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The Latest Breaking News from Income Tax

CTS moves HC against pre-payment to stay outstanding tax demand

Firm tells court that “excess security” running to a few thousand crore rupees was already lying with the Income Tax Department

The Hindu

Boris Johnson signals no cuts in taxes as inflation soars and UK economy shrinks again

The latest figures from the Office for National Statistics heighten fears that Britain is heading for a recession.

Daily Record

Explained | What is the National Herald case and why has the ED summoned Sonia and Rahul Gandhi?

The original matter dates back to 2013 when BJP MP Subramanian Swamy had approached a trial court alleging that the Gandhis had fraudulently acquired the publishing company of the National Herald newspaper

The Hindu

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How your spiking energy bills are making foreign investors rich

Australia's oil and gas resources are overwhelmingly exploited by global multinationals and most of these corporations pay no tax.

ABC News

Second Cabinet minister backs earlier tax cut ‘when we can afford it’

Northern Ireland Secretary Brandon Lewis said the move should be fast-tracked if circumstances allow.

The Independent UK

Javid suggests income tax cut should be brought forward if possible

Health Secretary says the Chancellor will want to slash taxes ‘as soon as he can’.

The Independent UK

Kochi: One held in daytime robbery case

KOCHI: Ernakulam rural police arrested one person on Friday in the daytime robbery case, in which a five-member gang posing as income tax officers robbed a man in Aluva of around 300 grams of gold and Rs 1.8 lakh in cash.

The Times of India

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No tax on compensation for bullet train land: Bombay HC

MUMBAI: The Bombay High Court has held that the income received by a woman whose plot in Thane was acquired by the National High Speed Rail Corporation for the Mumbai-Ahmedabad bullet train project through private negotiations and sale deed is exempted from income tax. “The corporation had already deducted the…

The Times of India

Income tax cannot be deducted on compensation amount given for acquiring land: Bombay HC

The National Hi-Speed Rail Corporation Limited had acquired a land at Bhiwandi in Thane for bullet train project

The Hindu

Does paying for tax advice save money? Only if you’re wealthy

If you use a tax adviser to complete your income tax return you’re not alone. Australians use tax advisers more than any other nation apart from Italy.

The Conversation

Rick Scott revises plan for more people to pay income tax after bipartisan criticism

U.S. Sen. Rick Scott on Thursday released a revised version of his plan to “Rescue America,” backing down from his proposal that would require all Americans to pay “some income tax,” an ambiguous statement that suggested imposing new taxes on millions of people currently making too little money or seniors…

Tribune News Service

Mumbai: When companies use ‘GST specialists’ to generate flow of unaccounted cash

MUMBAI: Several companies, including builders, are turning to dubious consultants to generate unaccounted cash by creating fake bills that provide input tax credit against payment of Goods and Services Tax (GST). These entities have now come under the scanner of the Central GST (CGST) department and income tax authorities for…

The Times of India

A year on since launch, I-T portal marred with another glitch; Infosys directed to fix issue

Many users complained of issues while accessing the I-T portal and reported that it was hacked on June 7

The Hindu

Telangana: Ensure Opposition isn’t harassed, says Bhatti Vikramarka

HYDERABAD: Congress legislature party leader Bhatti Vikramarka on Saturday demanded that Prime Minister Narendra Modi and union home minister Amit Shah should ensure that the opposition parties and its leaders are not harassed unnecessarily by the central investigative agencies like the enforcement directorate, central bureau of investigation and income tax.

The Times of India

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The National (Scotland)

Tory MSP leaves 'false' tweet up – despite being corrected by expert he quoted

WHAT do you do if you make a mistake? Apologise? Try to make amends?

The Hindu

Income Tax raids on Embassy Group

Bengaluru

Insider UK

Scottish Government takes the scalpel to public services

Digging into yesterday's Spending Review documents reveals the extent of upheaval during the next few years

The Times of India

Mumbai: DG-IT investigation M V Bhanumathi who brought many politicians under scanner retires

MUMBAI: Directorate General of Income Tax (Investigation), Mumbai, 1987 batch IRS officer M V Bhanumathi, retired on Tuesday after her over 17-months packed successful tenure that witnessed searching at the premises of senior politicians kin in Maharashtra and controversial raids on film personalities.

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Insider UK

Axing or taxing - difficult decisions ahead for Kate Forbes

Tomorrow's Spending Review announcement comes during a particularly tight time for the economy

The Times of India

Madras high court refuses to quash prosecution against actor SJ Surya

CHENNAI: In a setback to actor/director S J Surya, the Madras high court has refused to quash six prosecutions initiated against him by the income tax department for recovery of over 7 crore tax due.

The Guardian - AU

Jim Chalmers banks on capital spending to help ease cost-of-living crisis

New treasurer says Labor is ‘not contemplating’ extending fuel excise cut or low and middle income tax offset

The Hindu

Income Tax department inspects five hospitals in Kochi

Move follows information that doctors were paying only 10% TDS instead of the mandatory 30%

Los Angeles Times

Commentary: California’s economy may seem healthy. But just wait for the next recession

The California economy may seem healthy on the surface, with home prices soaring, Silicon Valley booming and the state government posting big multi-year state budget surpluses thanks to a massive surge in capital gains tax revenues and income tax revenues from tech stocks.

The Guardian - AU

Liberals should make superannuation voluntary and childcare free, moderate Andrew Bragg says

NSW senator’s proposed reform agenda also includes increasing climate targets and introducing state income tax, as party reels from election loss

The Guardian - UK

We can’t all work ourselves out of the cost of living crisis

Letters: An immediate increase in benefits could surely be brought into play, writes Jill Westby. Plus letters from Lisa J Rafferty and Carolyn Sutton on their struggles with rocketing household bills

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