income taxpayers

Many salaried taxpayers are already gearing up to submit their returns, hoping to finish the process early, receive refunds sooner or avoid the usual rush closer to the deadline. But before rushing to file, there is one crucial question taxpayers should consider.

In a landmark decision, the Income Tax Appellate Tribunal has overturned an erroneous denial of TDS credit to a taxpayer whose earnings were captured through Form 26AS. The tribunal asserted that acknowledging TDS credits is an essential step in preventing the injustice of double taxation.

IT Rajasthan launches awareness campaign to enrich stakeholders on New Income tax Act

Mumbai ITAT grants capital gains tax relief to a taxpayer who filed his Income Tax Return late. The tribunal ruled that reinvesting gains into a new property before a belated return fulfills Section 54 requirements, even without depositing funds in the Capital Gains Account Scheme.

…but the taxman does. Here’s how the income tax department is using data-driven nudges — not raids — to get taxpayers to come clean

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California is considering a 5% tax on billionaires' wealth. Proponents expect significant revenue for public services. Opponents fear wealthy individuals will leave the state. A study suggests revenue gains would outweigh losses for decades. The proposal will be on the November 2026 ballot. Legal and economic challenges are also anticipated.

New UK government plans to extend permanent residency requirements could push away high-earning immigrants, analysis reveals. Those earning over £125,000 are already most likely to depart, with global opportunities and fewer financial ties elsewhere. The proposed changes, even with exceptions, risk deterring these skilled professionals, while lower-wage workers and those in sectors like nursing show strong commitment to staying.

Capital gains tax rules on Property changed from July 23, 2024. Long-term gains now face a 12.5% tax without indexation, a shift from the previous 20% with indexation. However, those who bought property before this date can choose the old or new system. Exemptions under Sections 54, 54F, and 54EC remain available.

Amazon founder Jeff Bezos dismissed fears of an AI bubble, stating that even if current valuations are unsustainable, the long-term benefits will outweigh the risks. He likened the AI boom to the 1990s biotech bubble, where initial losses led to significant advancements.