ELIMINATE FEDERAL INCOME TAX
Got LTCG up to Rs 1.25 lakh? How ITR filing will be easier for you for FY 2024-25
Taxpayers filing ITR for FY 2024-25 by July 31, 2025, benefit from the updated ITR-1 form, which now includes reporting of long-term capital gains from equities up to Rs 1.25 lakh. This simplifies filing for those under the new tax regime. The form also introduces detailed deduction reporting, enhancing accuracy and potentially preventing future disputes with the tax department. Read below to know more.
$163-billion US budget cut plan: Education, housing to be hit
Donald Trump's administration plans significant federal budget changes. The proposal includes a $163 billion cut, impacting education and housing. Defence and border security spending will increase. Non-defence discretionary spending faces a 23% reduction. The budget aims to fulfil Trump's promises on border security. Tax cuts extension could add $5 trillion to the national debt. Democrats criticise the cuts as severe.
ITR filing FY24-25: ITR-3 form notified by the CBDT: Know what this means for taxpayers; Who is eligible?
ITR Filing Forms FY24-25: The CBDT has released the ITR-3 form for individuals and HUFs with business or professional income for FY 2024-25. It includes a capital gains split schedule for calculations before and after July 23, 2024, and allows reporting of capital loss on share buybacks.
Trump signs executive order directing federal funding cuts to PBS and NPR
President Trump signed an executive order aiming to slash public subsidies to PBS and NPR, alleging bias in their reporting. The order instructs federal agencies to cease funding and root out indirect financing for the news organizations.
'Eyebrow raiser': Elon Musk proposes DOGE to investigate Federal Reserve's $2.5 billion renovation
Elon Musk considers sending his team to the Federal Reserve. This follows concerns about a costly headquarters renovation. The project's $2.5 billion price tag raises eyebrows. Musk's team aims to identify government waste. This move occurs amid scrutiny of the Fed's spending. It also follows reports of Tesla CEO search. Musk's involvement in government efficiency efforts continues.
My wife will get Rs 3 crore after selling her ancestral property. What is the best way to save income tax and achieve future goals?
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Donald Trump's move to cut scientific research may cause recession-like economic damage, claims study
Economists have warned that such cuts could undermine U.S. competitiveness in areas like vaccine development, artificial intelligence and quantum computing, and could slow growth in income and productivity in the long term.
What is the password to open ITR processing confirmation file sent under Section 143 (1) by the income tax department?
ITR intimation password: Upon processing your income tax return, the Income Tax Department sends a Section 143(1) intimation notice, a password-protected PDF. This notice confirms whether your income calculation matches the tax department's records, highlighting potential tax dues or refunds. So its crucial to check this notice and take action as soon as possible. Read below to know what is the password of this income tax intimation notice.
I-T Department notifies ITR forms 1, 4 for AY 2025-26
With the notification, individuals, HUFs, firms having income up to Rs 50 lakh and those having earnings from business and profession in the 2024-25 fiscal (April-March) can start filing I-T returns for the income earned in the financial year.
To prevent TDS on FD under new tax regime can senior citizens with income up to Rs 12 lakh file Form 15H?
TDS on FD: If the interest amount in a particular bank is over Rs 1 lakh then TDS is deducted by banks. But if a senior citizen files Form 15H with the bank then he can prevent this TDS deduction if the senior citizen's income is up to Rs 12 lakh under the new income tax regime. Read below to know more about Form 15H.
Complete tax cut in US soon? President Trump again drops big hint on its elimination through tariffs
Will there be a complete tax cut in the United States? US President Donald Trump has dropped a big hint on how he plans to eliminates income tax through tariffs. 'Focus will be on people making less than $200,000 a year,' he noted. We’re going to make a lot of money, and we’re going to cut taxes for the people of this country, he said.
ITR forms yet to be notified by Income Tax Department: Will it lead to ITR filing deadline extension?
ITR filing deadline 2025: The income tax department has not yet notified the income tax return forms. As the one month is about to pass, will the late notification of the ITR forms lead to extension of the ITR filing deadline. Read on to know what experts say about this.
Lavish holidays? Get details ready for new ITR form
The Central Board of Direct Taxes is updating income tax return forms. This aims to address income underreporting. The new forms will seek more details on exemptions and expenditures. This includes information on expensive holidays. The goal is to identify discrepancies between income and spending. The department plans to incorporate some changes this assessment year.
Elon Musk’s DOGE claims $160 billion in savings, but new report warns it could end up costing taxpayers $135 billion instead
Elon Musk's DOGE faces criticism. Analysis suggests its cost-cutting measures may burden taxpayers. A study reveals unforeseen effects of DOGE's actions. It cites paid leave and rehiring costs. The White House defends DOGE's efforts. IRS cuts could lead to significant tax revenue loss. Experts warn of potential economic losses due to reduced funding in health and science research.
Promises made, promises kept? Trump's agenda remains work in progress after 100 days
Donald Trump's return to the presidency has been marked by swift actions to fulfill campaign promises, including immigration control and tariff implementation. While inflation has decreased, concerns arise over the potential for higher prices due to tariffs. Trump's efforts to end the Russia-Ukraine war have been unsuccessful, and promised tax cuts require congressional approval, facing challenges amidst thin Republican majorities.
