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ITAT Directs CPC to Grant Section 87A Rebate on STCG Tax
India's Income Tax Appellate Tribunal (ITAT) has directed the Centralised Processing Centre (CPC) to grant the Section 87A tax rebate…
FBR to receive data on bank transactions above Rs100m under new law
Pakistan's Federal Board of Revenue (FBR) is set to gain access to data on bank transactions exceeding Rs100 million under…
IRS offers gift tax safe harbor for contributions to Trump accounts
The IRS has issued a gift tax safe harbor for contributions made to Trump accounts, providing taxpayers with guidance on…
IRS offers gift tax safe harbor for contributions to Trump accounts
The IRS has issued guidance providing a gift tax safe harbor for contributions made to Trump accounts, a new savings…
Tax Court Reviews ‘Cohan Rule’ in New Business Expense Case
The U.S. Tax Court has revisited the Cohan Rule in a new business expense case, examining its application to taxpayers…
Newsom Floats Federal Wealth Tax After California Deal Fails
California Governor Gavin Newsom is proposing a federal wealth tax following the failure of a state-level wealth tax deal in…
Fiscal Hell or Mirage? What Spain’s Wage Debate Gets Wrong
This article from Tax Justice Network challenges the narrative around Spain's wage and fiscal debate, examining claims about tax burdens…
Expanded CCH Axcess Expert AI to Deliver AI-Powered Scan and K-1 Automation
Wolters Kluwer has expanded its CCH Axcess Expert AI platform to include AI-powered document scanning and K-1 automation capabilities. The…
AICPA Urges Families to Learn the Basics of ‘Trump Accounts’ Before Contributing
The AICPA is advising families to understand the fundamentals of 'Trump Accounts' — tax-advantaged savings accounts established under recent U.S.…
Claim personal allowances and tax refunds if you live abroad (R43)
UK government guidance explaining how non-UK residents can claim personal allowances and tax refunds using form R43. Covers eligibility criteria…
Khanna Lays Into Gavin Newsom’s Tax Proposal, Setting Up 2028 Battle Lines
Representative Ro Khanna has publicly criticized California Governor Gavin Newsom's tax proposal, creating a significant intra-Democratic rift that observers are…
Georgia Tax Preparer Obtained $30,000 from Fraudulent Claims, Feds Say
A Georgia-based tax return preparer has been charged by federal authorities with fraudulently obtaining approximately $30,000 through false tax claims.…
The Pros and Cons of Common Exit Options for Construction Owners: ESOPs, PE, Third-Party Sales
This article examines exit strategies for construction business owners, including Employee Stock Ownership Plans (ESOPs), private equity, and third-party sales.…
ITAT Restores Unsecured Loan Addition for Fresh Verification by Assessing Officer
India's Income Tax Appellate Tribunal (ITAT) has restored an unsecured loan addition case for fresh verification by the Assessing Officer.…
Pakistanis back 5pc tax on social media influencers, survey finds
A survey conducted in Pakistan finds that a majority of citizens support imposing a 5% tax on income earned by…
ITAT Restores Demonetisation Cash Deposit Case for Fresh Rule 46A Examination
India's ITAT has restored a demonetisation-era cash deposit case for fresh examination under Rule 46A of the Income Tax Rules.…
Received Dividend, Loan, or Buyback Proceeds? Decode Deemed Dividend Under Section 2(22) with Practical Examples
This article provides a practical guide to India's deemed dividend provisions under Section 2(22) of the Income Tax Act, covering…
First Time Buyer ISA consultation
The UK government has launched a consultation on a First Time Buyer ISA, a savings product designed to help individuals…
ITAT: Reassessment Beyond Four Years Quashed as AO Reopened Case on Mere Change of Opinion Without Fresh Material
India's ITAT has quashed a reassessment proceeding initiated beyond the four-year limitation period, ruling that the Assessing Officer reopened the…
Guidance: List of approved professional organisations and learned societies (List 3)
UK government guidance providing the official List 3 of approved professional organisations and learned societies whose membership fees qualify for…
Can the Income Tax Department Tax You for a Transaction That Never Happened? ITAT Says No
India's Income Tax Appellate Tribunal (ITAT) ruled that the Income Tax Department cannot levy tax on a transaction that never…
The New Capital Gain Formula: More Choice, More Confusion
India has introduced a revised capital gains tax formula offering taxpayers more choice in how gains are calculated, but the…
Section 115BBE Controversy Nearing Closure: Rajasthan High Court Joins the Taxpayer Camp
The Rajasthan High Court has sided with taxpayers in a dispute over Section 115BBE of India's Income Tax Act, which…
ITAT Allows Foreign Tax Credit Despite Delay in Filing Form 67, Calls Requirement Procedural
India's Income Tax Appellate Tribunal (ITAT) ruled in favor of a taxpayer seeking foreign tax credit, holding that the late…
ITAT Quashes Reassessment Against Investor Over Kyra Landscapes Shares, Cites Borrowed Satisfaction by AO
