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The Latest Breaking News from Income Tax

Income Tax raids: Congress seeks clarification from party MP Dhiraj Sahu

Congress seeks clarification from RS MP Dheeraj Sahu after ₹350 crore in cash from entities linked to his companies is recovered in I-T raids. Congress says it's a personal matter and will not comment until official statement from I-T and related agencies. BJP stages protest, demands Sahu's arrest. Congress MLA…

The Hindu

Cash seizures from entities owned by Congress MP to be more than ₹350 crore

I-T dept. in Odisha seized ₹350 crore cash from distillery units. SBI Balangir branch counted ₹305 crore, Titlagarh ₹11 crore & Sambalpur ₹37.5 crore. This is the highest ever cash seizure in a single case. I-T officials will connect dots to source of cash from distillery promoters. Union Minister Pradhan…

The Hindu

Kishan Reddy questions Congress over I-T seizures in Jharkhand

The Union Minister dubbed Mr. Sahu as “black money, hero” and said the Jhankhand MP is a close confidant of Rahul Gandhi and allegedly supported and fulfilled all the requirements of the Congress leader’s ‘Bharat Jodo yatra’ last year.

The Hindu

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I-T dept conducts raid at Boudh Distilleries in Odisha for fifth day in a row

The Income Tax Department conducted raids at the premises of Boudh Distilleries Private Limited on Sunday. Read further on Dynamite News:

Dynamite News

BJP targets Congress over IT raids against Dhiraj Prasad Sahu

Both the ruling BJP and the Opposition Congress engaged in a political slugfest on Saturday over the Income Tax department’s raids at Congress Rajya Sabha MP Dhiraj Prasad Sahu

The Hindu

Odisha cash haul | BJP stages protest in J&K, demands action against Congress MP Sahu

Shouting anti-Congress slogans, the BJP activists assembled outside the Press Club in the heart of Jammu and held a peaceful demonstration.

The Hindu

I-T seizures | PM Modi says money looted from public will have to be returned

I-T dept recovers ₹220cr in raids linked to Odisha-based distillery group. PM Modi says looted money must be returned.

The Hindu

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This Corporate Law Case Could Accidentally Overturn U.S. Taxes

Moore v. United States might wreak economic havoc.

Foreign Policy

Will ensure equal employment opportunity for all: Union Minister

Union Minister of State for Health and Family Welfare Bharati Pravin Pawar inaugurated the 11th phase of Thiruvananthapuram Rozgar Mela, aimed at providing equal employment opportunities for all. Prime Minister Narendra Modi's message was screened, and 25 job aspirants were given appointment letters. Skill India and Start-up India were launched…

The Hindu

Contractor under IT scanner passes away

The vice-president of Karnataka State Contractors’ Association R. Ambikapathy, who was in the news last month after the Income Tax Department recovered a huge cache of cash from him, passed away here on Monday.

The Hindu

Jeremy Hunt hails biggest tax cuts since Thatcher but plans condemned as ‘not good for growth’

Chancellor ‘opens the door to May election’ with national insurance giveaway and hint of income tax cut in spring

The Independent UK

Autumn statement 2023: what it means for people on a range of incomes

How Hunt’s measures on tax, NI and benefits will affect single people, couples and those receiving pensions in England, Wales and Northern Ireland

The Guardian - UK

Jack urges Scottish Government to use cash ‘wisely’ and not raise income tax

But Scottish Finance Secretary Shona Robison said the autumn statement had not provided the funding devolved governments need.

The Independent UK

Economic Productivity Through the Lens of Global Tax Policy

In the realm of global economics, the interplay between taxation and productivity forms a complex tapestry, with each country weaving its unique pattern.

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The Guardian - UK

Wednesday briefing: What’s ‘on the table’ for Jeremy Hunt’s autumn statement

In today’s newsletter: Amid backbench pressure to cut taxes, Rishi Sunak and his chancellor have signalled a willingness to bring forward tax cuts

The Guardian - UK

‘I’m reducing my hours’: fiscal drag’s impact in the cost of living crisis

Guardian readers share how frozen income tax thresholds have tipped them into higher brackets, affecting household budgets

The Guardian - UK

Pressure grows on Hunt to cut income tax as millions more face paying it

Hopes that nearly 4 million low paid UK workers would be able to keep more of their earnings if personal allowances are uprated

The Guardian - UK

Autumn statement: where might Jeremy Hunt spend his windfall?

The chancellor is estimated to have billions to play with and has a range of options from lowering income tax to cutting inheritance tax

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The Independent UK

Shakira reaches deal to avoid $15 million tax fraud trial as jail time swapped for fine

Colombian singer Shakira has reached a settlement with prosecution to avoid a trial over charges she failed to pay 14.5 million euros ($15.74 million) in Spanish income tax between 2012 and 2014.

The Guardian - UK

Autumn statement will avoid tax cuts that promote inflation, pledges Hunt

Chancellor seeks to promote growth ahead of autumn statement that could spark a rebellion among Tory backbenchers defending marginal seats

The Guardian - UK

Jeremy Hunt rules out any tax cut that fuels inflation in autumn statement

Chancellor says he will not throw away hard work done to tackle rising prices amid calls for income tax cuts

The Independent UK

Hunt warns against fuelling inflation but hints at tax cuts for businesses

The Chancellor seemed to downplay speculation that income tax could be reduced in his autumn statement on Wednesday.

The Independent UK

Hunt refuses to rule out shock income tax cut amid warnings of revolt if budget favours rich

Red wall Tory MPs warn inheritance tax cut would be ‘odd priority’ and viewed as handout for the rich – as chancellor appears to switch focus

Dynamite News

IT raids at premises of Miryalaguda BRS MLA Nallamothu Bhaskar Rao in Telangana

Ahead of the Telangana assembly polls, the Income Tax officials on Thursday, conducted raids at the residence of Miryalaguda BRS MLA Nallamothu Bhaskar Rao in Telangana.

Kiplinger

Would You Benefit From a Split Interest Income Trust?

If you have a high income, are selling appreciated assets or won the lottery, a split interest income trust could be a boon to you and a designated charity.

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