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The Latest Breaking News from Income Tax

Pressure grows on Hunt to cut income tax as millions more face paying it

Hopes that nearly 4 million low paid UK workers would be able to keep more of their earnings if personal allowances are uprated

The Guardian - UK

‘I’m reducing my hours’: fiscal drag’s impact in the cost of living crisis

Guardian readers share how frozen income tax thresholds have tipped them into higher brackets, affecting household budgets

The Guardian - UK

Autumn statement: where might Jeremy Hunt spend his windfall?

The chancellor is estimated to have billions to play with and has a range of options from lowering income tax to cutting inheritance tax

The Guardian - UK

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read the most diverse news in one place.

4 reasons why a dependent child should file an income tax return

Learn when and how a dependent child would be required to file a tax return for income they've earned.

The Street

Shakira reaches deal to avoid $15 million tax fraud trial as jail time swapped for fine

Colombian singer Shakira has reached a settlement with prosecution to avoid a trial over charges she failed to pay 14.5 million euros ($15.74 million) in Spanish income tax between 2012 and 2014.

The Independent UK

Autumn statement will avoid tax cuts that promote inflation, pledges Hunt

Chancellor seeks to promote growth ahead of autumn statement that could spark a rebellion among Tory backbenchers defending marginal seats

The Guardian - UK

Jeremy Hunt rules out any tax cut that fuels inflation in autumn statement

Chancellor says he will not throw away hard work done to tackle rising prices amid calls for income tax cuts

The Guardian - UK

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Hunt warns against fuelling inflation but hints at tax cuts for businesses

The Chancellor seemed to downplay speculation that income tax could be reduced in his autumn statement on Wednesday.

The Independent UK

Hunt refuses to rule out shock income tax cut amid warnings of revolt if budget favours rich

Red wall Tory MPs warn inheritance tax cut would be ‘odd priority’ and viewed as handout for the rich – as chancellor appears to switch focus

The Independent UK

IT raids at premises of Miryalaguda BRS MLA Nallamothu Bhaskar Rao in Telangana

Ahead of the Telangana assembly polls, the Income Tax officials on Thursday, conducted raids at the residence of Miryalaguda BRS MLA Nallamothu Bhaskar Rao in Telangana.

Dynamite News

Would You Benefit From a Split Interest Income Trust?

If you have a high income, are selling appreciated assets or won the lottery, a split interest income trust could be a boon to you and a designated charity.

Kiplinger

Child Tax Credit: How Much Is It for 2024?

What family tax credits and deductions will you qualify for in 2024? And how much are they worth?

Kiplinger

Income Tax Brackets for 2024 Are Set

The IRS has adjusted federal income tax bracket ranges for the 2024 tax year to account for inflation.

Kiplinger

How Does Being a Veteran Impact Your Taxes?

Veterans may be eligible for certain federal and state tax benefits.

Kiplinger

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Kiplinger

Most Expensive States for Retired Military Service Members

Veterans can keep more of their military retirement pay by avoiding these high-taxed, most expensive states for retired service members.

The Hindu

HC orders tax refund of ₹1,128 cr to Vodafone Idea; pulls up I-T dept for laxity and lethargy

HC orders IT dept to refund Rs 1,128 cr to Vodafone Idea for taxes paid in 2016-17. Bench notes laxity of assessing officer in not passing order within 30 days, causing loss to exchequer. HC recommends enquiry and strict action against persons responsible for laxity. Court holds assessment order time-barred…

The Hindu

I-T searches will not stop DMK’s poll victory in T.N., Puducherry, says E.V. Velu

Minister for Public Works, Highways, and Minor Ports E.V. Velu late on Tuesday said the Dravida Munnetra Kazhagam (DMK) would not be intimidated by tactics such as Income Tax (I-T) searches and would win all 40 Lok Sabha seats in Tamil Nadu and Puducherry in the next Lok Sabha election

The Hindu

Income Tax officials search house of T.N. Minister E.V. Velu’s associate in Tiruchi

On Nov 7, 2023, I-T Dept. conducted a search at the house of a businessman in Tiruchi, reportedly associated with TN Minister for Public Works, E.V. Velu. Accompanied by CRPF, a team of 10 officials arrived at Manapparai Swaminathan's house in Anna Nagar. Searches were also conducted in Tiruvannamalai, Karur,…

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The Hindu

Congress calls for action over video of ‘Narendra Tomar’s son discussing money transactions’

A clip purportedly showing Devendra Pratap Singh Tomar, son of Union Minister and BJP candidate from Dimani Assembly seat Narendra Singh Tomar, discussing “transactions worth crores of rupees” in a video call went viral in poll-bound Madhya Pradesh, leading to strong criticism from the Opposition Congress party.

Dynamite News

Premises linked to Tamil Nadu Minister EV Velu raided for fourth consecutive day

Income Tax raids continued for the fourth consecutive day in the premises linked to Tamil Nadu, Public Works and Highways Department Minister EV Velu at Tiruvannamalai.

Kiplinger

Time to Act on These Year-End Tax Planning Tips

With a short time left before 2024 comes to a close, year-end tax planning is all-important. Here are some areas to focus on.

The Hindu

Income Tax dept., CBI and ED are used as frontline warriors of BJP: Congress

Party leader Pawan Khera alleged that these agencies are given “targets” to scare Opposition leaders

Dynamite News

Several locations in Tamil Nadu allegedly linked to DMK leaders raided by IT

The Income Tax Department conducted searches in various locations in the Karur district of Tamil Nadu.

Kiplinger

10 Worst States To Retire in if You Hate Paying Taxes

Relatively high tax burdens make these places the worst states to retire.

The Conversation

Some people think income tax is illegal. It's pseudolaw, and it's damaging the legal system

Judges have described it as “gibberish”, “obvious nonsense”, “largely incoherent, if not incomprehensible” and “gobbledygook”.

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