India's ITAT quashed a reassessment order against an investor in Kyra Landscapes shares, ruling that the Assessing Officer (AO) had…
ITAT Quashes Section 270A Penalty as Assessee Was Not Informed of Actual Charge
India's ITAT quashed a penalty levied under Section 270A of the Income Tax Act, which deals with penalties for under-reporting…
Taxpayers urged to get ahead of July Self Assessment payment deadline
HMRC is urging UK taxpayers to prepare ahead of the July 31 Self Assessment payment on account deadline. The reminder…
Ehling et al.: Tax Revenue from Realized Capital Gains
Academic research by Ehling et al. examines tax revenue generated from realized capital gains, analyzing how behavioral responses by investors…
ITAT Delhi Clarifies: Once Form 10-IE Is Filed, New Tax Regime Option Continues Unless Withdrawn
The Income Tax Appellate Tribunal (ITAT) Delhi has ruled that once a taxpayer files Form 10-IE to opt into India's…
Demonetisation Tax Shock Gets a Reality Check: Rajasthan HC Rules 60% Tax Under Section 115BBE Not Applicable for AY 2017-18
The Rajasthan High Court has ruled that the enhanced 60% tax rate under Section 115BBE of the Indian Income Tax…
Tax Court Doesn’t Horse Around in New Hobby Loss Case
A US Tax Court ruling addresses a hobby loss case, examining whether an activity—likely involving horses—qualifies as a for-profit business…
Section 234C’s Hidden Cushion: The Lesser-Known 12% and 36% Advance Tax Rule
This article examines Section 234C of India's Income Tax Act, focusing on a lesser-known provision that reduces the standard 3%…
Guidance: Income Record Viewer for agents: service availability and issues
HMRC's Income Record Viewer (IRV) for agents is a digital service allowing tax agents to access clients' income and PAYE…
Foreign Assets, Reassessment & Non-Residents: ITAT Special Bench Clarifies the 16-Year Rule
India's Income Tax Appellate Tribunal (ITAT) Special Bench has issued a clarification on the 16-year reassessment window applicable to cases…
Presumptive Taxation vs. Stamp Duty Valuation: ITAT Draws the Line Against Double Taxation
India's ITAT has ruled against the double taxation of property transactions by drawing a clear distinction between presumptive taxation under…
4 Steps to Get Ahead of Higher Taxes
This article outlines four practical planning steps individuals can take to prepare for anticipated higher taxes. Key strategies include accelerating…
Canadian Influencer Tax Guide: CRA Audit Risks, GST/HST Rules, Cryptocurrency Income, Foreign Reporting, and Tax Planning Strategies
A comprehensive tax guide for Canadian social media influencers covering key obligations and risks under the Canada Revenue Agency framework.…
Six Compulsory Income Tax Scrutiny Categories Every Taxpayer Should Know
Indian tax authorities have identified six mandatory income tax scrutiny categories that automatically trigger detailed assessment for taxpayers. These categories…
Advocate: IRS had strong filing season for online taxpayers, weaker one for others
The IRS National Taxpayer Advocate assessed the 2026 filing season, highlighting a strong performance for online filers but weaker outcomes…
ITAT Quashes Reassessment of Section 80GGC Political Donation Claim Due to Limitation
India's Income Tax Appellate Tribunal (ITAT) has quashed a reassessment proceeding related to a Section 80GGC deduction claimed for a…
The Importance of Separating Business and Personal Expenses
This article emphasizes the critical importance of keeping business and personal expenses separate for tax and accounting purposes. Mixing expenses…
Guidance: Pension schemes newsletter 182 — June 2026
HMRC's Pension Schemes Newsletter 182 (June 2026) provides updated guidance for pension scheme administrators and practitioners in the UK. These…
SARS Extends Deadline for Auto-Assessed Taxpayers in 2026
South Africa's Revenue Service (SARS) has extended the deadline for auto-assessed taxpayers in the 2026 tax filing season. Auto-assessment is…
Income-tax Act 2025: New TDS and TCS Forms Every Deductor Must Know
This article covers new TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) forms introduced under the Income…
Don’t Assume You Earn Too Little to File a Tax Return
This article addresses a common misconception among South African taxpayers who assume their income is too low to require filing…
Taxpayer Advocate Tells Congress About IRS Hits and Misses This Tax Season in New Report
The Taxpayer Advocate Service has submitted its mid-year report to Congress evaluating IRS performance during the 2026 tax season. The…
These 10 States Might Have a Tax Identity Theft Problem
A new analysis identifies ten U.S. states that may be particularly vulnerable to tax identity theft, a growing problem where…
Supreme Court lets stand IRS power to assess tax anytime for preparer fraud
The U.S. Supreme Court has declined to disturb a ruling upholding the IRS's authority to assess taxes at any time…
Webinar: The First Anniversary of OB3: Examining Implementation and the Impact of the 2025 Tax Bill – July 23, 2026
A webinar hosted by the National Tax Association marking the first anniversary of OB3 (One Big Beautiful Bill), examining its…
Clouse et al.: California’s Billionaire Tax Act Threatens Growth and Fails to Address Structural Deficits
