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The Latest Breaking News from Income Tax

Powerball: How much will $1.2bn jackpot winner take home after taxes?

Next Powerball drawing takes place on Wednesday 4 October

The Independent UK

UK income tax: how fiscal drag leads to people falling into higher rates

We show how people are pulled into paying more without the government increasing the tax rate

The Guardian - UK

Why do I suddenly owe tax this year? It could be because the Low and Middle Income Tax offset is gone, forever

Why do I suddenly owe tax this year?

The Conversation

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

Cleaning drive held across Coimbatore as part of ‘Swachhta Hi Seva’

Govt depts & orgs in Coimbatore took part in 'Swachhta Hi Seva' drive. Air Force Station, CTC, GST Commissionerate, Income Tax Dept & SVPI School of Textile & Mgmt planted saplings & conducted cleaning drives. AOC stressed on positive impact of such activities & felicitated participants.

The Hindu

Crackdown on unaccounted-for money: ₹1.75 crore seized from car in Kannur district of Kerala

Police seize ₹1.75 crore from car in Kannur, Kerala. Accused, Swapnil Lakshman, 25, apprehended and questioned. Police discover hidden compartment in car containing bundles of ₹500 and ₹200 notes. Accused and money to be produced before court. Information to be relayed to Income Tax authorities for further investigation.

The Hindu

NZ Labour likens Luxon to Eddie Jones in fiscal fight

New Zealand's Opposition National party has released its alternative budget, promising more disciplined spending to pay for income tax cuts.

AAP

Flex says cooperating with Income Tax Department

Flex, an electronic components manufacturer, confirmed that officials from the Income Tax Department visited its premises in Chennai. The company stated that they are cooperating with the agency and providing the information sought. Flex also mentioned that they have a long history of conducting business in India in a legal…

The Hindu

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I-T department holds outreach programme on new and amended provisions of exemptions in Telangana’s Khammam

IT dept. organised outreach programme in Khammam on new exemptions, extended due date for Form 10A till Sept. 2023. K. Sai Sankar, B. Bala Krishna and V. Koteswaramma conducted the session. Chartered accountants, IT practitioners and assessees attended the programme.

The Hindu

Lib Dems would hike tax on big firms rather than high earners, Davey suggests

Sir Ed said the Liberal Democrat commitment – dating back to 1992 – to raise income tax by 1p to improve public services is now unsustainable.

The Independent UK

Lib Dems will drop key pledge to put penny on income tax, says Sir Ed Davey

Lib Dem leader Sir Ed Davey suggested wealthier workers already pay enough tax

Evening Standard

Sir Ed Davey says Lib Dems will drop key pledge to put penny on income tax

The Liberal Democrats have become the first major party to adopt an early version of its manifesto for a general election expected next year.

The Independent UK

Did you earn interest on your high-yield savings account this year? Prepare to pay taxes on it

Interest earned on certain bonds and deposit accounts are taxed like ordinary income.

Fortune

Earn too much for a Roth IRA? You can still score tax-free retirement income with this strategy.

High earners could benefit from conversion, but be mindful of the tax bill.

Fortune

Candidates in Kentucky governor’s race preview debates on tax cuts, education, and abortion

Democratic Gov. Andy Beshear says now is not the time to “sub out the quarterback” when Kentucky has so much momentum

The Independent UK

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Dynamite News

IT raids locations linked to contractors, suppliers of Tamil Nadu Electricity Board

The Income Tax Department is conducting raids in Chennai at several places related to contractors and suppliers of Tamil Nadu Electricity Board (TNEB) and Tamil Nadu Generation and Distribution Corporation .

Dynamite News

Uttar Pradesh: Income Tax raid continues on 3rd day at SP leader Azam Khan's residence in Rampur

Income Tax department raid on the Rampur residence in Uttar Pradesh of senior Samajwadi Party leader Azam Khan continued for the third day on Friday. Read further on Dynamite News:

The Hindu

Income Tax dept. continues raids at locations linked to SP leader Azam Khan

The Income Tax (IT) Department’s raids continued for a second day on Thursday at various locations linked to the Samajwadi Party (SP) leader Azam Khan in connection with Ali Jauhar Trust. Their is no official word from the IT Department but it is believed the raids are linked to the…

The Hindu

ED arrests JD(U) MLC Radha Charan Seth in Bihar over financial irregularities

The Income Tax (IT) department also raided JD(U) MLC Radha Charan Seth's house on Wednesday morning.

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news in one place.

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Dynamite News

Uttar Pradesh: IT raids locations linked to Samajwadi Party leader Azam Khan

The Income Tax department on Wednesday morning conducted searches at multiple premises linked to Samajwadi Party (SP) leader Azam Khan in Uttar Pradesh, sources said.

WEKU

Kentucky’s individual income tax rate is set to remain the same in 2025.

The commonwealth failed to meet certain fiscal requirements that would have ushered in another reduction under a Republican plan to phase the tax out.

The Street

Navigating taxes in your golden years

Taxpayers over 65 may be eligible for certain benefits, including a higher income threshold, a higher standard deduction and some income exempt from tax.

The Independent UK

Kentucky misses a fiscal trigger for personal income tax rate cut in 2025

Kentucky’s individual income tax rate is set to remain the same in 2025 after the state failed to meet certain fiscal requirements that would have ushered in another reduction under a Republican plan to phase the tax out

The Street

The pros and cons of using artificial intelligence for your taxes

A certified public accountant posed a series of tax questions to ChatGPT to see how well it might help with filing taxes. Here’s what he discovered.

The Independent UK

Keir Starmer vows to not raise income tax if Labour wins next election

Labour leader said he would avoid hikes ‘across the board’, having previously ruled out a wealth tax on the richest in society

The Hindu

Naidu should prove his innocence in I-T notice case, says Dokka

Telugu Desam Party (TDP) national president N. Chandrababu Naidu owes an explanation to the people on the notices reportedly issued to him by the Income Tax Department, says YSR Congress Party (YSRCP) leader Dokka Manikya Vara Prasad.

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