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The Latest Breaking News from Income Tax

Prompt grievance redressal of taxpayers top priority, says CBDT chairman Nitin Gupta

In his message on the occasion of Income Tax Day, he said the tax department has reported the highest ever tax collection of ₹14.09 lakh crore

The Hindu

No plan to extend deadline for filing I-T returns, says Revenue Secretary

Revenue Secretary Tarun Bajaj said over 2.3 crore income returns were filed by July 20 for fiscal 2021-22 and the numbers are picking up.

The Hindu

Tory leadership: Rishi Sunak rejects bringing forward 2024 income tax cut to counter Liz Truss surge

Former chancellor’s pitch is ‘fiscal responsibility’ – but he is under pressure to accelerate planned 1p cut off 20p rate

The Independent UK

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What Is a W-4 Form?

The W-4 Form is an IRS form that you complete to let your employer know how much money to withhold from your paycheck for federal taxes.

The Street

Conservative leadership election: why tax cuts are an economic gamble

Always keen to be identified as the party of low taxation, the Conservatives won the 2019 general election on a promise not to raise income tax, VAT or national insurance. So last year’s national insurance increase was bound to rankle, even though it could feasibly be blamed on the huge…

The Conversation

Colombia tax reform to target high-earners, says incoming agency head

A tax reform proposed by Colombia's President-elect Gustavo Petro will raise $10.9 billion annually via a progressive income tax, the elimination of business exemptions, and tackling evasion, his incoming tax agency head said on Thursday.

Reuters

UK leadership contender Zahawi promises income tax cut

British finance minister Nadhim Zahawi said on Monday he would abolish a planned increased in corporation tax and would cut the basic rate of income tax by reducing government spending if he is chosen to replace Boris Johnson as prime minister.

Reuters

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Do Australians pay too much income tax? 6 charts on how we rank against the rest of the world

Australians pay too much income tax – or so some argue.

The Conversation

Outreach programme held in Andhra Pradesh for CAs and Income Tax practitioners

Principal Chief Commissioner of Income Tax (Exemptions), New Delhi, Rashmi Saxena Sahni conducted a review on the performance of Andhra Pradesh, Telangana and Odisha in the morning session

The Hindu

Understanding Progressive, Regressive, and Flat Taxes

Progressive, regressive, and flat taxes are all different tax systems governments can deploy. Learn what each of these types of taxation means for you.

The Street

PM and Chancellor unified in announcing ‘single biggest tax cut in a decade’

The pair said the tax cut will amount to £6 billion in value and lift ‘2.2 million people out of paying any National Insurance or income tax’.

The Independent UK

‘1.2m’ pensioners dragged into paying income tax since Boris Johnson elected in 2019

Over-65s warned the taxman will take his ‘chunk’ of state benefit

The Independent UK

Discipline, commitment are key to success, students told

Income Tax Commissioner B. Srinivas said education integrated with ethics and inculcation of leadership qualities would help young learners go a long way in life.

The Hindu

Woman’s plea for Income Tax returns of estranged husband declined

I-T Dept says details can’t be disclosed as they pertain to “third party information”

The Hindu

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The Independent UK

Jump in people paying higher rates of tax

There are a projected 5.5 million higher rate income taxpayers in 2022/23, marking a 43.9% increase compared with 2019/20, HMRC said.

The Independent UK

Rishi Sunak’s ‘stealth tax’ creates 2 million new higher rate payers in just 3 years

Freeze in allowances means higher income tax rates no longer ‘reserved for very wealthiest’

Chicago Sun-Times

Bailey pledges to bring ‘common sense solutions to the table’ — but not copies of his income tax returns

The tradition of Illinois gubernatorial nominees releasing their tax returns dates back to 1976, at least. But Bailey told the Sun-Times, “Right now, I see absolutely no reason in doing that.”

Irish Mirror

Government considering new tax bracket in Budget 2023 which would see workers give less to taxman

Speaking in the Dáil on Wednesday, Mr McGrath said that there would be a package of measures within Budget 2023 that would see changes to income tax brackets so people don’t climb into higher tax brackets.

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Daily Mirror

Keir Starmer says Labour has junked Corbyn's 2019 policies and is 'starting from scratch'

The party leader refused to back Labour's previous pledges to axe tuition fees or hike income tax for high earners, and said 'if you don’t change your views as you experience life, then you’re probably not going to get very far'

The Hindu

IRS officer Nitin Gupta appointed new CBDT chairman

The CBDT is headed by a Chairman and can have six members who are in the rank of special secretary. It is the administrative body for the Income Tax department.

Daily Record

Tax system in Scotland not fit for future and needs to be redesigned, new report claims

A report said the scale of revenues required means that the "traditional tweaks" - such as to income tax or national insurance - will not be sufficient.

The Hindu

CBI books three I-T officials, others for alleged TDS refunds fraud

Posted in U.P.’s Muzaffarnagar, they misused RSA authentication tokens of Assessing Officers

The Hindu

Maharashtra political crisis | Who is footing MLAs’ hotel bills in Guwahati, asks NCP

NCP's chief spokesperson Mahesh Tapase said the Income Tax department and Enforcement Directorate should find source of 'black money'

The Hindu

Wondering what to do with your salary? These Indian financial influencers can help you save money

Given that Income Tax season is upon us, watch out for the growing crop of young financial influencers doling out advice with skits, reels and buttered parathas

Benzinga

North Carolina Senate Prioritizes Personal Income Tax Over Medicaid Expansion And Medical Marijuana Legalization

State senate leader Phil Berger (R-Rockingham) expressed support for cutting the state's personal income tax rate in half as legislative leaders prepare the upcoming budget proposal for North Carolina Gov. Roy Cooper (D).

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