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The Latest Breaking News from Income Tax

HC discharges chartered accountant from a case under Information Technology Act

Court says there’s no material to prove that he dishonestly downloaded his client’s income tax returns and gave it to her husband

The Hindu

Income Tax raids on properties owned by Samajwadi Party leader, close aides in U.P.

According to sources, it is alleged that Ghanaram Construction has made cash transactions worth more than ₹100 crore

The Hindu

IT searches on film producers continue

CHENNAI The Income Tax (I-T) department continued its search operations for the second day on Wednes

The Hindu

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Maharashtra: Shiv Sena MP Priyanka Chaturvedi submits notice in Rajya Sabha

MUMBAI: Following the arrest of Sanjay Raut, Shiv Sena MP in Rajya Sabha Priyanka Chaturvedi on Monday submitted a suspension of business notice in the Upper House alleging "misuse of investigative agencies such as ED, CBI and the Income Tax deparment to silence the opposition."

The Times of India

5.83 crore Income Tax returns filed till July 31, record 72.42 lakh on last day

While initially income tax return (ITR) filing was slow, the pace picked up as the deadline neared

The Hindu

Liz Truss gains Penny Mordaunt’s backing as she and Rishi Sunak face Tory leadership hustings in Exeter – as it happened

Eliminated leadership candidate endorses foreign secretary as final two answer questions from members

The Guardian - UK

Rishi Sunak rejects claim he has ‘doomster’ attitude to economy

Former chancellor says he finds his successor’s accusation ‘amusing’ as he vows to cut income tax by 20%

The Guardian - UK

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Rishi Sunak accuses colleagues of ‘rose-tinted’ view of Boris Johnson’s last days

The former Chancellor is battling to regain ground on rival Liz Truss as the pair enter a crucial week in the leadership contest

Evening Standard

Sunak denies tax cut pledge a bid to save faltering leadership campaign

Rishi Sunak has denied a vow to slash income tax is an attempt to rescue his faltering Tory leadership campaign as he appeared to suggest his opponent’s proposals would “endanger people’s mortgages”.

The Independent UK

Rishi Sunak vows to take 4p off income tax - within seven years

But his opponents warn that the 'public and Conservative Party members can see through these flip flops and U-turns'

Wales Online

Rishi Sunak vows 20% cut to UK income tax within 7 years

Rishi Sunak, trailing in the race to become the next U.K. prime minister, committed to reducing personal taxes by 20% within seven years in a move he described as the largest cut to income tax in three decades.

Tribune News Service

British PM candidate Sunak vows 20% income tax cut by 2029

Rishi Sunak, trailing in the race to become Britain's next prime minister, has vowed to slash the basic rate of income tax by 20% by 2029 in a potentially make-or-break throw of the dice by the former finance minister.

Reuters

Rishi Sunak attempts to revitalise campaign with vow to slash income tax by the end of the decade

Former chancellor says he will cut basic rate of income tax from 20p to 16p in the pound by the end of the next parliament if elected Tory leader

The Independent UK

Rishi Sunak pledges 20% tax cut by end of decade in last-gasp pitch to members

Former chancellor warns party members against ‘fantasy economics’, adding voting for Truss would be ‘self-sabotage’

The Guardian - UK

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The Independent UK

Rishi Sunak vows to take 4p off income tax within seven years

The former chancellor, setting out his ‘radical tax vision’, faced renewed accusations of U-turning on tax.

Daily Mirror

Flailing Rishi Sunak pledges huge Income Tax cut to 16p - but only by 2028

The ex-Chancellor was accused of “jam tomorrow” by Liz Truss’ allies as he made the pledge if he enters Downing Street on September 5

Kiplinger

How Inflation Impacts Your Taxes

The impact of inflation on federal income tax brackets and some other tax credits might not be all bad.

Ballotpedia

Idaho voters will decide on an initiative to increase the state’s income and corporate tax rates for education funding in November

On July 22, the Idaho secretary of state announced that an initiative that would increase income tax and corporate tax rates to provide additional education funding had submitted the required number of signatures for the November ballot.

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The Hindu

I-T Dept. urged to create more awareness on digital process

Chennai

The Hindu

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 Independent UK

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 Conversation

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…

Reuters

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.

The Times of India

Rs 18.5 crore jewellery, Rs 3.5 crore cash seized from realty firms

BENGALURU: Income tax department sleuths on Monday carried out searches at over 40 locations connected to two leading real estate groups of Bengaluru and Hyderabad engaged in construction, educational and hospitality services.

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