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HISTORICAL FACTS: 5 | History Defined

SC to hear Monday plea concerning cash donations received by political parties

The Supreme Court will hear a plea challenging anonymous cash donations below Rs 2,000. This provision of the Income Tax Act is questioned for its lack of transparency. The petitioner seeks disclosure of all political funding sources and donor particulars. The plea also requests that no cash amounts be received…

The Economic Times · Aug 30

Who needs to file ITR by August 31, 2026 for AY 2026-2027? Check what happens if ITR filing deadline is missed

ITR Deadline: The deadline for filing Income Tax Returns (ITR) for taxpayers with non-audit business or professional income is August 31, 2026. This due date was extended from July 31st to August 31st pursuant to an amendment in the Finance Act, 2026 in Budget 2026.

The Economic Times · Aug 29

Man receives $3.14 lakh from redemption of Bermuda-focused fund; Income Tax Dept considers it black money, imposes Rs 1.8 crore penalty and tax, but he wins case in ITAT Delhi

Indian man working in Singapore gets $3.14 lakh from redemption of units of Bermuda focussed investment fund; Tax dept deems it black money and imposes Rs 1.8 crore penalty and tax; he wins case in ITAT Delhi. Read the article.

The Economic Times · Aug 28

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Retiring early? Know how much tax exemption can employees claim for VRS

You can claim full tax exemption on VRS if the scheme was launched under special framework; Know how it works for employees claiming VRS.

The Economic Times · Aug 28

States With No Income Tax Ranked By Homeowner Costs

See which of the nine zero-tax states offer real cost savings on property taxes, insurance, and utilities.

Kiplinger · Aug 27

Tax notice in a deceased person's name? Don't ignore it; here's what legal heirs should do

Did someone close to you leave behind unresolved tax responsibilities? Explore how heirs can address income tax notices, file overdue returns, and handle outstanding dues. Familiarize yourself with the circumstances that make a notice valid, your duties, and strategies to shield yourself from personal liability. Keep tax issues from becoming…

The Economic Times · Aug 26

Andy Burnham 'tax rises': London's income tax bill hits record £80bn as PM doesn't rule out more levies

The Treasury raked in nearly £7 billion more from Londoners in just a year

Evening Standard · Aug 26

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Is severance pay received under a VRS taxable for all employees? Know what the Income Tax law says

Severance pay received under a voluntary retirement scheme is not always taxable for all employees; Know why and what the tax law says

The Economic Times · Aug 26

Rs 2.25-crore notice under Black Money Act to Delhi couple over Singapore, British Virgin Islands assets: ITAT Delhi gave full relief to taxpayer, know why

Tax officer sent black money notice to Pitampura based couple and added Rs 2.25 undisclosed money from Singapore and British Virgin Islands to their income but ITAT Delhi cancels these additions. Know how this couple won the black money case.

The Economic Times · Aug 26

Filing ITR4 by August 31 deadline? Check these 6 major changes if opting for presumptive taxation for AY 2026-27

For the assessment year 2026-2027, new changes have been introduced impacting those filing ITR-4. Taxpayers need to be aware of six major updates to the form, which encompass revised investment disclosures and updated requirements for reporting house properties. Additionally, claims for political party deductions require specific information now, while the…

The Economic Times · Aug 25

August 31 ITR filing deadline: ITR-3 or ITR-4? Which form you should choose while filing your income tax return

Taxpayers engaged in business activities must submit either ITR-3 or ITR-4 by the deadline of August 31, 2026. While ITR-4 simplifies the process through presumptive taxation, ITR-3 demands a more detailed presentation of accounts.

The Economic Times · Aug 25

Spanish workers spend the equivalent of 231 days paying taxes, study says

Tax Freedom Day fell on 20 August, according to Fundación Civismo. The think tank says the average worker’s tax burden has increased by 54 days since 2018, partly because of higher social contributions and income tax thresholds failing to keep pace with inflation.

