TAXES
Income Tax dept seeks details from NRIs, offshore firms on unlisted share deals, flags valuation and fund source concerns
India’s tax department has asked NRIs and offshore entities to justify investments in unlisted shares, seeking details on fund sources and valuations. Using demat data, authorities are probing deals from 2019–23 for potential tax evasion, round-tripping and money laundering, with non-compliance likely to trigger scrutiny, tax demands and litigation.
Finland may introduce tourist tax for visitors from 2027
Finland is set to introduce a tourist tax, empowering municipalities to generate revenue from visitors. This proposed charge, applicable to both domestic and international tourists in paid accommodation, aims to support local infrastructure and services. If approved, the tax could be implemented from 2027, with municipalities deciding on its adoption in their 2028 budgets.
Has the GSTR-3B return filing due date for the March 2026 tax period been extended?
Tax professionals are struggling to file GSTR-3B for March 2026. The GST portal is experiencing significant slowdowns, preventing logins and filings. This is causing concern as missed deadlines can lead to severe consequences, including the suspension of GST numbers. An interim fix was previously suggested for a similar issue in February 2026.
Elon Musk scorned "shady" loopholes, yet offshore tax tricks likely saved Tesla hundreds of millions
Tesla has reportedly saved over 400 million dollars on US taxes. This was achieved through a financial maneuver involving its units in the Netherlands and Singapore. These units posted 18 billion dollars in profits that were not taxed in those countries. This practice allowed Tesla to reduce its tax bill in the United States.
Buying property costing between Rs 20 lakh and Rs 45 lakh without a PAN? You must use new Form 97, says Income Tax Department
The Income Tax Department has introduced a new Form 97, replacing Form 60, for individuals without a PAN card undertaking specific transactions. This includes buying property above the specified value, opening bank accounts, and making certain cash payments. The revamped forms aim to simplify compliance, with reduced reporting expected for these declarations.
Australia announces $1000 instant tax deduction for millions of taxpayers under proposed law; How it works and what will be the maximum and average savings?
Millions of Australians will soon benefit from a $1,000 instant tax deduction. This new legislation simplifies claiming work-related expenses, eliminating the need for receipts. Introduced by the Anthony Albanese government, the measure aims to ease cost-of-living pressures. Treasurer Jim Chalmers confirmed the tax break will apply from July 1, 2026, impacting the 2026-27 financial year.
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Is tax clearance mandatory before foreign travel? What the Income-Tax Act, 2025 says
The introduction of Form 157 and Form 159 under the Income-Tax Rules, 2026 has sparked confusion over whether tax clearance is now mandatory for all Indians travelling abroad. However, a closer reading of Section 420 of the Income-Tax Act, 2025—read with Section 536 and CBDT Instruction No. 1/2004—makes it clear that no such blanket requirement exists.
Direct vs indirect taxes: Key differences and how they impact taxpayers and prices in India
If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 99th part of this series, Riju Mehta explains the difference between the two types of taxes.
When AI runs the firm, who pays tax?
The rise of artificial intelligence is reshaping our governance and taxation landscape. With AI systems becoming increasingly self-sufficient, there's a pressing need to reevaluate existing legal frameworks. While the current productivity spike from AI is advantageous for many workers, the next generation of intelligent AI might necessitate a complete overhaul of our tax policies.
Big win for workers! New income law could mean $3,139 extra — here’s who benefits most
South Carolina new income tax law brings lower tax rates from 2026. The plan reduces tax brackets and slowly cuts income tax toward zero. Many workers may save money, while benefits differ by income group. Some earners get bigger savings than others. The law may impact state revenue and public services in the long term.
Waiting for your tax refund? IRS reveals schedule and tracking tool for taxpayers
The IRS has introduced a new online tool to help taxpayers track refunds and manage payments easily. Many Americans are waiting for their tax refunds and using them for daily needs. The tool also supports payment plans and guidance. Missing deadlines can lead to penalties. The system aims to make tax refund tracking simple, clear, and stress free for users.
Meal vouchers at Rs 200 per meal: Who gets income tax benefit and how the ‘working hours’ rule applies
The increase in the tax-exempt limit for employer-provided meals to ₹200 per meal under Rule 15 of the Income-Tax Rules, 2026 marks a significant shift from the earlier ₹50 cap. However, the real issue lies not in the quantum of the benefit, but in the interpretation of the rule—particularly the condition that meals must be provided “during working hours.
Got salary arrears after resigning? Use Form 39 to avoid higher tax in 2026–27
Resigning from a job in FY 2025-26 and receiving salary arrears in FY 2026-27 can lead to a higher tax liability. To avoid this, taxpayers must now use the new Form 39 for Tax Year 2026-27, replacing the older Form 10E, to claim relief under Section 89(1) and ensure accurate tax calculation.
Should you pay taxes now or save big later? Roth conversion explained
Many retirees are thinking about Roth conversion to save tax in the future. It can give tax-free income later but may increase tax today. The decision depends on tax rate, income level, and retirement plans. Experts say timing is very important. Wrong planning can increase costs, so careful thinking or advice is needed before converting savings.
Income tax department moves SC in Genpact tax case
The Income Tax Department is moving the Supreme Court in Geppact tax case. This follows a Delhi High Court ruling that blocked reopening Genpact Consulting Singapore's tax assessment for 2014-15. The department claims the share sale was a tax avoidance scheme. The Supreme Court will hear the case soon. This involves a significant tax dispute between the department and the Genpact group.
