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TAXABLE INCOME STATISTICS
Tenant wins tax relief on Rs 38.62 lakh sale of landlord’s property, received for surrendering tenancy rights; know why ITAT Mumbai ruled in his favourA Mumbai tenant received tax relief after selling a property he obtained for surrendering his tenancy rights. The Income Tax Appellate Trib...- Mumbai man received tax notice over unreported income, not filing ITR; ITAT rules in his favour on TDS benefit, tax demand reducedManoj Soman had not filed an ITR for the relevant assessment year, which is FY 10-11 in this case. Based on information available through t...
- Social Security update: The reason April stimulus payments may be less than usual for AmericansSocial Security payments April 2026 look higher but feel smaller for millions. Over 75 million Americans depend on these monthly benefits. ...
- Retiring with $1 million? This 401(k) tax trap could cost you bigRetiring with $1 million in a 401(k) may bring a hidden tax risk. Taxes can rise after one spouse dies even if income stays the same. Requi...
- HRA alone saves more income tax in old tax regime for many salaried taxpayers; why Budget 2026 should increase its limits and scopeThe House Rent Allowance (HRA) continues to offer an advantage to the old tax regime, despite the new regime's lower tax liability in some ...
- Social Security’s new 2026 maximum hits $5,251 per month — who can claim the top benefitThe 2026 Social Security maximum benefit hits a record $5,251 monthly. This massive jump follows a 2.8% COLA increase. High earners must hi...
- 61,000 crorepati taxpayers added in last one yearIndia saw a significant rise in wealthy taxpayers. Over 61,000 new individuals joined the crorepati club, bringing the total to 351,000. Th...
- 3 smart steps to maximize your monthly Social Security check in retirementSocial Security payments depend on work years, income, and claiming age. Some retirees get much higher monthly checks by planning early. Wo...
- Karta repays more than advance taken, I-T sends tax notice, but ITAT Mumbai rules in favour of HUFThe Mumbai branch of the Income Tax Appellate Tribunal has issued an important ruling, stating that any surplus loan refunds received by a ...
- Medical Professionals are Australia’s highest paid, ATO data reveals; check top-paying jobs in the countryThe Australian Taxation Office's 2022-23 data reveals surgeons as the highest-paid professionals, earning over $470,000 annually, significa...
- How to pay the penalty before filing a belated income tax return (ITR)Missed the ITR deadline of July 31, 2023 and have a net taxable income above Rs 5 lakh for FY 2022-23 (AY 2023-24)? Pay Rs 5,000 as penalty...
- FY22 ITR filing: About 34 lakh returns filed till 4pm on last dayGiving statistics of Income Tax Returns (ITR) filed on Sunday, the I-T department tweeted: "33,73,975 #ITRs have been filed up to 1600 hour...
- How will income from land in Metaverse be taxed?The Metaverse is a virtual universe or digital world, where avatars of human beings will be present through technology. In this world, one ...
- Budget 2017: Where is the simpler tax code and bold strategy to stop tax evasion?The Budget has let us down by failing to fix the country’s broken tax policy and strategy. More raids will not make evaders compliant.
- Concealed income by mistake? No I-T penaltyThe ITAT dismissed the penalty on the ground that the taxpayer had no mala fide intent to evade tax or claim refunds dubiously.
- One-person companies catch entrepreneurs’ fancyGovernment officials expect that with the thrust on 'Make in India' there will be a rise in the registration of companies, including OPCs d...
- Salary credit to non-resident external rupee account not taxableUnder tax laws, the tax incidence is based on the concept of residence, which in turn depends on the number of days stayed in India.
- Education loan offers great benefits to those in the 30% tax bracketFinally, the deduction is available for a period of up to 8 consecutive years, beginning from the year in which the interest is paid on the...
- Learn to claim deductions for education loanOur expert offers tips on various tax-related issues.
- Pune has 16,000 millionaires nowPune, the emerging IT hub of India, now boasts of having at least 16,000 millionaires. If the statistics collated by the income tax departm...
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