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The Latest Breaking News from Income Tax

Fuel outlets and restaurants in Chennai refuse to take ₹2,000 notes

According to stakeholders, many have begun to panic since they experienced harassment from Income Tax officials after the demonitisation exercise of November 2016

The Hindu

₹2,000 notes withdrawn: LPG agencies, petrol bunks to play safe after facing heat from I-T dept.

LPG agencies, petrol bunks to play safe after facing heat from I-T dept.

The Hindu

States Where You’ll Pay Less Income Tax in 2023

Many states have lowered personal income tax rates for this year. Do you live in one?

Kiplinger

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Ex-Washington Federal bank employee cuts deal with feds, expected to testify

The failure of Washington Federal Bank for Savings has led to criminal charges against 16 people. Among them: former Ald. Patrick Daley Thompson, who was convicted lst year of lying to regulators and filing false income-tax returns.

Chicago Sun-Times

Brazil's government eyes tax tweaks to boost revenue -sources

Brazil's Finance Ministry is preparing a new set of initiatives to increase tax revenue, including a review of deductions and exemptions for income tax on individuals, according to three sources familiar with the matter.

Reuters

How much extra income tax you’ll pay by 2027 due to frozen thresholds

Think tank says millions of workers will be dragged into higher rate of income tax by 2027

The Independent UK

Tory backlash as one in five will be paying higher income tax rate by 2027

One in four teachers and one in eight nurses will be paying 40p rate in biggest tax rise since 1970s, experts warn

The Independent UK

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One in five workers will be higher-rate taxpayers by 2027 – IFS

Jeremy Hunt’s freeze on allowances and thresholds will put a quarter of teachers and one-eighth of nurses in 40% income tax bracket

The Guardian - UK

One in five taxpayers will be paying higher rate of income tax by 2027, says IFS

By 2027–28, the number of people paying income tax at 40% or above will reach 7.8 million, according to a new Institute for Fiscal Studies report.

The Independent UK

Rishi Sunak slaps down top Tory's claim 2p could be cut from income tax

The Prime Minister's spokesman said it was not up to Work and Pensions Secretary Mel Stride to dictate tax policy after he claimed getting people back into work will boost the economy enough to reduce income tax by 2p

Daily Mirror

Is High-Yield Savings Account Interest Taxable?

Think a high-yield savings account is a good idea? Don’t forget taxes on savings account interest.

Kiplinger

Congress questions timing of I-T raids in Kalaburagi

Condemning Income Tax raids on the houses and business outlets of Congress leaders and supporters on Saturday, Karnataka Pradesh Congress Committee (KPCC) spokesperson and former Minister Priyank Kharge questioned the timing of the raids ahead of Assembly Elections in the State.

The Hindu

IRS body condemns killing of officer by mob in Manipur

The Indian Revenue Service (IRS) Association has condemned the killing of an income tax officer by a mob in violence-hit Manipur. The IRS officer’s death followed that of Chonkholen Haokip, a CRPF constable of the force’s elite CoBRA unit who was on leave.

The Hindu

New State Pension increase this year could see more retired people paying tax

The full New State Pension is worth £10,600 over the 2023/24 financial year.

Daily Record

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The Times of India

Income Tax officials search Bengal MLA Krishna Kalyani's companies for more than 24 hours

KOLKATA: The drama over the income tax raid at the residence of Raiganj MLA Krishna Kalyani took a new turn on Thursday when the Income Tax officials took him to his Sudarshanpur office in the wee hours. The MLA however claimed that the agency officials have done their duty and…

ABC News

Australia's budget is a 'hell of a mess'. The government is not collecting enough, and you are paying too much

The government is not collecting enough money, and you are paying too much, says the former Treasury boss.

The Hindu

G Square denies reports of cash seizure during I-T searches

G Square Realtors Pvt. Ltd. has denied reports of the seizure of ₹3.50 crore during income tax searches conducted at its offices recently

Reuters

Brazil's Lula pledges new minimum wage policy, expanded tax exemption

Brazilian President Luiz Inacio Lula da Silva pledged on Sunday to introduce a new policy of real increases in the minimum wage and announced plans to raise the income tax exemption for lower-income earners.

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Dynamite News

DN Exclusive: Income tax raids continue for 3rd day on Gallantt Group; hawala connection busted, many bureaucrats' black money invested

Tax evasion of more than Rs 500 crore has been detected by the officials of the Income Tax Department in the raids going on for three days on the Gallantt Group involved in real estate and steel business in several states of the country. It is estimated that this figure…

Newslaundry

‘Used foreign funds to oppose Adani project’: I-T report on Ritwick Dutta

Before environment lawyer-activist Ritwick Dutta was booked by the CBI, an income tax department report had last year accused him of opposing overseas projects led by Indian entities, including the Adani Group. It had also accused him of using foreign money to partner with domestic NGOs, including an RSS affiliate.

Dynamite News

Countrywide Income Tax raids on Gallantt Ispat Limited of Gorakhpur; troubles escalate for MD Chandra Prakash Agarwal

Several Income Tax teams on Wednesday raided at various locations of Gallantt Ispat Limited in UP, Gujarat, Delhi and West Bengal over alleged massive tax evasion. Read further on Dynamite News:

Newsroom.co.nz

A taxing exercise for NZ's wealthiest 0.01 percent

Kitted out with new research into the shares, property and trusts of nearly 400 of the country's richest families, the Government will today discuss how to level the taxation playing field. Jonathan Milne reports.

Radio France Internationale

French government invites taxpayers to tell them where to spend their money

As French income tax season opens, the government wants to know what people think should be done with their taxes, and has launched a programme for taxpayers to tell them.

Evening Standard

Jeremy Hunt rakes in £40 billion more in income tax and NI as stealth taxes hit millions of workers, experts say

The Chancellor faces calls to cut taxes as Government annual borrowing was £13.2 billion lower than the Office for Budget Responsibility forecast last month

Dynamite News

Karnataka: Income Tax raid at Ankita builders’ houses in Hubballi

The Income Tax Department on Tuesday conducted raids at the office of private real estate developer Ankita Builders and its owner Narayan Acharya's residence in Karnataka's Hubballi. Read further on Dynamite News:

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