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The Latest Breaking News from Income Tax

SC declines to intervene in Karnataka High Court’s interim stay of CBI proceedings against D.K. Shivakumar

In 2017, the Income Tax Department raided D.K. Shivakumar, on the basis of which, the Enforcement Directorate (ED) started its probe against him. Following the ED investigation, the CBI later sought sanction from the State government to file an First Information Report against him

The Hindu

Income Tax Return: 1 lakh notices sent for underreporting, non-filing of returns, announces FM Nirmala Sitharaman

“About one lakh notices were sent,” Sitharaman said, adding that the notices are expected to be cleared by the end of this fiscal 2023-24. Read further on Dynamite News:

Dynamite News

Two Reasons to Never Stop Learning About Tax

Recent state tax changes that impact your finances for 2023 and beyond are one reason to keep learning about tax.

Kiplinger

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Council leader denies fraud, income tax evasion and possessing cocaine

.Jason Zadrozny, the leader of Ashfield District Council, denies 22 charges brought after a fraud inquiry.

The Independent UK

Attack on Income Tax officials: HC seeks case documents

The Hindu

Layoffs, pay cuts: Inside CPR’s ‘financial crisis’ after FCRA funds, tax exemption axed

The Centre for Policy Research has downsized its staff by 75 percent. Its faculty members — including fellows and senior fellows — have taken “massive pay cuts” ranging from 50 percent to full. The think tank had come under the income tax department’s tax scanner and faces a “serious financial…

Newslaundry

Rick Heidner, Illinois video gambling mogul, and his wife owe $5 million in income tax, IRS says

The Heidners didn’t contest that they owe $5,083,274 in personal federal income taxes from 2021. They say it will all be paid off “by the end of August.”

Chicago Sun-Times

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Elizabeth Warren Criticizes Amazon’s Tax Payments During Record-Breaking Prime Day 2023

Senator cites firm's history of avoiding federal income taxes despite huge profits; calls for minimum tax on corporate earnings.‌

Zenger

States That Won’t Tax Your Powerball Winnings

There are some states that won’t take another tax bite out of your Powerball jackpot or Mega Millions winnings.

Kiplinger

Whose Name Goes First on Your Income Tax Return?

A study suggests the order of names on a joint income tax return can provide insights about the people filing. But does the IRS care?

Kiplinger

New proposals calling for income tax on State Pension to be scrapped due official response

The freezing of the Personal Allowance at £12,570 could see more pensioners paying tax this year.

Daily Record

Warning that next year's State Pension increase could 'see millions more retirees' forced to pay income tax

Finance experts warn many over retirement age face unexpected tax bill - and urge early action

Manchester Evening News

HC refuses to quash criminal complaint lodged by Income Tax Department against DMK MP D.M. Kathir Anand

The Madras High Court has refused to quash a criminal complaint lodged by the Income Tax department against DMK MP D.M. Kathir Anand before a Judicial Magistrate in Vellore in 2016 for having allegedly not filed his returns for the assessment year 2013-14 and the consequent charge of evasion of…

The Hindu

New calls for income tax on State Pension to be scrapped to stop 'penalising' people in retirement

The freezing of the Personal Allowance at £12,570 could see more pensioners paying tax this year.

Daily Record

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Daily Record

New State Pension annual pay rise next April could see millions of people in retirement paying tax

A freeze in the personal allowance at £12,570 is pushing more pensioners closer to the tax threshold.

Tribune News Service

American states once awash in cash see their fortunes suddenly reversed

California Governor Gavin Newsom for years had an enviable problem. His state was awash in cash.

The Hindu

Taxpayers urged not to claim fraudulent returns, file revisions in case of wrong claims made

People found indulging in tax malpractice can face penalty up to 200% of disputed amount apart from imprisonment, says Principal Chief Commissioner of Income Tax (Andhra Pradesh and Telangana) Mitali Madhusmita

Insider UK

Budget reconciliation will see Scottish Government funding fall by £390 million

Public finance minister says he continues to press the UK Government for greater borrowing powers

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Newslaundry

IT department cancels Centre for Policy Research’s tax exemption status: Report

The Income Tax department has revoked the tax exemption status granted to the Centre for Policy Research, the Hindu reported yesterday.

The Hindu

Centre for Policy Research loses tax exemption status

The Income Tax Department has cancelled the tax exemption status of the Centre for Policy Research

The Guardian - UK

What are the main U-turns Labour has made under Keir Starmer?

From abolishing tuition fees to raising income tax for top earners, several pledges have been reversed

Kiplinger

Will Pennsylvania Tax Breaks Help Replace Lost Residents?

Proposed Pennsylvania tax breaks could result in big tax cuts, but if the tax breaks happen, will they be enough to help Pennsylvania replace the 40,000 residents it lost?

The Hindu

Big biz on Net comes with riders

The arrest of YouTuber Thoppi has shone the limelight on social media influencers.

The Independent UK

8.5m people aged 65 and over are income tax payers

The knock-on-impact of high inflation and frozen tax allowances may have pushed more people aged 65 and over into paying tax, experts suggested.

Irish Mirror

Three groups of people who can get their hands on €500 yearly cash boost

The Rent Tax Credit was introduced last year and it allows people who pay income tax to reduce their tax

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