India moves closer to becoming a global rough diamond hub by introducing a 15-year income tax exemption for eligible foreign companies trading rough diamonds through Special Notified Zones under the Taxation and Other Laws (Amendment) Bill, 2026.
Smt Motwani successfully claimed Section 54F tax exemption after buying her husband's Mumbai property for Rs 7.5 crore, with ITAT Mumbai ruling that transactions between spouses are not automatically considered sham for tax evasion.
India proposes extending tax exemptions until 2041 for foreign companies supplying machinery to contract manufacturers (benefiting Apple), storing electronic components, using data centers, and trading rough diamonds, aiming to boost exports and investment.
Hyderabad homebuyer Mettu secured a Section 54F tax exemption from the Telangana High Court, overturning the Income Tax Department's denial. The court ruled that Mettu should not be penalized for a four-year delay in villa construction caused by a builder dispute, emphasizing that delays beyond a taxpayer's control do not invalidate the exemption.
China's Ministry of Finance announced a new consumption tax on lithium-ion batteries and solar cells, effective September 1 and April 1 respectively, starting at 2% and rising to 4% a year later, impacting manufacturers and the electric vehicle sector.
Salaried employees can claim child education allowance (CEA) tax exemption under the old tax regime for up to two children. The monthly limit increases to Rs 3,000 per child for FY 2026-27. Self-employed individuals and those opting for the new tax regime cannot claim this benefit.
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.
The Central Board of Direct Taxes (CBDT) has granted income-tax exemption to the Core Settlement Guarantee Fund (CSGF) of National Commodity Clearing Ltd (NCCL) for assessment years 2019-20 to 2026-27, ensuring continued tax benefits under the new Income-Tax Act.
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.
A Chennai resident successfully reclaimed his Section 54 tax exemption after a three-year construction delay on his new home. The Income Tax Appellate Tribunal (ITAT) ruled in his favour, citing the COVID-19 pandemic as an extraordinary circumstance.
Delhi's new EV Policy offers subsidies within 60 days for electric vehicle buyers, including two-wheelers up to Rs 2.25 lakh. Incentives for electric two, three, and four-wheeled goods vehicles will be directly transferred. Electric cars get road tax and registration fee exemptions until March 2030.
Delhi government has officially notified the Delhi Electric Vehicles Policy 2026, effective July 1, 2026, until March 31, 2030. The policy aims to boost EV adoption with tax exemptions, subsidies for two and three-wheelers, and a Rs 15,000 crore investment for charging infrastructure.
ITAT Chennai granted full tax exemption on Rs 24 lakh retrenchment compensation to a senior citizen under BSNL's VRS-2019. Despite a significant delay, the tribunal recognized the compensation as tax-free under Section 10(10B), overturning the initial tax assessment.
Texas, once a hub for data centers with generous incentives, is now requiring these facilities to fund the grid infrastructure they rely on, shifting costs from households to the industry. This move by Governor Greg Abbott could set a precedent for AI buildout regulation nationwide.
An Income Tax Appellate Tribunal (ITAT) ruling in Chennai has granted a Public Sector Undertaking (PSU) employee full tax exemption on his leave encashment, setting a precedent for parity with government employees.
Australia's Prime Minister Anthony Albanese has announced expanded capital gains tax (CGT) exemptions for small businesses, including startups and testamentary trusts. The government increased the turnover threshold to $10 million, making the exemption "substantially broader and significantly more generous" in response to industry criticism.
Australia will provide "generous" capital gains tax exemptions for nearly all small businesses, with exemptions for startups and testamentary trusts. The annual turnover threshold for concessions will rise to $10m, benefiting 98% of businesses.
India is expanding its tax exemption to gasoline containing 22% to 30% ethanol, aiming to reduce its heavy reliance on imported crude oil amid ongoing Middle East conflicts and disruptions to key shipping routes like the Strait of Hormuz. This move supports the government's strategy to enhance energy security, promote cleaner energy, and boost farmer incomes.
Fuel prices remained unchanged across major Indian cities on June 11, 2026, as a new excise duty exemption on higher ethanol-blended petrol (E22-E30) does not affect standard fuel prices for consumers.
A House hearing on six GOP crypto tax bills exposed a lack of bipartisan consensus, with Democrats questioning exemptions for staking and mining rewards and industry leaders pushing for broader tax relief on everyday crypto payments.
India's government and RBI introduced measures to attract foreign portfolio investors and non-resident funds into government bonds and bank deposits, including tax exemptions and risk mitigation strategies, leading to a significant rupee gain.
India is set to eliminate capital gains tax on foreign portfolio investors' holdings in government securities to attract overseas investment and cushion its economy from the Middle East crisis. The move, cleared by the Union Cabinet, aims to counter significant foreign capital outflows and rupee depreciation.
Mumbai ITAT ruled a man can claim tax exemption on Rs 5 crore land sale profit, even with a belated ITR filing. He used gains to buy a new property before filing, making CGAS deposit unnecessary.
FIFA has reached an understanding with the US Treasury allowing all 48 teams at the 2026 World Cup to apply for federal tax exemption on their tournament earnings. The breakthrough resolves months of concern that 30 nations without double taxation agreements with the US would face significant tax burdens, potentially losing over 20% of their earnings. While federal taxes (up to 37% for individuals, 21% for corporate entities) will now be exempt, state and city taxes remain unresolved, creating a "postcode lottery" where a team's final liability depends on where matches are played. The tournament begins June 11, 2026.
