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The Latest Breaking News from Income Tax

How the IRS Taxes Retirement Income

It's important to know how common sources of retirement income are taxed.

Kiplinger

Direct vs indirect taxes: What’s adding to centre’s tax revenue and states’ woes?

The Union government’s gross tax revenue has shown consistent growth over the years, with direct taxes outperforming indirect taxes in recent years. But a holistic view, combining both Union and state tax collections, presents a different story.

Newslaundry

ED launches searches on promoters of real estate firm in TN

Enforcement Directorate conducts searches on real estate promoters in Chennai for alleged money laundering; bribery case registered.

The Hindu

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New Principal Chief Commissioner of Income Tax, Kerala, takes charge

Jayanthi Krishnan, a 1988 batch IRS Officer, becomes Principal Chief Commissioner of Income Tax, Kerala.

The Hindu

PM justifies rejigged tax cuts as cost-of-living relief

The prime minister has backed his government's reworked income tax package as the best way forward for struggling workers.

AAP

From Tax-Deferred to Tax-Free: Navigating Taxes in Retirement

Here are some considerations to keep in mind to help you spend less of your retirement savings and Social Security benefits on taxes.

Kiplinger

Tax contribution by States needs to be revisited

Since the 1st Finance Commission, some States have been arguing that their contributions to the Union tax revenue have been higher than others and, therefore, they rightfully have higher shares in the Union tax revenue.

The Hindu

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TDS dispute | Actor Sivakarthikeyan receives refund of ₹12.60 lakh from I-T Department

Actor D. Sivakarthikeyan gets a refund of ₹12.60 lakh from the Income Tax department after a resolved dispute.

The Hindu

Congress, BJP put govt. in the crosshairs

The Union Ministry of Corporate Affairs' probe into a mining firm's company matters puts the LDF government under scrutiny.

The Hindu

I believe taxation is a great public good, but I look at my tax return and ask: what are we paying for?

The system is broken: we pay as we should but watch the richest get off lightly while services get worse and worse, says Guardian columnist Frances Ryan

The Guardian - UK

Federal and Illinois 2024 tax season starts Jan. 29

The IRS announced the official start of the 2024 tax season and that includes Illinois taxpayers, who can start filing individual income tax returns.

Chicago Sun-Times

California Just Became More Expensive for High Earners

A California tax expansion will benefit workers with lower incomes, but high earners will pay the price.

Kiplinger

Sunak says he wants to reduce workers’ taxes this year and may cut benefits

PM sets up possibility of income tax coming down in March and says control of welfare is a priority

The Guardian - UK

DeSantis Wants To 'Eliminate the IRS' and Implement a Flat Tax

DeSantis says the new, single tax rate would mean "lower taxes for everyone" but that only demonstrates that he hasn't thought too deeply about how a flat tax would work.

Reason

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The Independent UK

Rishi Sunak’s tax cuts a ‘raw deal’, Labour to claim in ad campaign

The party says income tax and national insurance thresholds, frozen since 2021, mean many families have been drawn into higher tax bands.

Evening Standard

Labour tax cuts would threaten another 'period of austerity' for public services, warns IFS

Sir Keir Starmer and shadow Chancellor Rachel Reeves are reported to be considering tax cuts in Labour’s election manifesto, possibly to income tax

Kiplinger

How Regular Families Could Be Affected if Tax Cuts Expire

You don’t have to have a large estate to see a significant impact on your taxes once provisions in the 2017 Tax Cuts and Jobs Act sunset (if Congress doesn’t act).

Evening Standard

550,000 more Londoners to be dragged into paying income tax higher rate due to threshold freeze, warn Lib-Dems

Nearly a million more people in the capital and wider South East will also be brought into paying Income Tax by the threshold freeze policy

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The Hindu

Income Tax Department searches property, construction firm premises in Coimbatore, Erode and Namakkal

Income Tax Department conducts searches raids in Coimbatore & Erode, targeting property/real estate & pump manufacturer firms.

The Hindu

Tax collection on course to grow 3 times to over ₹19 lakh crore in 10 years of Modi Government

Tax collections likely to exceed ₹19 lakh crore in 10 years of Modi-led Government, providing more leeway for people-friendly tax measures.

The Hindu

Naveen Patnaik govt. to cover 90% of Odisha’s population under cashless care in private hospitals

BSKY will cover the entire population except income tax payees and government employees in the State. Big farmers and people above poverty line (APL), who are not paying income taxes in villages, will be benefited by the announcement.

The Guardian - UK

Only top half of UK earners to benefit from lower NI payments, thinktank warns

Any gains for lower half will be lost when income tax bills rise in April, says Resolution Foundation

Kiplinger

Tax Season Is Almost Here: What You Can Do to Prepare

Tax season can be a stressful time, but getting prepared now can help it go more smoothly.

The Hindu

Taxpayers urged to comply with e-verification scheme

FTCCI & ICAI organise seminar on Income Tax e-verification scheme in Hyderabad with Principal Director General of Income Tax Sunita Bainsla.

The National (Scotland)

'No evidence' to suggest Scots don't like paying more income tax, says expert

THERE is currently no evidence to suggest people are put off by more income tax bands in Scotland, an expert has told The National.

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