Academics critique California's proposed Billionaire Tax Act, arguing it threatens economic growth and fails to resolve the state's structural fiscal…
Guidance: Tax-free savings newsletter 22
HMRC's Tax-Free Savings Newsletter 22 provides updates for managers and administrators of tax-advantaged savings products, principally ISAs (Individual Savings Accounts)…
Tax Relief up to 12 Lakh in New Tax Regime, Yet ITR Filing is Still Mandatory
Under India's new tax regime, individuals with income up to ₹12 lakh receive full tax relief via rebate under Section…
11 Situations Where Filing ITR Is Mandatory for AY 2026-27
The article outlines 11 specific situations where filing an Income Tax Return (ITR) is mandatory in India for Assessment Year…
ITAT Quashes Reassessment as Section 151 Approval Was Not Obtained from Competent Authority
India's Income Tax Appellate Tribunal (ITAT) quashed a reassessment proceeding on the grounds that the required sanction under Section 151…
Section 80P Deduction Allowed on Interest Income Attributable to Credit Society’s Business
An Indian tribunal has allowed a deduction under Section 80P of the Income Tax Act on interest income earned by…
Bangalore ITAT Upholds Section 11 Exemption Despite Alleged Capitation Fee Collections
The Bangalore bench of India's Income Tax Appellate Tribunal upheld the Section 11 income tax exemption for a charitable or…
ITAT Quashes Reassessment as Section 151 Approval Was Granted by Wrong Authority
India's Income Tax Appellate Tribunal quashed a reassessment order after finding that the mandatory sanction under Section 151 of the…
Non-Resident Tax Status Requires Careful Planning
This article addresses the tax planning considerations required for South Africans seeking non-resident tax status. It likely covers the criteria…
Why Starting a Tax-Free Savings Account Early Matters
This article highlights the benefits of starting a Tax-Free Savings Account (TFSA) early in South Africa. TFSAs allow individuals to…
Non-Resident Claims Face Increased SARS Scrutiny
This article reports on increased scrutiny by SARS (South African Revenue Service) of non-resident tax claims. As more South Africans…
22% tax on ISA cash interest – HMRC closes the loophole
HMRC has moved to close a loophole that allowed certain ISA (Individual Savings Account) cash interest to be taxed at…
Pakistan implements revised income tax slabs from July 1, 2026
Pakistan has implemented revised income tax slabs effective July 1, 2026, marking a significant update to the country's personal income…
Taxfyle Launches Plan, an AI-Native Tax Strategy Platform Built to Streamline RIA Tax Planning Workflow
Taxfyle has launched Plan, an AI-native tax strategy platform designed to streamline tax planning workflows for Registered Investment Advisors (RIAs).…
California Billionaire Tax Qualifies for November Ballot
A California ballot initiative targeting billionaires has qualified for the November election. The measure would impose a new tax on…
UK Seeks To Restore Capital Gains Deferrals For Share Gifts
The UK government is seeking to restore capital gains tax deferral relief for gifts of shares, a provision that had…
Policy paper: Capital Gains Tax relief on gifts of business assets
The UK government has published a policy paper on Capital Gains Tax (CGT) relief for gifts of business assets, commonly…
Modernising the distributions framework
The UK government is consulting on modernising the distributions framework under company law, which governs how companies can lawfully make…
Guidance: Childcare service: service availability and issues
HMRC provides service availability updates for the Tax-Free Childcare scheme, a UK government benefit allowing eligible working parents to receive…
Indicator deep dive: Golden Visas
Tax Justice Network's deep dive into Golden Visa programs examines how citizenship and residency-by-investment schemes enable wealthy individuals to exploit…
Comedian Carlos Mencia Arrested for Tax Evasion, $8.7M in Unreported Income
Comedian Carlos Mencia has been arrested on tax evasion charges related to approximately $8.7 million in unreported income. The case…
Trump Accounts Launch July 4, 2026: Key Timing, Estate, and Gift Tax Implications
Trump Accounts, launching July 4, 2026, are new tax-advantaged savings vehicles with significant implications for estate and gift tax planning.…
Official Statistics: Statistical commentary on Non-domiciled taxpayers in the UK
HMRC releases statistical commentary on non-domiciled taxpayers in the UK, providing data on the number of individuals claiming non-domicile status,…
Guidance: Making Tax Digital for Income Tax: service availability and issues
HMRC guidance on Making Tax Digital (MTD) for Income Tax covers service availability and known issues for the UK's digital…
Guidance: Detailed tax guidance for charities
HMRC's detailed tax guidance for charities covers the range of tax reliefs, exemptions, and obligations applicable to charitable organisations in…
Form: Inheritance Tax: gifts and other transfers of value (IHT403)
IHT403 is the HMRC form used to report gifts and other transfers of value made by a deceased person for…
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