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The Latest Breaking News from Income Tax

I-T department to conduct scrutiny where assessees failed to respond to taxmen's notices

The Income Tax department has come out with guidelines for selection of cases for scrutiny, under which cases wherein assessees have not responded to I-T notices will be picked up for compulsory examination

The Hindu

Income Tax officials face attack during searches on the premises of Senthilbalaji’s brother

Four senior I-T officials, including Inspector of Income Tax Gayathiri, were admitted to the Government Medical College Hospital in Karur.

The Hindu

No Income Tax searches at my home, says Tamil Nadu Minister Senthilbalaji

Tamil Nadu Minister for Electricity and Prohibition V. Senthilbalaji said on Friday that the Income Tax Department had not conducted any search at his house. The houses and premises of his friends and relatives were searched, and they would extend cooperation to officials, he said

The Hindu

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Annamalai condemns attack on Income Tax officials

Tamil Nadu BJP president K. Annamalai condemned the threatening of Income Tax officials and attack on their vehicles by DMK cadres when the officials had come to search premises premised linked to Tamil Nadu Minister for Electricity, Excise and Prohibition V. Senthilbalaji on Friday.

The Hindu

DMK slams BJP over I-T searches in premises of individuals linked to T.N. Minister Senthilbalaji

The DMK in Tamil Nadu alleged the BJP is using central agencies such as the Income Tax department to “avenge” opposition parties, after the premises of people close to TN Minister Senthil Balaji were raided

The Hindu

I-T assessment transfer to Central Circle | Delhi High Court dismisses pleas of Congress leaders Sonia Gandhi, Rahul, Priyanka

The Delhi High Court dismissed petitions by Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra against the Income Tax Department’s decision to transfer their assessments to the Central Circle instead of an ordinary assessment in a matter related to arms dealer Sanjay Bhandari.

The Hindu

Fuel dealers in Punjab says facing ‘difficult situation’ similar to 2016 due to withdrawal of ₹2000

After the Reserve Bank of India (RBI) announced the withdrawal of ₹2,000 banknotes from circulation in pursuance of its ‘Clean Note Policy’, the fuel dealers in Punjab on Thursday said they were facing a “difficult situation” similar to the year 2016, when demonetisation was implemented.

The Hindu

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New proposals for people to pay mortgage through wages before tax deductions due official response

A petition calling for the change has received more than 19,500 signatures of support.

Daily Record

Income Tax Dept enables online filing of Income Tax Returns 1, 4

The Income Tax department has enabled online filing of Income Tax Returns (ITRs) 1 and 4, filed by individuals, professionals and small businesses, for 2022-23 fiscal

The Hindu

Is India stalling visa renewal for two Sri Lankan journalists with BBC in Delhi?

Following the Income Tax department’s “surveys” of BBC’s offices in India in February, two foreign journalists with the BBC have found themselves in a quandary in Delhi.

Newslaundry

Inflation-hit households ‘typically needed £5,455 extra over past two years’

Households should not be afraid to reach out and ask for help, according to interactive investor, which made the calculations.

The Independent UK

New calls to allow people to pay mortgage through their wages before tax and National Insurance deductions

Paying for things through your company payroll using your pre-tax salary is known as ‘salary sacrifice’.

Daily Record

Fuel outlets and restaurants in Chennai refuse to take ₹2,000 notes

According to stakeholders, many have begun to panic since they experienced harassment from Income Tax officials after the demonitisation exercise of November 2016

The Hindu

₹2,000 notes withdrawn: LPG agencies, petrol bunks to play safe after facing heat from I-T dept.

LPG agencies, petrol bunks to play safe after facing heat from I-T dept.

The Hindu

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Kiplinger

States Where You’ll Pay Less Income Tax in 2023

Many states have lowered personal income tax rates for this year. Do you live in one?

Chicago Sun-Times

Ex-Washington Federal bank employee cuts deal with feds, expected to testify

The failure of Washington Federal Bank for Savings has led to criminal charges against 16 people. Among them: former Ald. Patrick Daley Thompson, who was convicted lst year of lying to regulators and filing false income-tax returns.

Reuters

Brazil's government eyes tax tweaks to boost revenue -sources

Brazil's Finance Ministry is preparing a new set of initiatives to increase tax revenue, including a review of deductions and exemptions for income tax on individuals, according to three sources familiar with the matter.

The Independent UK

How much extra income tax you’ll pay by 2027 due to frozen thresholds

Think tank says millions of workers will be dragged into higher rate of income tax by 2027

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The Independent UK

Tory backlash as one in five will be paying higher income tax rate by 2027

One in four teachers and one in eight nurses will be paying 40p rate in biggest tax rise since 1970s, experts warn

The Guardian - UK

One in five workers will be higher-rate taxpayers by 2027 – IFS

Jeremy Hunt’s freeze on allowances and thresholds will put a quarter of teachers and one-eighth of nurses in 40% income tax bracket

The Independent UK

One in five taxpayers will be paying higher rate of income tax by 2027, says IFS

By 2027–28, the number of people paying income tax at 40% or above will reach 7.8 million, according to a new Institute for Fiscal Studies report.

Daily Mirror

Rishi Sunak slaps down top Tory's claim 2p could be cut from income tax

The Prime Minister's spokesman said it was not up to Work and Pensions Secretary Mel Stride to dictate tax policy after he claimed getting people back into work will boost the economy enough to reduce income tax by 2p

Kiplinger

Is High-Yield Savings Account Interest Taxable? What to Know for 2026

Think a high-yield savings account is a good idea? Don’t forget taxes on savings account interest.

The Hindu

Congress questions timing of I-T raids in Kalaburagi

Condemning Income Tax raids on the houses and business outlets of Congress leaders and supporters on Saturday, Karnataka Pradesh Congress Committee (KPCC) spokesperson and former Minister Priyank Kharge questioned the timing of the raids ahead of Assembly Elections in the State.

The Hindu

IRS body condemns killing of officer by mob in Manipur

The Indian Revenue Service (IRS) Association has condemned the killing of an income tax officer by a mob in violence-hit Manipur. The IRS officer’s death followed that of Chonkholen Haokip, a CRPF constable of the force’s elite CoBRA unit who was on leave.

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