income taxpayers

Reporting income/assets etc. in the ITR should be matched with Annual Information Statement (AIS). As through system checks and reconciliation runs, using technology for ITR processing might trigger even small gaps, errors or incorrect claims and may lead to prompt questions.

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.

The NCP (Sharadchandra Pawar) has accused the Mahayuti government of a massive financial blunder in the Mukhyamantri Majhi Ladki Bahin Yojana. Allegations suggest over 80 lakh ineligible beneficiaries, including men and income taxpayers, received funds, potentially costing the state Rs 24,300 crore due to lax verification. The party demands accountability for this alleged misuse of public money.

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

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.