Who is Teresa Wallace? CRA reportedly pays out bogus $5 million income tax refund to British Columbia businesswoman; Check how tax authorities responded after erroneous payout
A British Columbia businesswoman, Teresa Wallace, received a staggering $5 million tax refund from the Canada Revenue Agency due to a 'bogus' return. Despite earning only $54,000 annually, she claimed nearly $10 million in foreign income. This erroneous payout, flagged for manual review, has ignited concerns about the CRA's oversight and verification processes, prompting asset seizure and recovery efforts.
2026 tax refund investing: Top 5 blue-chip stocks like Apple and Walmart to grow your money fast
Tax refunds in 2026 may be higher due to new rules like the One Big Beautiful Bill Act. Instead of spending, people can invest in strong stocks for long-term growth. Big companies with stable income and steady demand are better choices. Even small investments can grow slowly over time if people stay patient and focus on safe and trusted businesses.
Tax trap alert: IRA rollover mistake that could cost you big money
IRA rollover rules can be tricky and small mistakes can cost big money. Missing the 60-day deadline or choosing the wrong method can lead to taxes and penalties. Many people don’t understand withholding issues. Experts say simple and safe transfer methods can help avoid problems and protect your retirement savings in the long run.
Are tips tax-free now in the US? IRS announces deduction for tip workers - but there’s a catch; Eligibility rules and deduction limits explained
The 'no tax on tips' rule made headlines across the US, raising hopes among service workers of major tax relief. But the policy is not as simple as it sounds. While it offers some benefits, strict conditions, limits, and eligibility rules mean many workers may see little real impact from the much-publicized change.
How much do 2026 tax penalties cost if you file late? IRS interest rates and monthly fees explained
Missing the April 15 deadline in 2026 can cost you up to 25% in penalties alone. The 2026 tax penalties cost late filing starts at 5% per month on unpaid taxes. Even one day late can trigger charges. Interest begins immediately and compounds daily near 7%. Costs rise faster than most expect. If you don’t file taxes in 2026, the IRS adds both penalties and interest together. Filing late is more expensive than paying late. Acting early reduces total tax debt and protects your finances from rapid escalation.
Income Tax deadline extension: On Tax day, are tax payers really receiving IRS refunds of $5,000, $8,000, $11,000? Here's reality check
Income Tax cuts: White House boasted that average refunds were projected to rise by at least $1,000. But currently, the average refund amount is $3,462, according to the latest IRS data.
Running late on taxes? How to apply for an IRS extension before time runs out
Many people may miss the tax deadline, but they can still ask for extra time. The Internal Revenue Service allows a simple process to delay filing. However, payment rules stay strict. Filing online is faster and safer. Knowing deadlines and steps early can help avoid penalties, stress, and last-minute problems during tax season.
Tax Day is here: IRS sending bigger refunds to more Americans this year
IRS tax refund 2026: Americans are receiving larger tax refunds this year. The average refund has reached $3,500, an increase of 11 percent. This boost is partly due to new deductions. However, rising prices for gas and groceries mean the extra money may not feel as significant. For those needing more time, an extension is available until October 15.
Tax Day deals 2026: How to get freebies, big discounts and limited-time offers on April 15 – here's the full list of fast-food and restaurant deals
Tax Day Freebies 2026: Restaurants and food brands are offering freebies and discounts on April 15 for Tax Day 2026. Enjoy savings on sandwiches, pizza, doughnuts, and more. Special offers are available for dine-in, app users, and loyalty members. This is a great opportunity to save money and enjoy tasty treats after filing your taxes.
From Rs 6.8 lakh to Rs 4.5 lakh: Redditor explains how to save Rs 2.3 lakh in income tax in a year legally
A Redditor demonstrated significant income tax savings under the new regime by strategically restructuring their salary with components like food coupons and LTA. Employer contributions to NPS and careful timing of RSU sales also reduced their tax outgo. The user emphasized early planning and choosing the correct tax regime based on individual calculations.
PhysicsWallah gets tax relief as I-T dept cuts demand; contests residual ask of Rs 193 crore
Edtech firm PhysicsWallah has seen its tax demand reduced from Rs 263.3 crore to Rs 192.7 crore following a rectification application. The company has appealed the revised order, asserting strong grounds to contest the remaining demand. Despite the ongoing dispute, PhysicsWallah stated it will not materially impact its financial position or operations.
Property tax overhaul in NDMC: What the new Unit Area System means for you
The New Delhi Municipal Council is adopting a new property tax system. This move to the Unit Area Method will bring fairness and predictability for property owners. The old rateable value method, which was subjective, is being replaced. Homeowners can now understand and verify their tax liabilities more easily.
Costly tax errors: 5 filing mistakes that could drain up to $2,000 from your wallet
Many people make simple tax filing mistakes that cost them money every year. These include missing deductions, wrong income details, and not tracking expenses. Experts say poor planning is the main reason. Such errors can lead to penalties or lower refunds. With basic care, correct records, and early planning, taxpayers can avoid losing up to $2,000 easily.
Missed the tax deadline? How to easily file for an IRS extension now
Missed the tax deadline? You can still apply for an IRS extension and get more time to file your return. The process is simple and can be done online in minutes. But remember, this does not delay your tax payment. If you owe money, you may face penalties. Always check state tax rules too before filing.
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