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The Latest Breaking News from Income Tax

Scott Burns: Are your taxes too high, too low or just right?

The most applauded tax is one that is paid by someone else. It is thought to be fair and well-conceived. This is common knowledge.

Tribune News Service

National parties collected ₹15,077 crore from unknown sources between FY 2004-05 and 2020-21: ADR report

The analysis was conducted on the basis of the parties' Income Tax Returns and donations statements filed with the Election Commission of India

The Hindu

Income tax change in Budget 2023 could leave you with €1,000 extra in your wages

These changes could benefit 1.8 million workers to the tune of €1,000 extra in their salary.

Irish Mirror

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IRS will refund penalties to California taxpayers who filed late in early COVID years

Californians who paid their 2019 or 2020 income taxes late could be getting refunds on the amounts they paid in penalties, the Internal Revenue Service said Wednesday.

Tribune News Service

I-T sleuths search premises of two prominent groups in leather and footwear sector

CHENNAI/Vellore

The Hindu

Facing government action, Huawei to dial down R&D operations

Decision comes after I-T searches and probes into ‘national security’ aspects

The Hindu

Income Tax department raids Jharkhand hotel in search of Partha Chatterjee aide

The person, however, reportedly left the hotel hours before the I-T team arrived.

The Hindu

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George Skelton: California had a nearly $100 billion surplus this year. We don't need to raise taxes with Prop. 30

SACRAMENTO, Calif. — If Proposition 30 passes in November, we should hang a sign at the border reading: "Welcome to California, the state with the nation's most outrageously high income tax."

Los Angeles Times

Tax department seeks to make faceless assessment smoother

NEW DELHI: From setting up review panels to giving assesses time to respond to show cause notices and establishing a parallel verification system, the income tax department has worked out fresh checks and balances in its faceless assessment scheme to make it more robust.

The Times of India

Madras HC stays penalty of ₹1.5 crore imposed on actor Vijay by Income Tax Department

He reportedly failed to disclose additional income of ₹15 crore for financial year 2015-16

The Hindu

Finance ministry will review tax regime free of exemptions

NEW DELHI: The finance ministry is proposing to soon review the exemption-free new tax regime with a view to making it more attractive for individual income taxpayers, sources have said.

The Times of India

Thousands could receive double child benefit payment of €280 as part of cost of living package

Parents with two children could receive €560 while a family with three children is eligible to receive €840 if the Government agrees to the policy

Dublin Live

Thousands could see once-off double Child Benefit payment of €280 in huge boost

Those in receipt of a child benefit payments could be in line for a €280 one-off payment if they have one child or €560 if they have two

Irish Mirror

Brazil's Lula to continue tax reform but replace income tax bill if elected, says aide

Brazil's former President Luiz Inacio Lula da Silva, if elected in October, will back a tax reform bill currently in the Senate that would unify federal taxes on consumption into one valued-added tax, a close aide told Reuters on Thursday.

Reuters

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Irish Mirror

Pension and social welfare hike of €15 could be coming in Budget 2023

This comes as one of the biggest reductions in income tax in almost a decade is to be introduced in this year's budget

The Times of India

Income tax payers barred from enrolling in Atal Pension Yojana from October 1

NEW DELHI: Income tax payers will not be allowed to enrol in the government's social security scheme Atal Pension Yojana (APY) from October 1, according to a notification.

The Hindu

No more Atal Pension Yojana benefits for Income Tax payers from October 1

The government introduced APY on June 1, 2015, to provide social security to workers mainly in the unorganised sector

The Times of India

Maharashtra: Disguised as baraatis, I-T officials raid 2 businessmen in Jalna, seize Rs 58 crore cash

MUMBAI: Income Tax (I-T) officials — disguised as baraatis — raided two businessmen at Jalna district in Maharashtra which led to the recovery of around Rs 58 crore unaccounted cash and gold worth Rs 15 crore.

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Dynamite News

Maharashtra: Assets worth Rs 390 crore seized in tax raids on business groups in Jalna

The raids were conducted between August 1 and 8 at the residential and official premises linked to two business groups dealing in steel, clothing, and real estate. Read more on Dynamite News:

The Hindu

HC sets aside I-T Dept.’s demand of tax to the tune of ₹2,682.16 crore from SRS Mining

It directs the Assessing Officer to reconsider the issue and pass fresh assessment orders for the years 2014-15 to 2017-18

Irish Mirror

Proposed new tax band could see some Irish taxpayers keep up to extra €1,000 a year

Middle and high income earners would see 'a direct increase in their net income' if such a measure was introduced

Daily Mirror

Tens of millions of working Brits set to be hit by 'stealth tax' of £30billion

Income tax thresholds, including the personal allowance, have been frozen for four years. But inflation is soaring and could hit 13% - meaning people will be dragged into paying more

The Independent UK

Abrams calls on using budget surplus to invest in Georgians

Democratic gubernatorial candidate Stacey Abrams says it's time for Georgia to use its budget surplus to invest in its residents

The Hindu

CAG flags data non-sharing between I-T dept, MHA to track charitable trusts' foreign receipts

The audit observed that there is no clarity on allowing deduction under Section 80G for donations out of CSR funds.

The Hindu

Madras HC orders notices to Jayalalithaa’s nephew and niece in connection with her income tax and wealth tax liabilities

Issue relates to expenditure of over ₹50 lakh to decorate her foster son V.N. Sudhakaran’s marriage venue, valuation of her jewellery and so on

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