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The Latest Breaking News from Income Tax

"India is our country's name...": Uddhav Thackeray hits out at PM Modi

Uddhav Thackeray says India is our country's name, PM Modi represents it abroad. BJP follows Hindutva for votes, Central agencies used to target opposition. No personal hatred for PM Modi, but he calls opposition's INDIA directionless, unfortunate.

The Hindu

Companies that compete with Adani group for ‘prized’ assets face raids from CBI, ED and Income Tax, alleges Congress

“Agencies like the ED and CBI are not only being used to break apart opposition parties,” Mr. Ramesh said.

The Hindu

Claiming the Employee Retention Tax Credit is an IRS Audit Red Flag: Kiplinger Tax Letter

Tackling improper ERTC claims is one of the IRS’s biggest enforcement priorities.

Kiplinger

From analysis to the latest developments in health,
read the most diverse news in one place.

These States Won’t Tax Your Mega Millions

A $1.35 billion-dollar prize is up for grabs in the next Mega Millions drawing. Will your state tax your payout?

Kiplinger

New Alabama Overtime Law: What Hourly Workers Should Know

A new Alabama overtime law will provide some employees with higher paychecks due to a tax exemption. Here’s what you need to know if you’re an hourly employee.

Kiplinger

Palanivel Thiaga Rajan calls on Nirmala Sitharaman

TN Minister Palanivel Thiaga Rajan thanked FM Nirmala Sitharaman for enabling TN to become 1st state to get API connectivity to Income Tax data. He also thanked her for her support during his time as FM & GST Council member. This step will increase efficiency & accuracy of govt schemes…

The Hindu

Taking GST off food would be a big mistake

Once you grant an exemption for one worthy-sounding thing, it is hard to resist the call for more. It would be much better to achieve progressivity by adjusting income tax rates

Newsroom.co.nz

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SC declines to intervene in Karnataka High Court’s interim stay of CBI proceedings against D.K. Shivakumar

In 2017, the Income Tax Department raided D.K. Shivakumar, on the basis of which, the Enforcement Directorate (ED) started its probe against him. Following the ED investigation, the CBI later sought sanction from the State government to file an First Information Report against him

The Hindu

Income Taxes and Your Social Security Benefit

Many who receive Social Security will owe taxes on some of their benefits. Here’s how that works, plus ways to reduce taxable income in retirement.

The Street

Income Tax Return: 1 lakh notices sent for underreporting, non-filing of returns, announces FM Nirmala Sitharaman

“About one lakh notices were sent,” Sitharaman said, adding that the notices are expected to be cleared by the end of this fiscal 2023-24. Read further on Dynamite News:

Dynamite News

Two Reasons to Never Stop Learning About Tax

Recent state tax changes that impact your finances for 2023 and beyond are one reason to keep learning about tax.

Kiplinger

Council leader denies fraud, income tax evasion and possessing cocaine

.Jason Zadrozny, the leader of Ashfield District Council, denies 22 charges brought after a fraud inquiry.

The Independent UK

Attack on Income Tax officials: HC seeks case documents

The Hindu

Layoffs, pay cuts: Inside CPR’s ‘financial crisis’ after FCRA funds, tax exemption axed

The Centre for Policy Research has downsized its staff by 75 percent. Its faculty members — including fellows and senior fellows — have taken “massive pay cuts” ranging from 50 percent to full. The think tank had come under the income tax department’s tax scanner and faces a “serious financial…

Newslaundry

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Chicago Sun-Times

Rick Heidner, Illinois video gambling mogul, and his wife owe $5 million in income tax, IRS says

The Heidners didn’t contest that they owe $5,083,274 in personal federal income taxes from 2021. They say it will all be paid off “by the end of August.”

Zenger

Elizabeth Warren Criticizes Amazon’s Tax Payments During Record-Breaking Prime Day 2023

Senator cites firm's history of avoiding federal income taxes despite huge profits; calls for minimum tax on corporate earnings.‌

Kiplinger

States That Won’t Tax Your Powerball Winnings

There are some states that won’t take another tax bite out of your Powerball jackpot or Mega Millions winnings.

Kiplinger

Who’s Named First on Your Income Tax Return?

A new study says the order of names on a joint income tax return can provide insights about the people filing.

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Daily Record

New proposals calling for income tax on State Pension to be scrapped due official response

The freezing of the Personal Allowance at £12,570 could see more pensioners paying tax this year.

Manchester Evening News

Warning that next year's State Pension increase could 'see millions more retirees' forced to pay income tax

Finance experts warn many over retirement age face unexpected tax bill - and urge early action

The Hindu

HC refuses to quash criminal complaint lodged by Income Tax Department against DMK MP D.M. Kathir Anand

The Madras High Court has refused to quash a criminal complaint lodged by the Income Tax department against DMK MP D.M. Kathir Anand before a Judicial Magistrate in Vellore in 2016 for having allegedly not filed his returns for the assessment year 2013-14 and the consequent charge of evasion of…

Daily Record

New calls for income tax on State Pension to be scrapped to stop 'penalising' people in retirement

The freezing of the Personal Allowance at £12,570 could see more pensioners paying tax this year.

Daily Record

New State Pension annual pay rise next April could see millions of people in retirement paying tax

A freeze in the personal allowance at £12,570 is pushing more pensioners closer to the tax threshold.

Tribune News Service

American states once awash in cash see their fortunes suddenly reversed

California Governor Gavin Newsom for years had an enviable problem. His state was awash in cash.

The Hindu

Taxpayers urged not to claim fraudulent returns, file revisions in case of wrong claims made

People found indulging in tax malpractice can face penalty up to 200% of disputed amount apart from imprisonment, says Principal Chief Commissioner of Income Tax (Andhra Pradesh and Telangana) Mitali Madhusmita

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