income taxpayers

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

TNN

Probes PAN, Reporting Errors In Real Estate Deals

A nuanced understanding of the various ITR forms for FY 2025–26 is essential for globally mobile professionals, domestic salaried taxpayers, and individual investors

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.

Former India captain MS Dhoni has been revealed as the highest individual taxpayer from Jharkhand and Bihar combined for the 2025-26 financial year. The Principal Chief Commissioner of Income Tax confirmed Dhoni's top position, though the exact tax amount remains undisclosed. This achievement highlights Dhoni's significant financial contribution to the region.

A change in how social security benefits are calculated by employers under the new labour codes could affect your in-hand salary.

Investment adviser Barrett Linburg proposed a tax strategy for Elon Musk to defer gains from potential SpaceX share sales post-IPO. The plan involves reinvesting profits into a Qualified Opportunity Fund to build infrastructure at Starbase or finance the Terafab site, potentially deferring taxes until 2032 and eliminating future appreciation taxes.

Americans are increasingly opposing the construction of AI data centers in their communities, with seven in ten expressing opposition. Concerns over environmental impact, resource consumption, and local quality of life are driving this sentiment. While tech giants invest billions, local resistance poses a significant hurdle for AI expansion, potentially influencing local elections.

Chennai faces a dilemma between commercialized, ticketed parks and free, natural green spaces. Public funds are used for expensive makeovers of existing parks into paid attractions, while essential inner-city green areas are lost to development. The government's Urban Greening Policy aims for ecological equity, but population pressure questions its implementation.

Small businesses and professionals under the presumptive tax scheme must now disclose investment details in their income tax returns. This new rule, introduced in ITR-4, aims to curb tax evasion by allowing authorities to compare declared income with investment patterns. Misreporting income can lead to hefty penalties, making compliance crucial.

Salaried taxpayers claiming House Rent Allowance (HRA) will face stricter disclosure norms from April 1, 2026, with the introduction of Form 124. Under this new format, employees are required to declare their relationship with the landlord to curb bogus claims within families. Genuine rental arrangements with relatives remain valid if supported by proper documentation and income declaration.

The Income-tax Appellate Tribunal (ITAT) quashed proceedings against the late Ajit Pawar, deleting a Rs 32.14 crore addition as unexplained income. The tribunal found insufficient evidence, including reliance on Truecaller data and initials "DD", to link Pawar to alleged cash transactions seized during a search on the Triton Group.