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The Latest Breaking News from Income Tax

The pros and cons of using artificial intelligence for your taxes

A certified public accountant posed a series of tax questions to ChatGPT to see how well it might help with filing taxes. Here’s what he discovered.

The Street

Keir Starmer vows to not raise income tax if Labour wins next election

Labour leader said he would avoid hikes ‘across the board’, having previously ruled out a wealth tax on the richest in society

The Independent UK

Naidu should prove his innocence in I-T notice case, says Dokka

Telugu Desam Party (TDP) national president N. Chandrababu Naidu owes an explanation to the people on the notices reportedly issued to him by the Income Tax Department, says YSR Congress Party (YSRCP) leader Dokka Manikya Vara Prasad.

The Hindu

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Labour will not raise income tax if party wins next election, Starmer says

The Labour leader said he would avoid hikes ‘across the board’, having previously ruled out a wealth tax on the richest in society.

The Independent UK

Scottish Labour have 'presumption against' any income tax rises in Scotland

SCOTTISH Labour have a “presumption against any increases in income tax”, Anas Sarwar has said.

The National (Scotland)

Income Tax hoopsters take home the PSG Trophy

Income Tax (Chennai) edged past Indian Army (New Delhi) 75-71 in the 57th PSG Trophy all-India basketball tournament for men. Indian Bank (Chennai) won 3rd place, beating Indian Navy (Lonavala) 79-72. Income Tax's Arvind Muthukrishnan & Aravind Annadurai shone, while Indian Army's Y.P. Abhishek, Siva Saktivel & Sahil fought hard.…

The Hindu

Taxing questions: is National glossing over the likely cost of administering its new ‘revenue measures'?

The National Party’s newly released tax package makes a clear and politically prudent play for the middle-income vote. Proposing to alleviate the financial pain of this “squeezed middle”, it may be key to determining who forms the next government.

The Conversation

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We can talk about a higher rate of GST in Australia, but it will never happen

A group of crossbench parliamentarians have revived the idea of increasing the rate of the goods and services tax from 10% or removing exemptions on food, education and health purchases.

The Conversation

Most Expensive States for Millionaires in 2023

If you earn a lot of money, you may want to avoid these most expensive states for millionaires. Some high earners in these areas could pay income tax rates greater than 50%.

Kiplinger

A Tax Planning Cautionary Tale: Timing and Formalities Are Critical

A business owner learned the hard way (and at great cost) not to dawdle or cut corners when it comes to tax plans involving the sale of a business.

Kiplinger

Best States for Middle-Class Families Who Hate Paying Taxes

Here are the best states for middle-class families with "middle incomes" (due to low tax burdens).

Kiplinger

Which form should you use to file your taxes?

The IRS has three different versions of the Form 1040 that you can use to file your taxes: 1040, 1040-SR, and 1040-NR. Here are the key differences.

The Street

Labor is nibbling at tax reform but revamping stage three cuts is too big to swallow

The intergenerational report shows cuts will be needed in the medium to long term to prevent workers paying an ever-growing share of the total take

The Guardian - AU

Wealthy millennials are flocking to Florida and Texas—and no one wants to live in New York or California

Sunshine, open space, and lack of income taxes are luring high-earning young professionals out of their tiny city apartments and down South.

Fortune

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The Guardian - UK

Earned income taxed twice as heavily as capital gains for some in UK, study finds

Thinktank says increasing capital gains tax rates to same as employment tax would raise £10bn extra

Kiplinger

Is Tax Relief for Marijuana Businesses Coming?: Kiplinger Tax Letter

Marijuana businesses get tax relief in some states to help with their thorny income tax issues.

The Hindu

Bevco stands to gain ₹1,150 crore after solving long-standing tax-related issues

The interventions of the Bevco officials led by Chairman and Managing Director Yogesh Gupta helped the Corporation in the recovery of the huge amount.

WEKU

A 4% income tax on millionaires will make lunch free for Massachusetts K-12 students

Massachusetts voters approved the Fair Share Amendment in November. It places a 4% tax on incomes above $1 million, in addition to the state's standard income tax of 5%.

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The Street

Using asset location to minimize income tax while reaching your investment goals

While asset allocation helps you diversify your portfolio, you can further boost your net worth by using the tax-efficient strategy of asset location.

The Hindu

Sunil Mathur is principal chief commissioner of I-T for T.N. and Puducherry

Sunil Mathur, 1988 batch IRS officer, takes charge as Principal Chief Commissioner of Income Tax, TN & Puducherry. He holds a B.E. (Civil) from BITS Pilani & Masters in Public Management from Lee Kuan Yew School of Public Policy. He has worked in various capacities in IT Dept. in Gujarat,…

The Hindu

The yearly grind

The inherent anxiety and tension remain despite the well-meaning reforms and technological advancements initiated by the Income Tax department.

The Hindu

LDF finds itself at the centre of a new controversy centred on CM’s family

The Left Democratic Front (LDF) government seems to have found itself at the centre of a gathering and potentially stormy political controversy swirling around the business transactions of Chief Minister Pinarayi Vijayan’s daughter and IT entrepreneur T. Veena Vijayan.

The Hindu

‘Payment’ for Pinarayi daughter: BJP seeks response of CPI(M)

Bharatiya Janata Party State president K. Surendran has said the Income Tax Interim Settlement Board’s revelation that Chief Minister Pinarayi Vijayan’s daughter Veena Vijayan had accepted ₹1.72 crore from a private sand-mining company in the past three years was shocking and disturbing.

The Hindu

"India is our country's name...": Uddhav Thackeray hits out at PM Modi

Uddhav Thackeray says India is our country's name, PM Modi represents it abroad. BJP follows Hindutva for votes, Central agencies used to target opposition. No personal hatred for PM Modi, but he calls opposition's INDIA directionless, unfortunate.

The Hindu

Companies that compete with Adani group for ‘prized’ assets face raids from CBI, ED and Income Tax, alleges Congress

“Agencies like the ED and CBI are not only being used to break apart opposition parties,” Mr. Ramesh said.

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