Andy Burnham's plan to devolve power by allowing England's regional mayors a share of income tax aims to address regional inequalities. While economists support the principle, challenges include avoiding weaker economies falling behind, repairing damage from austerity, and a lack of local government expertise and resources.
Germany's government is considering eliminating minijobs in their current form, proposing to raise the flat tax rate and abolish the opt-out for pension contributions. The reform aims to strengthen social security, reduce old-age poverty, and address gender inequality, drawing mixed reactions from unions and business groups.
The July 31, 2026, income tax return filing deadline for salaried taxpayers, pensioners, and students was not extended, leading to late fees of up to Rs 5,000 for those who missed it. Taxpayers with business income or requiring a tax audit have later deadlines, with the CBDT reporting over 5.5 crore ITRs filed by July 30.
England's regional mayors will gain the ability to borrow against future income and retain a share of income tax and business rates from 2028, replacing existing grants. This "transformational" shift, announced by Andy Burnham, aims to empower local leaders to invest in major projects and improve public services, moving decision-making out of Whitehall.
Taxpayers who missed the July 31, 2026 income tax return deadline have options: file a belated ITR by December 31, 2026, with a late fee (Rs 1,000 or Rs 5,000), or submit a condonation of delay application. Missing the deadline incurs interest on unpaid taxes, loss of carry-forward benefits, and potential increased scrutiny.
Prime Minister Andy Burnham plans to give English city region mayors a share of income tax revenue and business rates, alongside greater control over services like housing and transport. This move, set for 2027-2028, aims to devolve power from Westminster but faces criticism over a lack of detail and potential funding disparities.
Taxpayers receiving Section 143(1) intimations from the Income Tax Department with tax demands must respond within 30 days. Failure to do so can lead to 1% monthly interest penalties, classification as an 'assessee in default,' and initiation of recovery proceedings, even if the demand is disputed.
Prime Minister Andy Burnham faces early criticism for his "doing politics differently" approach, accused of U-turns on tax and rent policies. He defends his open communication style, which worked as Greater Manchester mayor, but risks misunderstanding in Downing Street.
Taxpayers in India can now e-verify their Income Tax Returns using various online methods, including Aadhaar OTP, Electronic Verification Code (EVC) via bank or Demat accounts, and net banking. The Income Tax Department outlines clear steps for each method, emphasizing that verification within the deadline is crucial for ITR completion.
For AY 2026-27, individuals must select the correct ITR form based on income sources like salary, house property, business, capital gains, and other sources. ITR-1 now allows reporting up to two house properties under specific conditions, while ITR-3 or ITR-4 are for business income, and ITR-2 for complex income without business profits.
Taxpayers claiming exemptions under Sections 54 and 54F often face notices due to overlooking the 3-year rule for CGAS deposits, leading to unintended tax liabilities upon the expiry of the investment period.
After filing an Income Tax Return (ITR), taxpayers may receive a Section 143(1) intimation notice from the Income Tax Department, confirming preliminary processing and detailing any adjustments. This notice compares taxpayer-reported figures with the department's computation, potentially indicating a refund, demand, or acceptance without changes. A 30-day response is crucial for any discrepancies.
California voters will decide on a one-time 5% tax on fortunes over $1bn, sparking debate on wealth taxation. The article argues against new wealth taxes, citing global abandonment, instead advocating for closing loopholes, restoring estate taxes, and raising capital gains and corporate rates to boost US revenue and address inequality.
With the IRS tax filing deadline of April 18 approaching, last-minute tips include checking for disaster area extensions, military combat zone extensions, and eligibility for free filing. Organizing documents, reporting all income, and avoiding mistakes in returns are crucial. Filing for an extension (Form 4868) is possible but does not extend payment deadlines, incurring interest and penalties on unpaid 2022 taxes.
New Income Tax Return forms for AY 2026-2027 mandate reporting of futures and options trading turnover and income, disallowance of MSME interest, and additional details for partners in firms. These changes aim to boost transparency and compliance.
This article details various penalties under the Income Tax Act, 1961, for non-compliance. It outlines specific sections, defaults like failure to pay tax or file returns on time, and the corresponding penalties, which can range from daily fees to a percentage of undisclosed income.
India's new Income Tax Act, 2025 consolidates presumptive taxation into a single section, simplifying structure but introducing substantive changes. These changes may increase taxable income and compliance burdens for small businesses, professionals, and freelancers by disallowing loss adjustments and potentially expanding tax audit exposure.
Salaried individuals, pensioners, and students must choose the correct ITR form for AY 2026-2027. Non-audit filers can use ITR-1, ITR-2, or ITR-3. The deadline is July 31, 2027. Certain transactions require filing even below exemption limits.
Salaried individuals, pensioners, and students must choose the correct ITR form for AY 2026-2027. Non-audit filers can use ITR-1, ITR-2, or ITR-3. The deadline is July 31, 2027. Some transactions require filing even below exemption limits.
Taxpayers can reset their Income Tax e-filing portal passwords without a registered mobile number using a Digital Signature Certificate or net banking. If these are unavailable, an email request with scanned PAN, identity, and address proofs, along with a written request, can be sent to [email protected].
A same-sex couple has filed a petition in the Bombay High Court challenging Section 56(2)(x) of the Income Tax Act, which exempts gifts between spouses from tax. They argue that denying this benefit to same-sex couples is discriminatory as Indian law does not recognize their relationships as marriages. The Income Tax Department opposes the plea, calling it "misconceived" and an attempt to use tax law for marriage recognition.
Kazakhstan's President Kassym-Jomart Tokayev signed a decree to regulate the digital asset market, introducing rules for stablecoin payments in cross-border trade, tax incentives for regulated crypto activity, and new energy options for digital mining, aiming to establish the country as a global crypto hub.
Filing income tax returns (ITR) accurately is crucial to avoid queries from the Income Tax Department. Common mistakes include mismatches between ITR and AIS/Form 26AS, incorrect capital gains reporting, non-disclosure of income streams like interest and dividends, and misalignments between high-value transactions and reported income. Experts advise taxpayers to reconcile all income sources and documents before filing to prevent notices.
Taxpayers are advised to gather documents, verify income details, and choose the correct tax regime and ITR form for FY 2025-26. Key steps include checking AIS and Form 26AS, verifying pre-filled data, claiming deductions correctly, and e-verifying the return before the due date to avoid penalties.
