2027 INCOME TAX BRACKET THRESHOLDS
Rs 48 lakh in cash received from the sale of two properties, paid capital gains tax but received an income tax notice; taxpayer wins the case in ITAT Cuttack for this reason
Mr. Purushottam residing in Kabisurya Nagar, encountered a penalty for accepting cash payments linked to his property sales. He sold two properties totaling Rs 47.54 lakh and declared these earnings accurately. Despite paying the required capital gains tax, an investigation by the Assessing Officer into the cash dealings led to a penalty.
EPFO total contributions expected to rise by 25% in 2027-28 due to wage ceiling increase
EPFO is forecasting a major increase in its total contributions for the financial year 2027-28. The wage ceiling has been raised to ₹25,000 from ₹15,000, effective September 17. Total contributions for the current year are estimated to exceed previous budgeted amounts significantly. Additionally, the board will consider investing up to 3% in alternative investment funds.
FD rate up to 8.6% for senior citizens investing for five years; know the list of banks
Senior citizens can invest in fixed deposits with interest rates reaching up to 8.6%. Suryoday Small Finance Bank leads with these attractive rates for a five-year term. Jana Small Finance Bank follows, offering an 8% interest rate on similar deposits.
Social Security payroll tax cap rises to $192,300 in 2027: How much more will high earners pay from their paychecks, who will be affected, and what does it mean for your take-home pay?
Social Security taxes will take a bigger bite out of some high earners' paychecks in 2027. The taxable income limit is rising to $192,300 from $184,500, meaning another $7,800 of wages will be taxed. Workers earning above the new limit could pay up to $483.60 more next year. The increase comes as retirees are set to receive a 3.6% benefit boost.
IRS releases 2027 tax brackets: How new income tax rates and standard deductions for single, married and senior filers could affect your tax bill
Tax brackets 2027: The IRS has raised all seven federal income tax bracket thresholds for 2027 and increased the standard deduction for single, married and head-of-household filers. The changes also include higher capital gains limits, a larger Child Tax Credit and additional tax breaks for eligible seniors.
Farmer bought land at less than stamp duty value, got income tax notice; How DVO report helped him win Rs 18.24 lakh tax dispute in ITAT Surat
Mr. Desai, encountered difficulties with the Income Tax Department after purchasing land for a price less than the stamp duty value. The Income Tax Department attempted to levy taxes on an Rs 18.24 lakh discrepancy, but his Chartered Accountant opposed this claim. The case was sent to the Departmental Valuation Officer, who appraised the land at Rs 14.08 lakh.
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Incorrect HRA or deduction claims? How Section 270AA may offer relief from 200% penalty
Incorrect tax claims may expose taxpayers to a 200% penalty for misreporting and prosecution in appropriate cases. Section 270AA offers conditional relief upon prescribed payments. For indefensible claims, this route may be preferable to litigation, subject to eligibility.
'Surcharge an enhancement of rate of sales tax': SC upholds states' power to levy additional sales tax
The Supreme Court reaffirmed a 1974 ruling regarding states' power to levy additional sales tax. This ruling clarified that such levies are enhancements to existing sales tax rates. The court found that previous challenges did not hold merit due to changes in tax legislation. The Goods and Services Tax framework significantly altered the taxation system for states. Therefore, the legal question presented has been rendered academic by these developments.
Aayush Wellness reports 10.6% rise in first-half income
Aayush Wellness experienced an increase in consolidated income and profit for the first half of fiscal 2027. The company reported an impressive rise in both consolidated income and profit after tax. Standalone income also showed significant growth compared to the preceding quarter. Aayush Wellness is launching new products to expand its presence in preventive healthcare and nutraceutical markets.
Rs 21.6 lakh speculative trading loss in stock market triggers Income Tax notice for no tax audit; Trader wins case at ITAT Cuttack
Mr. Kumar, a diligent stock trader, faced considerable financial setbacks but overlooked the necessity of a tax audit. In response to his failure to comply with audit rules, the Income Tax Department slapped him with a penalty. After an unsuccessful appeal to CIT (A), he sought relief from ITAT Cuttack, which determined that Kumar's trading did not equate to business income needing an audit.