Euronews · Aug 25

IIFL Finance shares drop 8% as IIFL Home Finance gets Rs 963 crore tax demand

IIFL Finance shares fell sharply on Tuesday after subsidiary IIFL Home Finance received a Rs 963.39 crore income tax demand covering April 2018 to February 2025. The company disputed the additions and said it is pursuing appellate remedies. Separately, IIFL Finance secured a stay on a Rs 475.56 crore tax…

The Economic Times · Aug 25

Colorado voters to decide on income tax cap measure that competes with proposed graduated income tax initiative

Voters in Colorado will decide on a ballot measure related to the state's income tax rates on Nov. 3, 2026.

Ballotpedia · Aug 24

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The Economic Times · Aug 24

Selling inherited property? Know who is liable to pay income tax on capital gains and how heirs can claim tax relief

Selling inherited property? Know who among the brothers and sisters are liable to pay capital gains tax on it and how to claim tax relief.

The Economic Times · Aug 24

Rs 5.31 lakh income tax refund denied as taxpayer did not claim it in the original ITR; he approaches ITAT Delhi and wins the case to get tax refund with interest

Rs 5.31 lakh tax refund denied as it was not claimed in the original ITR but in the subsequently filed Section 148 ITR; ITAT Delhi orders the tax dept to issue the refund with interest.

The Economic Times · Aug 24

ITR filing deadline: Income Tax Department asks business, professional taxpayers to file returns by August 31

The Income Tax Department has reminded taxpayers with business or professional income who are not subject to audit to file their ITRs for AY 2026-27 by August 31. More than 6.5 crore returns have been filed so far, including over 2 crore ITR-3 and ITR-4 forms.

The Economic Times · Aug 24

Karol Bagh man had foreign bank accounts, FD in Singapore, no ITR disclosure; income tax dept sent black money notice, but ITAT Delhi cancelled the notice for this reason

Black money notice sent to man with Singapore FD and current bank a/c in his name and no ITR declaration; Know how he won case in ITAT Delhi after proving his identity theft angle with Economic Offences Wing’s help.

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International Business Times UK · Aug 23

Jeff Bezos Wants Half of Americans To Pay No Income Tax, Says They Account for Just 3%

Jeff Bezos wants the bottom 50% of US earners exempt from federal income tax, citing their 3.26% share of individual income-tax receipts

Fortune · Aug 22

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

Billionaire Amazon founder, Jeff Bezos, says the bottom 50% of Americans should pay no federal income tax—and he plans to pitch the idea to President Trump.

The Economic Times · Aug 22

Can the IRS EITC 2026 really deliver up to $8,231? Check these income and child rules before filing Form 1040

The IRS EITC 2026 can put up to $8,231 back into the hands of eligible workers. But it is not a payment for everyone. Your earned income, filing status and qualifying children determine the amount. The Earned Income Tax Credit is refundable. So, even workers with little or no federal…

The Economic Times · Aug 21

Employee got Rs 30 lakh salary after job switch, did not file ITR, Income Tax dept imposed Rs 3.74 lakh penalty; he fought and won the case in ITAT Delhi

Employee switched job and got Rs 30 lakh salary on which TDS was deducted, forgot to file ITR, Tax dept sent notice and imposed Rs 3.74 lakh penalty, he fights and wins case in ITAT Delhi

The Economic Times · Aug 21

US proposes new tax credit rules restricting refunds for some non-citizens

The US Treasury and IRS have proposed new rules restricting the refundable portion of four federal tax credits to US citizens, nationals and qualified non-citizens, including green card holders, refugees and asylees. The proposal covers the child tax credit, earned income tax credit, American opportunity tax credit and adoption tax…

The Economic Times · Aug 21

Plant 500 trees and explain Rs 11.22 crore additional income: A rare direction from ITAT Chandigarh asks taxpayer with Rs 1.79 lakh income shown in ITR

This Haryana man's case was picked up for scrutiny, and during the proceedings the Assessing Officer found large cash deposits, unsecured loans worth crores, and discovered that the Rs 3 lakh agricultural income wasn’t substantiated by supporting evidence. Read on to know what happened next, and what has the ITAT…

The Free Financial Advisor · Aug 20

Your 401(k) Has $500,000 — How Much of That Money Is Really Yours After Taxes?

A $500,000 401(k) balance can look like a giant neon sign announcing, “Retirement is going to be fine!” Then taxes walk into the room and quietly pull up a chair. If that $500,000 sits in a traditional 401(k), the account balance does not represent $500,000 of spendable money because most…

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