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The Latest Breaking News from Income Tax

Revocable Trusts: The Most Common Trusts in Estate Planning

Revocable trusts allow the trust maker complete control over the assets and can be quite efficient when it comes to capital gains and income taxes.

Kiplinger

Yechury complains to EC against I-T notice to CPI(M)

Sitaram Yechury complains to Election Commissioner against Income Tax notice to CPI(M) in Kerala, alleging political motivation.

The Hindu

Freezing CPI(M)’s bank account part of BJP’s efforts to stifle Opposition, says CPI(M) Kerala secretary M.V. Govindan

The freezing of the bank account of the CPI(M) Thrissur district committee in Kerala by the Income Tax department was part of “the undemocratic measures” of the BJP government to stifle the Opposition parties and to get the BJP’s candidate elected from the constituency, according to CPI(M)‘s Kerala State secretary…

The Hindu

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A Bunch of IRS Tax Deductions and Credits You Need to Know

Lowering your taxable income is the key to paying less to the IRS. Several federal tax credits and deductions can help.

Kiplinger

Income Tax department freezes CPI(M)’s account in nationalised bank in Kerala’s Thrissur district

Income Tax department freezes CPI(M) account in Kochi with ₹4.8 crore; officials investigate missing account in annual returns.

The Hindu

Tamil Nadu: IT department raids house of road contractor in Tiruchirappalli

The Income Tax (IT) department conducted a raid. Read further on Dynamite News:

Dynamite News

IT dept. quizzes CPI(M) leader on large cash withdrawal from party account

Income Tax department questions CPI(M) secretary in Kochi over large cash withdrawal from party account in Thrissur.

The Hindu

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₹11.08 lakh unaccounted cash seized from passenger at Secunderabad Railway Station

Government Railway Police seizes ₹11.08 lakh unaccounted cash from passenger at Secunderabad Railway Station, handed over to Income Tax Department.

The Hindu

Ramesh Chennithala interview | ‘Political climate is in favour of Congress in Kerala this time’

Ramesh Chennithala leads Congress's Kerala Lok Sabha campaign with hopes of winning all 20 seats, including Alappuzha.

The Hindu

After reprieve on I-T notice, Congress says issue larger than tax demand

Congress welcomes I-T department's reprieve on ₹3,500 crore tax demand, raising larger issues on political party taxation.

The Hindu

Income Tax Department shows no interest in issuing demand notice to BJP, says Minister

Priyank Kharge questions Income Tax department's “bias” in issuing tax demand notices, criticizes BJP's tactics in Karnataka.

The Hindu

No coercive action against Congress over tax demand notices in view of Lok Sabha polls: I-T Dept to Supreme Court

Income Tax Department will not take coercive action against Congress for ₹3,500 crore tax demand during Lok Sabha elections.

The Hindu

No new change in income tax regime from April 1: Finance Ministry

The finance ministry on Monday said that no changes related to income tax rules are taking effect from April 1. Read further on Dynamite News:

Dynamite News

‘Congress culture is such that it never accepts its wrongdoings’

Union Minister Pralhad Joshi defends Income Tax notices to Congress, accusing party of looting country for 60 years.

The Hindu

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The Hindu

Congress gets fresh I-T notice of over ₹1,745 crore, total tax demand rises to ₹3,567 crore

Congress faces mounting tax trouble with fresh notices from Income Tax department totaling ₹3,567 crore.

The Hindu

I-T notice to Congress is warning to all political parties, says P. Chidambaram

The Income Tax department’s notice to the Congress, imposing a penalty of ₹135 crore, was a warning to all political parties, of the BJP’s intention to destroy the parties, former union minister P. Chidambaram alleged.

The Hindu

Shivakumar says he is ‘shocked’ to receive I-T notice

Karnataka Deputy CM D.K. Shivakumar receives income tax notice, accuses Centre of targeting Opposition, BJP leaders untouched.

The Hindu

Scared of defeat, BJP is slaughtering democracy, says Hibi Eden

BJP accused of slaughtering democracy by freezing Congress bank accounts ahead of elections, says MP Hibi Eden.

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The Hindu

Union government trying to make Congress bankrupt: K.C. Venugopal

Income Tax notice to Congress for ₹1,823.08 crore sparks accusations of BJP stifling opposition financially before elections.

The Hindu

Madhya Pradesh student files police complaint after getting ₹46-crore income tax notice

College student in Gwalior files complaint after ₹46 crore transactions from bank account, PAN card misused.

Dynamite News

Congress to stage nationwide protest tomorrow against Income Tax notices

Congress will stage a nationwide protest on Saturday against notices from the income-tax department, asking it to pay Rs 1,823 crore. Read further on Dynamite News:

Dynamite News

BJP must be asked to pay Rs4,600Cr penalty: Congress accuses IT Dept of double standards

"While the BJP was given exemption under the guise of IT rules the Department on the other hand was harassing the Congress party under the same rule," the Congress said. Read further on Dynamite News:

AAP

No surplus in sight as New Zealand outlook worsens

New Zealand Finance Minister Nicola Willis has pledged to deliver income tax cuts in the May 30 budget even as the government books worsen.

WEKU

Kentucky Senate passes revenue bill with no major tax changes

Lawmakers in each chamber of the Kentucky General Assembly continue their meetings to hammer out a final budget. The mechanism for paying for items in the two-year spending plan got little fanfare in the Senate Monday.

The Hindu

BJP accused of misusing central investigating agencies ahead of Lok Sabha elections

Hyderabad TPCC leader accuses BJP of biased electoral environment, urges Election Commission to prevent agency raids pre-election.

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