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The Latest Breaking News from Income Tax

Rishi Sunak plots tax and stamp duty cuts to win back voters after by-election drubbing

The threshold for paying the 40 per cent higher rate of income tax could be raised in the 2024 spring budget, according to one report

The Independent UK

Rishi Sunak ‘considering tax cuts to win back lost Tory voters’ after byelection defeats

The threshold for paying the 40 per cent higher rate of income tax could be raised in the 2024 spring budget, according to one report

The Independent UK

Some pensioners ‘may have to set money aside for unexpected tax bills’

Frozen income tax thresholds combined with significant state pension rises may push more pensioners into paying tax, LCP said.

The Independent UK

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Karnataka High Court refuses to quash FIR by CBI against Deputy Chief Minister D.K. Shivakumar

The case under the Prevention of Corruption Act was registered by the CBI following the findings of separate investigations conducted by the Income Tax Department and the Enforcement Directorate.

The Hindu

Academics challenge Starmer to accept Israel’s siege of Gaza is against international law – UK politics live

Labour urged to clarify its position on collective punishment by 39 academics who say party must confirm it ‘opposes the commission of war crimes’

The Guardian - UK

Varanasi: IT raids multiple properties of bullion trader Narayan Das

Sleuths of the Income Tax department were carrying out raids at multiple properties of bullion trader Narayan Das in Varanasi.

Dynamite News

Income tax department raids at Trident Group across country

These ongoing raids across the country are part of an investigation into potential financial irregularities, officials said. Read further on Dynamite News

Dynamite News

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IT raids: BJP’s allegations on Cong. links to seized money is politically motivated, says CM

CM Siddaramaiah dismisses BJP's allegations of IT raid money links to Congress govt. He calls it politically motivated & baseless. He questions how contractors can be differentiated on party lines & rules out possibility of probe into BJP's allegations. He also denies Congress High Command asking for funds.

The Hindu

Supreme Court notice to D.K. Shivakumar on CBI plea to probe disproportionate assets case

The Supreme Court on Monday refused to stay a Karnataka High Court decision to freeze a Central Bureau of Investigation (CBI) probe against Deputy Chief Minister D.K. Shivakumar in a disproportionate assets case without hearing him. The Income Tax Department in 2017 conducted a raid against Mr. Shivakumar, based on…

The Hindu

IT raids continue, crores recovered from Bengaluru builder

In a continuation of the raids since Thursday, Income Tax (I-T) officials on Sunday searched an apartment in Kethamaranahalli at Rajajinagar belonging to a city-based builder and allegedly recovered cash worth several crores and incriminating documents from him

The Hindu

I-T dept revokes tax exemption status of 4 NGOs, letters to two mention protests against Adani

The Income Tax department has revoked the tax exemption status of four non-government organisations – Oxfam India, CARE India, Legal Initiative for Forest and Environment, and Environics Trust, Newslaundry learned from sources and top officials linked to these organisations. The tax exemption was reportedly revoked about two weeks ago.

Newslaundry

Sand mining in T.N. | Senior official calls for cleaning up “internal mess”, disclosing all illegal sand mining sites to ED

WRD Engineer-in-Chief & Chief Engineer General called for Income Tax returns of the department’s officials and their family members for the last three financial years and the list of properties owned by them, with their current market value.

The Hindu

I-T raids: D.K. Shivakumar calls it political vendetta; BJP says money was ‘commission’ meant to fund Telangana polls

Deputy Chief Minister D.K. Shivakumar on Friday claimed that the Income Tax searches in Bengaluru on the residences of contractors, who had alleged 40% commission in contracts during the previous BJP rule, were “politically motivated”. This drew a sharp reaction from the Opposition that claimed the money seized was “commission”…

The Hindu

Madhya Pradesh: Man caught with 38 kg silver at Bhopal railway station

A 38-year-old man was caught with 37.772 kilograms of silver at a railway station in the state capital Bhopal. Read further on Dynamite News:

Dynamite News

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Kiplinger

States That Won't Tax Your Death

How much will your children — or other heirs — pay when you die? That depends on whether you live in a state with no death tax.

The Hindu

Net direct tax collections up 21.8% to ₹9.57 lakh crore

India's direct tax collections rose 21.8%, surpassing over half of Budget estimates. Refunds of up to ₹5,000 not restricted. Tax demands from past being raised, some due to tech shift. 7.27 cr returns filed, 7.15 cr verified. Gross collections up 18%, PIT revenues 29.5%. Net revenues 31.85%.

Kiplinger

Is Unemployment Taxable? A State-by-State Guide

The federal government taxes unemployment benefits. But is unemployment taxable in your state?

The Hindu

Madras High Court adjourns actor Vijay’s plea against penalty of ₹1.5 crore imposed on him by Income Tax Dept

Actor C. Joseph Vijay's writ petition against I-T Dept's ₹1.5cr penalty for not disclosing ₹15cr income adjourned 3 wks. Interim injunction granted to restrain I-T officials from recovering penalty. I-T Dept. filed counter affidavit explaining reasons for penalty. Penalty levied beyond limitation period, judge granted injunction. Search & seizure operation…

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The Guardian - UK

Rishi Sunak ‘responsible for biggest income tax rise in at least 50 years’

Resolution Foundation analysis claims stealth move of freezing tax thresholds will raise £40bn a year

The Independent UK

Eligible electric and plug-in vehicle buyers will get US tax credits immediately in 2024

Starting next year, people who want to buy a new or used electric or plug-in hybrid vehicle will be able to get U.S. income tax credits at the time of purchase

The Hindu

Donations received by party through electoral bonds being deliberately linked to skill development scam, says TDP leader Atchannaidu

The A.P. CID has submitted as ‘proof’ to the ACB Court the receipt of ₹27 crore by the TDP in 2018-19 only with an intention to prolong the case against former Chief Minister Chandrababu Naidu. Details of donations exceeding ₹20,000 given to the political parties in cash are informed to…

Dynamite News

UP: IT raid at three dozen locations of Mayur Group including Kanpur; Over 100 officers in the raiding team

Income Tax Department is raiding three dozen locations of Mayur Group in Kanpur. More than 100 officers are conducting raids with heavy police deployment. Read the full report on Dynamite News:

The Hindu

Income Tax Dept searches house of DMK MP, other premises linked to him, in Chennai

I-T Dept conducting searches at former Union Minister Jagathrakshakan's Chennai residence & other premises linked to him. Simultaneous searches at relatives' houses, medical college in Poonamallee, hotel in T. Nagar & firm in Nungambakkam.

Kiplinger

States With the Highest Powerball Taxes

These states will take the biggest tax bite out of your Powerball payout.

The Independent UK

Oklahoma's Republican governor wants to cut taxes. His GOP colleagues aren't sold on the idea.

Oklahoma Gov. Kevin Stitt is again making his pitch to reduce the state's individual income tax rate

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