Mumbai-based IT professional Sophia Rick successfully challenged a Rs 3.36 lakh tax demand at ITAT Mumbai after her employer failed to deposit Rs 3.91 lakh in deducted TDS. The tribunal ruled that taxpayers cannot be denied credit if they prove TDS deduction, even if the employer defaults.
King Charles becomes the first reigning monarch to publicly disclose his personal tax bill, paying £12.9 million in income and capital gains tax for 2024-25. Royal public funding is set to rise to nearly £100 million annually.
Buckingham Palace revealed King Charles III paid £12.9 million in tax for 2024-25, and Prince William also disclosed his tax, marking a historic break from royal financial secrecy amid calls for greater transparency and modernization.
King Charles disclosed a £12.9m tax bill for 2024-25, becoming the first monarch to do so, while Prince William paid £7.76m. The Sovereign Grant for the Royal Household is set to nearly double to £99.9m by 2027-28, funding upkeep and cybersecurity, as the King and Queen will continue residing in Clarence House to allow greater public access to Buckingham Palace.
King Charles will not reside at Buckingham Palace after its 10-year renovation concludes next year, opting instead to remain at Clarence House. This marks the end of an era for the palace's role as the primary royal residence. Officials also revealed Charles paid £12.9 million in taxes for 2024/25.
King Charles and Prince William have voluntarily disclosed their tax payments for 2024-2025, totaling £12.9m and £7.76m respectively. This move aims to increase transparency and understanding of the monarchy's finances. The Sovereign Grant will also rise to nearly £100m annually by 2027-28.
King Charles and Queen Camilla will not move into Buckingham Palace after its £369m renovation, preferring Clarence House to increase public access. Royal finances reveal Charles paid £12.9m in tax, and the sovereign grant will nearly double to £99.9m by 2027-28, sparking transparency concerns.
The German government cancelled a multi-billion-euro F126 warship order from Rheinmetall due to delays and cost increases, causing Rheinmetall shares to fall 13%. Instead, eight smaller MEKO A-200 frigates are expected to be ordered from TKMS, whose shares rose 10%. Over €2 billion was already invested in the cancelled project.
The Income Tax Department clarifies confusion regarding the new Income Tax Act, 2025, and its transition from Assessment Year (AY) to Tax Year (TY). Taxpayers will not need to file two returns for income earned between April 1, 2025, and March 31, 2026.
Pauline Hanson stated small businesses will "fold" under the cost of paid parental leave, despite it not being compulsory for employers to pay. Labor criticized her stance, suggesting she misunderstands the policy.
Indian taxpayers with US 401(k) accounts must now report withdrawals and maturity details in ITR schedules FSI and FA. New ITR forms require filing ITR-2 or ITR-3. Filing Form 40 is crucial for deferring Indian tax until withdrawal.
Salaried taxpayers who switch jobs need to be cautious while filing income tax returns. Common mistakes include not disclosing previous employer details, leading to under-deduction of tax and potential interest payments. Employees should report all income, reconcile TDS, and claim deductions correctly.
A survey by the Fair Tax Foundation reveals 67% of Britons want higher digital services taxes on global tech giants like Meta and Google to increase their UK tax contributions. The UK's 2% digital services tax, introduced in 2020, raised £800m in 2024-25 but faces criticism and US opposition.
Activist group Lock the Gate analysis reveals coal companies may receive an extra $6.2bn in taxpayer refunds for diesel if half of proposed mine developments are approved. This comes as the Australian government faces pressure to cap a fuel tax credit scheme benefiting multinational miners.
Outgoing DNI Tulsi Gabbard released documents alleging Anthony Fauci funded gain-of-function research at China's Wuhan lab and misled Congress about COVID-19 origins. Gabbard claims Fauci worked to suppress truth and influenced intelligence assessments.
Outgoing Director of National Intelligence Tulsi Gabbard released documents alleging Anthony Fauci funded gain-of-function research at China's Wuhan Institute of Virology and misled Congress about his role and the virus's origins.
Tunnelling on Sydney's $3.1bn M6 project will resume after the state government and contractors reached a deal, ending a two-year halt. The private consortium will cover finishing costs, with the motorway now expected to open in 2028.
Days after an algae bloom, the newly renovated Lincoln Memorial Reflecting Pool is experiencing peeling "American flag blue" paint. The $14.7 million project, awarded to a firm without prior federal contracts via a no-bid process, faces ongoing issues with algae and now paint delamination.
The US-Iran war concluded after 108 days with a memorandum of understanding signed by Presidents Trump and Iranian officials. The conflict cost American taxpayers an estimated $113.3 billion, resulted in thousands of deaths, and displaced millions.
The Trump administration has redirected $352 million from Secret Service recruitment and training funds to "White House security measures," reportedly to help fund President Trump's planned 90,000 sq ft ballroom. Lawmakers question the shift, citing Trump's promise of private funding.
A proposed $8bn renovation of NYC's Penn Station faces scrutiny from local leaders over funding, design, and Donald Trump's potential influence. Critics prioritize service and safety improvements over aesthetics, questioning the project's ultimate cost to taxpayers and its legacy-building intentions.
Taxpayers must use the old TRACES portal to correct TDS challans mistakenly filed under FY 2025-26 for Tax Year 2026-27. The new portal lacks this functionality. Failure to correct will prevent TDS credit and increase tax liability.
The US Department of Labor is threatening to withhold administrative funds from states for the first time in history if they fail to combat waste, fraud, and abuse in unemployment insurance programs. Acting Secretary Keith Sonderling sent letters to 53 states and territories, specifically highlighting California, New York, and Illinois.
The Income Tax Department has set July 31, 2026, as the deadline for most individual taxpayers, including the salaried class, to file their Income Tax Returns (ITR) for AY 2026-27. Non-audit businesses and professionals have until August 31, 2026.
