different due dates apply based on income sources and audit requirements, with some non-audit businesses and professionals now having…

The Economic Times · Jun 17

Do you need to file ITR if you only incurred losses from equities or mutual funds? Check the details

Individuals earning below basic exemption limits (Rs 2.5 lakh old, Rs 4 lakh new regime) generally don't need to file ITR. However, mandatory filing applies if you have capital losses to carry forward, trade in Futures & Options, or incur specific expenses like high credit card bills or foreign travel.

The Economic Times · Jun 16

HMRC overcharged millions of pensioners in income tax last year

IN FULL

The Independent UK · Jun 15