How much do DOGE staffers really earn? Reports suggest their salaries far exceed Elon Musk’s 'zero compensation' claim
Despite Elon Musk's claims of working for free, his Department of Government Efficiency (DOGE) staff is reportedly earning six-figure salaries, funded by taxpayers. While Musk’s team boasts $160 billion in savings, a nonpartisan analysis reveals that his reforms have cost taxpayers $135 billion due to staff layoffs, rehires, and lost productivity. The controversy continues to grow.
Trump repeats old plan more tariffs = less income tax
Amid rising economic anxiety, US President Donald Trump suggested tariffs could lead to income tax cuts for those earning under $200,000. This proposal comes as polls indicate growing disapproval of Trump's economic policies.
Canada election 2025 result impact on stock market
Canada's upcoming federal election on April 28 could significantly impact financial markets. A Liberal victory, expected by THINK economic analysis, may cause minimal disruption. However, a Conservative win might rally the Canadian dollar. Both parties propose tax cuts, but differ on fiscal plans. US-Canada trade relations, vital for investor confidence, will be closely watched.
Explained: Do NRIs need to disclose foreign bank accounts in Indian tax returns?
The Income Tax Department clarified that NRIs generally don't need to disclose foreign bank accounts in Indian income tax returns. Disclosure is only mandatory when claiming a refund without an Indian bank account or when taxable Indian income is directly deposited into a foreign account. This aims to simplify the filing process for NRIs.
Canada elections 2025: Where do Liberals, Conservatives, Bloc Québécois, NDP stand on tax, economy
Amid affordability woes and a trade war, Canadian parties present diverse economic platforms. Conservatives offer tax cuts and housing incentives; Liberals, targeted relief and childcare support; NDP, wealth redistribution and social programs; Bloc, Quebec-focused policies; Greens, sustainability; and People's Party, market-driven changes
?2.6 crore flat and zero tax: How a Mumbai man won twice in court
In a significant ruling, the Income Tax Appellate Tribunal (ITAT) has declared that a Mumbai resident will not be taxed on a ?2.6 crore flat received as compensation for vacating land he allegedly occupied illegally. The ITAT classified the flat as a non-taxable ‘capital receipt,’ overturning the tax officer's initial assessment and providing a major financial relief to the resident.
Several new items come under TCS as I-T widens tax net
The govt is broadening its tax base by implementing a 1% TCS on luxury items exceeding Rs 10 lakh, effective immediately. This initiative targets underreported income and aims to track high-value transactions in categories like watches, handbags, and art. The move enhances scrutiny of both buyers and sellers, addressing concerns about tax evasion and smuggled goods.
Trump Social Security tax plan: What does it really mean for middle-class retirees and how should you prepare now before it’s too late?
Trump Social Security tax plan could bring relief to many middle-class retirees, but it also raises serious questions about long-term financial security. With a proposal to eliminate federal taxes on Social Security benefits, experts warn that retirees need to be proactive. From adjusting income strategies to understanding how this could affect Medicare costs and retirement withdrawals, this guide breaks down what every retiree should consider. Learn how to diversify income, lower taxes, and plan smarter — before policies change.
I-T department introduces 'e-Pay Tax' feature on portal
The Income Tax Department has launched the 'e-Pay Tax' feature on its online portal, streamlining tax payments for individuals and small businesses. This initiative aims to eliminate traditional hassles like long queues and complex forms. By offering a direct digital route, the department encourages timely compliance and brings tax administration closer to citizens.
No income tax for Americans? This is what Donald Trump says his plans are and how he intends to do it
Trump income tax plan 2025 is making headlines as President Donald Trump claims tariffs could replace federal income taxes. In a recent interview, he suggested that revenue from import taxes might be enough to remove income taxes for Americans — especially those earning under $150,000. But top economists say the math doesn’t work. With imports far smaller than total income and tariffs already hitting consumers hard, many experts are skeptical. Still, Trump’s bold tax vision is sparking debate. Could his plan reshape the future of taxation?
Final carbon rebate arrives as fuel levy ends, leaving billions unaccounted for
Canadian taxpayers are receiving their final Canada Carbon Rebate as the federal carbon tax on fuel ended on April 1, 2025. This payout, funded by previously collected revenues, aims to offset increased costs for families.
Will Donald Trump’s FY26 budget plan leave 6 million households without heat or air conditioning? Here’s what’s at stake
As the debate over the Donald Trump budget plan intensifies in Washington, lawmakers and public advocacy groups are expected to push back strongly against the proposed cuts, citing serious humanitarian and economic consequences for millions of working-class families.
Donald Trump’s proposed social security overhaul could spell trouble for retirees; here’s why these changes may not be good news for older Americans
President Trump’s Social Security plan could spell early trouble for retirees. While Trump promises not to cut benefits, his proposed tax breaks—including eliminating taxes on Social Security benefits, overtime, and tips—could drain the program’s funding sooner than expected. Experts warn the Trust Fund could run dry by 2032, not 2035, with benefits slashed by 33% instead of 23%. This change might force Congress to act faster, possibly leading to tough future choices like tax hikes or retirement age increases. Here's why every current and future retiree needs to understand the impact of Trump’s Social Security changes right now.
Higher Social Security benefits rolled out in April 2025: Who qualifies under the new law
The Social Security Fairness Act is now being viewed as a landmark piece of legislation that restores long-denied income to America’s public sector retirees, many of whom dedicated decades to essential service.
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