Budget 2027–28: ASSOCHAM calls for tax reforms to boost investment, manufacturing, ease of doing business and tax certainty
ASSOCHAM has called for a series of Direct and Indirect Tax reforms in the Union Budget 2027–28 to boost investment, strengthen domestic manufacturing, attract foreign capital and improve ease of doing business.
FICCI makes recommendations to FM ahead of Budget 2027-28, highlights LTCG exemption, TDS relief and faster tax appeals
FICCI has recommended the restoration of long-term capital gains tax exemption on listed shares in Budget 2027-28. The organization highlighted concerns regarding the withdrawal of foreign portfolio investments and the impact of capital gains tax. Additionally, it requested the government to implement lighter TDS rules and resolve backlog issues in tax appeals. FICCI emphasized the need for measures to provide certainty to investors over the long term.
Firm It Up, Don't Junk It: India needs a more predictable capital gains tax regime to deepen equity markets
India's capital markets have seen significant changes, with millions of households participating in equity investing. The current tax framework needs to evolve to encourage better investment behavior among participants. A predictable and neutral tax system can foster deeper domestic participation in capital markets. Implementing a graduated tax rate could motivate investors to hold their investments longer. Adjusting the capital gains tax structure could align taxation with economic returns for investors.
Insurance agent deposits Rs 35 lakh cash collected from policyholders in his bank account, gets tax notice; he fights and wins in ITAT Jaipur
Policyholders gave Rs 35 lakh cash as insurance premiums which agent deposited in his bank a/c; Income Tax Dept sent agent notice for unexplained cash; he wins case in ITAT Jaipur.
Son gets income tax notice for Rs 33.23 lakh in property investment and cash; he gets relief in ITAT Jaipur for this reason
Mother sold 642 grams gold jewellery, gifts the amount to son via notarised gift deed, son buys property and deposits cash in bank but gets income tax notice for unexplained property investments and cash deposits; he wins case in ITAT Jaipur for this reason.
LTCG tax relief for these mutual fund investors proposed by SEBI; know how switching funds for portfolio rebalancing can save tax
The Securities and Exchange Board of India (SEBI) has put forth a proposal to exempt long-term capital gains tax for investors who switch mutual funds. This change if accepted by the government would enable individuals to adjust their portfolios without facing tax penalties, promoting more strategic reinvestment.
5 best places to retire in the US in 2027: Affordable homes, warm weather and quality of life
Midland in Michigan ranks as the top retirement destination due to affordable housing and amenities. Homosassa Springs in Florida offers a warm climate appealing to retirees seeking a larger older population. Weirton in West Virginia stands out for low housing costs and short commutes for residents. The Woodlands and Spring in Texas provide higher household incomes and urban access.
Who gets Social Security tomorrow, November 3? Is your payment COLA-adjusted, and how much will beneficiaries receive in November?
Social Security payments begin November 3 for beneficiaries who started collecting before May 1997. Other recipients will receive benefits on November 10, 18 or 25, depending on their birthdays. Veterans Day shifts the first birthday-based payment forward by a day, while SSI recipients received November's payment early, on October 30, because November 1 falls on Sunday.
Indians turn to side hustles, freelancing as non-salary income rises: ClearTax
Indians are increasingly earning from non-salary sources like trading and freelancing as reported by ClearTax. The percentage of self-filers reporting such income grew significantly from previous years. Data shows that young individuals are entering investment opportunities earlier than ever before. Additionally, women's participation in capital gains and higher income brackets has increased noticeably. This reflects a significant change in financial habits and diversification of income sources among taxpayers.
