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The Latest Breaking News from Income Tax

A look at 2023 tax brackets and how inflation adjustments and increases to the standard deduction may be putting more money in the pockets of many American taxpayers

The IRS adjusted its income thresholds for 2023 tax brackets—which means you could be paying less taxes this year.

The Street

Freezing of Congress accounts by Income Tax department ‘routine procedure’, sources say

The Income Tax department’s action, freezing the Congress’ main bank accounts, was part of its “routine procedure” against defaulters, carried out in connection to claims for the tax assessment year 2018-19, according to sources

The Hindu

I-T department freezes Congress bank accounts over 2018-19 returns; appellate tribunal provides partial relief

Income Tax department freezes bank accounts of Indian National Congress and Indian Youth Congress due to delayed tax filing.

The Hindu

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Congress MP Dhiraj Sahu revises income tax returns; settles taxes on ₹150 crore with ₹50 crore remain unexplained

“Congress Rajya Sabha member Dhiraj Sahu, who was in the news following a ₹350 crore cash recovery from his premises, has revised his income tax returns and paid taxes for ₹150 crore,” according to sources.

The Hindu

Airbnb Reports Q4 Loss of 9 Million Despite Revenue Growth

Airbnb reports a Q4 loss of 9 million due to an income tax settlement, but sees strong demand and revenue growth. CEO Brian Chesky discusses future plan...

Top News

Palaniswami for changing existing devolution norms

Opposition leader emphasizes the need to consider personal income tax in determining devolution share, criticizes DMK government's actions.

The Hindu

PM delivers big pitch on tax cuts as crucial vote nears

People are doing it tough and should keep more of what they earn, the prime minister has declared in a big pitch to parliament on income tax cuts.

AAP

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States With IRS Tax Deadline Extensions This Year

The IRS has extended tax deadlines in several states due to severe storms, fires, hurricanes, and other natural disasters.

Kiplinger

NewsClick withdraws petition against tax notices in SC, likely to move tax tribunal

NewsClick has withdrawn its petition challenging two income tax assessment notices against it in the Supreme Court in order to move the Income Tax Appellate Tribunal for relief, Bar and Bench reported.

Newslaundry

Guardian Essential poll: any changes to negative gearing get lukewarm support

Voters approve of Labor’s rejigged income tax cuts but any broader reform would fail to win over majority, latest survey finds

The Guardian - AU

How the IRS Taxes Retirement Income

It's important to know how common sources of retirement income are taxed.

Kiplinger

Direct vs indirect taxes: What’s adding to centre’s tax revenue and states’ woes?

The Union government’s gross tax revenue has shown consistent growth over the years, with direct taxes outperforming indirect taxes in recent years. But a holistic view, combining both Union and state tax collections, presents a different story.

Newslaundry

ED launches searches on promoters of real estate firm in TN

Enforcement Directorate conducts searches on real estate promoters in Chennai for alleged money laundering; bribery case registered.

The Hindu

New Principal Chief Commissioner of Income Tax, Kerala, takes charge

Jayanthi Krishnan, a 1988 batch IRS Officer, becomes Principal Chief Commissioner of Income Tax, Kerala.

The Hindu

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AAP

PM justifies rejigged tax cuts as cost-of-living relief

The prime minister has backed his government's reworked income tax package as the best way forward for struggling workers.

Kiplinger

From Tax-Deferred to Tax-Free: Navigating Taxes in Retirement

Here are some considerations to keep in mind to help you spend less of your retirement savings and Social Security benefits on taxes.

The Hindu

Tax contribution by States needs to be revisited

Since the 1st Finance Commission, some States have been arguing that their contributions to the Union tax revenue have been higher than others and, therefore, they rightfully have higher shares in the Union tax revenue.

The Hindu

TDS dispute | Actor Sivakarthikeyan receives refund of ₹12.60 lakh from I-T Department

Actor D. Sivakarthikeyan gets a refund of ₹12.60 lakh from the Income Tax department after a resolved dispute.

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The Hindu

Congress, BJP put govt. in the crosshairs

The Union Ministry of Corporate Affairs' probe into a mining firm's company matters puts the LDF government under scrutiny.

The Guardian - UK

I believe taxation is a great public good, but I look at my tax return and ask: what are we paying for?

The system is broken: we pay as we should but watch the richest get off lightly while services get worse and worse, says Guardian columnist Frances Ryan

Chicago Sun-Times

Federal and Illinois 2024 tax season starts Jan. 29

The IRS announced the official start of the 2024 tax season and that includes Illinois taxpayers, who can start filing individual income tax returns.

Kiplinger

California Just Became More Expensive for High Earners

A California tax expansion will benefit workers with lower incomes, but high earners will pay the price.

The Guardian - UK

Sunak says he wants to reduce workers’ taxes this year and may cut benefits

PM sets up possibility of income tax coming down in March and says control of welfare is a priority

Reason

DeSantis Wants To 'Eliminate the IRS' and Implement a Flat Tax

DeSantis says the new, single tax rate would mean "lower taxes for everyone" but that only demonstrates that he hasn't thought too deeply about how a flat tax would work.

The Independent UK

Rishi Sunak’s tax cuts a ‘raw deal’, Labour to claim in ad campaign

The party says income tax and national insurance thresholds, frozen since 2021, mean many families have been drawn into higher tax bands.

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