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The Latest Breaking News from Income Tax

Union Budget 2024: Revision in personal income tax slabs

For those opting for the new tax regime, the standard deduction for salaried employees to be increased from Rs 50,000 to Rs 75,000. Read further on Dynamite News:

Dynamite News

How do 9 states get by with no income tax? A tax expert explains the trade-offs they choose

Curious Kids is a series for children of all ages. If you have a question you’d like an expert to answer, send it to curiouskidsus@theconversation.com.

The Conversation

Billionaire Gerko loses tax fight over quant trader payouts

One of the UK’s largest taxpayers, billionaire quant trader Alex Gerko lost a legal dispute with British authorities over the tax treatment of a deferred payment plan. Appeal judges ruled that Gerko and other traders, while they were still running high-frequency trading strategies at GSA Capital Partners between 2010 and…

Evening Standard

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ACT Young Liberals' particularly conservative policy agenda revealed

Party's youth wing will also debate abolishing income tax entirely.

The Canberra Times

Is Jumia Technologies a Hidden Gem in E-Commerce?

Despite strong year-over-year growth in GMV and revenue, Jumia Technologies (JMIA) incurred a significant loss before income tax due to currency devaluations in its largest markets, impacting purchasing power and supply availability. Given the challenging macro environment in Africa, should you invest in this e-commerce stock? Read more.

StockNews.com

Why the new government is staying silent about the City – it won’t get tough on the UK’s financial sector anytime soon

Rachel Reeves’ first speech as the UK chancellor highlighted the financial constraints the new Labour government faces. With taxes already at a 70-year high in relation to national income, she repeated the pledge of no increases in national insurance, income tax or VAT.

The Conversation

How to Handle Irrevocable Trust Assets Tax-Efficiently

Irrevocable trusts can be structured so that trust property is either included in the potentially taxable gross estate or removed. What are the pros and cons?

Kiplinger

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Filing ITR? Tax benefits you and your spouse can avail if you have kids

As the deadline for filing Income Tax Returns (ITR) approaches on July 31, it is crucial to be aware of the various exemptions available. One key area where taxpayers can benefit from exemptions is when they have children.

The Times of India

Clarifying the Uncertainty over Direct and Indirect Taxes in Moore v. United States

A guest post from Professor Rob Natelson

Reason

Woman Gets $475K Out Of $800K Game Show Prize After Taxes; Dave Ramsey Slams 'Thieving Government'

Soon after winning, Tyler faced challenges like state and federal taxes, entitled cousins wanting their fair share, and whether she should buy a new house.

International Business Times UK

Project 2025 Tax Overhaul Blueprint: What You Need to Know

Some people wonder what Project 2025 is and what it suggests for taxes.

Kiplinger

The Taxes That Come out of Your Paycheck

Your take-home pay is often less than expected due to several payroll tax withholdings you need to know.

Kiplinger

Before Doing a Roth Conversion, Evaluate These Three Thresholds

To avoid getting flattened by higher taxes or Medicare premiums related to Roth conversions, make sure you look both ways on your tax rates.

Kiplinger

Brickbat: Not-So-Sweet 16

The Chicago City Council is considering hiking 16 different taxes and fees. The ideas the council has been asked to consider include an income tax surcharge, a vacant lot tax, traffic congestion charges, and higher taxes on groceries and alcoholic beverages.

Reason

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The Independent UK

New Georgia laws regulate hemp products, set standards for rental property and cut income taxes

Georgia is imposing new restrictions on the sale of hemp products, requiring some basic standards for rented residences, cutting income taxes and requiring cash bail for dozens of new crimes

Kiplinger

Should You or the Trust Pay a Trust's Income Taxes?

Irrevocable trusts can be set up so that the trust maker no longer pays income taxes, and the taxes are instead paid by the trust. What are the pros and cons?

Kiplinger

Developing a Charitable Giving Strategy: Where to Begin

Knowing what to give, how to give and where to give can help ensure your charitable giving aligns with your values and maximizes your impact.

The Conversation

If Rachel Reeves hikes capital gains tax, she’ll be more in line with Nigel Lawson than Gordon Brown

With Labour heavily predicted to win the upcoming UK election, there has been much talk about future tax plans.

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The Guardian - UK

Number of UK income tax payers leaps by 4.4m in three years due to threshold freeze

HMRC data shows 26% more people over state pension age paying tax on earnings than in 2021-22

The Independent UK

8.5m people over state pension age are income tax payers

Between the tax years 2023-4 and 2024-5, there was a 660,000 increase in income tax payers over state pension age, according to HMRC figures.

Kiplinger

New 401(k) Withdrawal Rules to Know

More people are taking early emergency withdrawals from retirement savings accounts. New rules might offer some relief.

Kiplinger

How to Donate Your Life Insurance Policy to Charity

Donating an unneeded life insurance policy to charity can extend your charitable legacy. To maximize that gift, consider methods that may reduce your tax burden.

The Independent UK

Where do all the parties stand on tax cuts and spending – and are their manifestos fully costed?

Everything you need to know about the tax cuts proposed in the 2024 manifestos – and how they’re costed

The Guardian - UK

Tax giveaways, rent caps and childcare: what the manifestos would mean for your finances

We look at general election pledges from Labour, the Tories and the Lib Dems on tax, spending and benefits

The Independent UK

General election manifestos: Where do the main parties stand on key areas from NHS to immigration

The Independent’s guide to all the major party manifestos ahead of the general election

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