Sold property? You may pay zero tax if these Section 82 rules under Income Tax Act 2025 are met
For Tax Year 2026-2027, Income Tax Act, 2025 is applicable and this means you need to be versed with the renumbered Sections in order to continue your financial plan as usual. If you want to claim income tax exemption on selling property then note that Section 54 is now renumbered as Section 82 of the Income Tax Act, 2025.
Income Tax 2026: 3 key changes in deductions & exemptions every taxpayer must know
The Finance Act, 2026 outlines significant changes in income tax deductions and exemptions for Tax Year 2026-27. Non-resident individuals will benefit from tax exemptions on foreign-source income for five tax years. Disability pensions are only exempted if individuals are invalided out due to service-related disabilities. Compulsory land acquisition income will also be tax-exempt, clarifying previous ambiguities in the law.
Social security projected benefit cuts 2032: Millions of Americans may miss out 22 per cent of total retirement income. Check SSA-CoLA calculations
Social security projected benefit cuts 2032: At that time the fund's projected income will be sufficient to pay just 78 per cent of scheduled benefits, indicating beneficiaries will see a 22 per cent cut in monthly Social Security retirement income.
CBIC holds outreach programme in Chandigarh to discuss GST 2.0 reforms with taxpayers
More than 200 taxpayers and industry representatives participated in an outreach programme with CBIC leadership. The engagement aimed to discuss implementation of reforms from the 57th GST Council meeting. Key reforms include a higher threshold for criminal prosecution and improved processes for tax refunds and registration. This initiative underscores the Finance Ministry's commitment to transparency and stakeholder engagement. The implemented reforms are set to take effect from April 1, 2027.
Council Tax Bands explained: How to check your band, current rates and can you pay less?
UK Chancellor John Healey has announced an innovative cost-of-energy payment aimed at aiding households in council tax bands A to D in England. Scheduled for January 2027, this initiative is expected to support roughly 20 million homes, funded by elevated taxes imposed on banks. The announcement details the council tax bands in England, encouraging residents to assess their eligibility for reductions or discounts on their council tax.
UK Budget 2026 Highlights: Treasury chief John Healey presents his first budget, check latest updates
Chancellor John Healey on Wednesday presented his first Budget focused on the rising cost-of-living crisis and energy prices. There were expectations for measures that provide temporary assistance to struggling households and businesses. Here are the highlights of UK Budget 2026.
What time is UK budget today and where to watch it? Will income tax rise, fuel prices increase and pensioners get relief in John Healey’s big announcement?
When will UK budget be announced? UK Chancellor John Healey will deliver his first Budget today, with the key announcements expected on income tax, fuel duty, pension payments and household energy bills. John Healey is set to deliver his first Budget this afternoon, with the chancellor expected to outline the proposals at approximately 12.30pm.
WPL 2027 Auction Live Streaming: When and where to watch Women's Premier League in India, time, venue and top players to watch out for
Mark your calendars! The Women's Premier League auction takes place today at the Grand Hyatt Kochi, Kerala, starting at 5:30 PM IST. Fans can follow the live action on the JioHotstar app or watch through the Sony Sports Network. A total of 146 players are in the race for only 27 slots across five franchises. The exhilarating season is set to launch on January 14, concluding on February 7.
EB-5 visa minimum investment threshold set to increase in 2027, impacting aspiring immigrants
The US EB-5 immigrant investor programme's minimum investment is set to increase on January 1, 2027. Investors in targeted employment areas may see investments rise to between $900,000 and $937,500. Standard project investments could increase to between $1.2 million and $1.25 million. Applicants must prepare their petitions early to ensure compliance with current investment thresholds.
Why a raise may not push you into a higher bracket in 2026: The IRS inflation adjustment trick that many taxpayers still overlook today
When you get a raise, it is easy to worry that a bigger paycheck will push you into a higher tax bracket and leave you with less money. Fortunately, that usually does not happen. The Internal Revenue Service (IRS) updates tax brackets and deductions every year to account for inflation. These annual adjustments help protect your income from a problem known as "bracket creep."
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