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The Latest Breaking News from Income Tax

Tesla Paid Executives More Than it Paid Taxes for Years: Report

Today on Critical Materials: Tesla has reportedly paid no federal income tax in years, GM's VP of software is departing, and VW dabbles in an entry-level EV.

InsideEVs

Biden's Proposed Corporate Tax Hike Will Punish the Average American

The president wants to raise the rate from 21 percent to 28 percent, despite it being well-established that this is the most economically-destructive method to raise government funds.

Reason

IDBI Bank seeks CBI probe in ₹5 crore delivered to wrong premises incident in Mangaluru

According to I-T officials, bank officials also could not establish through documents the purpose for which the cash had been withdrawn from the vault.

The Hindu

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Congress moves Delhi HC seeking stay on IT recovery proceedings

The Indian National Congress (INC) on Monday moved the Delhi High Court seeking a stay on the Income Tax notice for recovery of more than Rs 105 crore as outstanding tax. Read further on Dynamite News:

Dynamite News

Income Tax dept to launch e-campaign for Advance Tax for FY 2023-24

The Income Tax Department will launch an e-campaign for the Advance Tax for FY 2023-24. Through the e-campaign, persons/entities carrying out significant financial transactions. Read further on Dynamite News:

Dynamite News

Ways to File Taxes for Free This Year

Tax season is in full swing, and if you’re looking to save money, there are several ways to file your taxes for free.

Kiplinger

Congress to move High Court after failing to get relief from Income Tax Appellate Tribunal in tax penalty case

Congress to move High Court against ₹210 crore penalty imposed by IT department ahead of national elections.

The Hindu

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Six Retirement Account Wins for Employers and Employees

The retirement plans that employers offer employees benefit the employers with boosts in recruitment, morale and tax breaks. Employees also reap the benefits.

Kiplinger

Income tax likely to go up if national insurance scrapped, Hunt suggests

Labour says chancellor’s ambition to eventually abolish NI would cost £46bn a year, and party questions how move would be paid for

The Guardian - UK

Budget 2024: what it means for people on a range of incomes

How Hunt’s measures on tax, NI and benefits affect single people, couples and those receiving pensions in England, Wales and Northern Ireland

The Guardian - UK

Guruvayur Devaswom appeared to have evaded tax, says IT department

Guruvayoor Devaswom in Kochi accused of tax evasion and lack of compliance with Income Tax Act.

The Hindu

Jeremy Hunt defies public services alarm with pre-election budget tax cuts

Chancellor set to cut 2p off national insurance but some Tories say more is needed to bolster election chances

The Guardian - UK

Assam: Income Tax department deploys teams to curb use of black money in upcoming Lok Sabha polls

The Investigation Directorate of Income Tax Department, North East Region, has deployed monitoring teams in the form of a control room cum complaint monitoring cell in Guwahati. Read further on Dynamite News:

Dynamite News

Types of Income the IRS Doesn't Tax: What to Know for 2025

It may feel like the IRS taxes most of your hard-earned money, but some types of income are nontaxable.

Kiplinger

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The Hindu

Delhi High Court sets aside CIC order to disclose tax exemptions sought by Ayodhya Ram temple trust

The Delhi HC set aside an order that directed the Central Board of Direct Taxes to provide information related to tax exemptions/ deductions sought by the trust, which manages the Ram Temple in Ayodhya

The Hindu

Madras University staff get salaries after I-T Dept. releases accounts

Madras University staff receive wages after IT department releases bank accounts, highlighting financial crisis and administrative issues.

Evening Standard

Chancellor Jeremy Hunt's Budget balancing act moves into the City's spotlight

Square Mile on watch for London stock exchange boost from new tax breaks for savers and experts say don't write off 2p income tax cut

The Hindu

Textile manufacturers, traders, powerloom weavers in T.N. go on one-day strike against I-T Act amendment

Textile businesses in Erode, Salem, and Namakkal protest against Income Tax Act amendment affecting MSME payments.

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The Hindu

Powerloom weavers in Salem and Erode to go on strike on February 28 to protest I-T rules amendment

Powerloom weavers in the major weaving clusters in Tamil Nadu will go on strike on Feb 28 against the recent amendment to Income Tax rules

Kiplinger

How Net Unrealized Appreciation Helps Save More of Your Retirement Savings

If you have employer stock in your 401(k), net unrealized appreciation is a strategy to minimize your taxes.

Latin Times

What Is Earned Income Tax Credit and Who's Eligible in 2024?

A comprehensive guide on the little-known Earned Income Tax Credit

Kiplinger

Three Strategies for Small Businesses to Reduce Taxes

Small businesses can lower their tax liability by taking advantage of tax breaks, tax credits and charitable donations. Here are some options.

Dynamite News

Tribunal reserves order on Congress plea seeking stay against IT recovery proceedings, freezing bank accounts

ITAT on Thursday reserved its order on a plea by the Congress party, which has sought a stay against Income Tax Department proceedings of recovery and freezing of their bank accounts. Read further on Dynamite News:

The Hindu

I-T department freezes Jai Hind TV channel’s accounts

Income Tax freezes bank accounts of Jai Hind TV, Congress's Kerala mouthpiece, sparking accusations of political motivation and authoritarianism.

The Hindu

Morning Digest | Donald Trump ordered to pay $355 million in New York fraud case; ED finds no FEMA violation in Paytm Payments Bank case, and more

From routine freezing of Congress accounts by Income Tax department to Trump being fined $364 million for fraud, read a select list of stories from The Hindu to start the day.

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