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The Latest Breaking News from Income Tax

Borrowers in 7 states may be taxed on their student loan cancellation

Seven states have tax policies on the books that could require them to treat student loans canceled by the federal government as taxable income.

WEKU

Two think-tanks face tax ‘survey’

The Income Tax (I-T) Department conducted “surveys” at the premises of two think tanks and a charity

The Hindu

Income redistribution or social insurance? A federal MP considers the future of the welfare state

The Albanese government has something of an embarrassment of intellectual riches, with no less than three of its MPs holding PhDs in economics. Two of them, Andrew Charlton and Andrew Leigh, are also prolific authors with at least a dozen books between them.

The Conversation

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‘No foreign funding’: Media-funding foundation responds to tax ‘survey’

The Income Tax department conducted a “survey action” at the Bangalore office of the Independent and Public Spirited Media Foundation on Wednesday, CNBC- TV18 reported.

Newslaundry

TASMAC moves Madras High Court against demand of ₹8,310.07 crore towards income tax

Claims, its unfair to not permit deduction of VAT payment of over ₹14,000 crore to Tamil Nadu Govt. from the ambit of taxable income

The Hindu

NDTV invites VCPL to join application to Income Tax Department over shares

Adani Group unveiled plans last week to control a majority stake in NDTV

The Hindu

States tapping historic surpluses for tax cuts and rebates

State governments flush with money are returning billions of dollars to their residents

The Independent UK

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Gov. Mike Parson calls the second special session in Missouri history

Governor Mike Parson (R) announced a special session on August 22, 2022 which will focus on an income tax cut and agricultural tax incentives proposal. This special session is set to begin on September 6 and the annual veto session begins on September 14. This is the second special session…

Ballotpedia

Feeling that fiscal drag? Why you could be worse off even if your pay has gone up

Tax has again become an election issue, more than 12 months before voters go to the polls. Part of the current debate centres around tax brackets and whether the current cut-off points are fair.

The Conversation

If we want a fair system, GST must change

Overhauling our low-rate broad-base tax system would go a long way to addressing our wealth gap. Let's not squander the opportunity the election affords for a debate, writes Susan St John.

Newsroom.co.nz

Scott Burns: Are your taxes too high, too low or just right?

The most applauded tax is one that is paid by someone else. It is thought to be fair and well-conceived. This is common knowledge.

Tribune News Service

National parties collected ₹15,077 crore from unknown sources between FY 2004-05 and 2020-21: ADR report

The analysis was conducted on the basis of the parties' Income Tax Returns and donations statements filed with the Election Commission of India

The Hindu

Income tax change in Budget 2023 could leave you with €1,000 extra in your wages

These changes could benefit 1.8 million workers to the tune of €1,000 extra in their salary.

Irish Mirror

IRS will refund penalties to California taxpayers who filed late in early COVID years

Californians who paid their 2019 or 2020 income taxes late could be getting refunds on the amounts they paid in penalties, the Internal Revenue Service said Wednesday.

Tribune News Service

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The Hindu

I-T sleuths search premises of two prominent groups in leather and footwear sector

CHENNAI/Vellore

The Hindu

Facing government action, Huawei to dial down R&D operations

Decision comes after I-T searches and probes into ‘national security’ aspects

The Hindu

Income Tax department raids Jharkhand hotel in search of Partha Chatterjee aide

The person, however, reportedly left the hotel hours before the I-T team arrived.

Los Angeles Times

George Skelton: California had a nearly $100 billion surplus this year. We don't need to raise taxes with Prop. 30

SACRAMENTO, Calif. — If Proposition 30 passes in November, we should hang a sign at the border reading: "Welcome to California, the state with the nation's most outrageously high income tax."

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The Times of India

Tax department seeks to make faceless assessment smoother

NEW DELHI: From setting up review panels to giving assesses time to respond to show cause notices and establishing a parallel verification system, the income tax department has worked out fresh checks and balances in its faceless assessment scheme to make it more robust.

The Hindu

Madras HC stays penalty of ₹1.5 crore imposed on actor Vijay by Income Tax Department

He reportedly failed to disclose additional income of ₹15 crore for financial year 2015-16

The Times of India

Finance ministry will review tax regime free of exemptions

NEW DELHI: The finance ministry is proposing to soon review the exemption-free new tax regime with a view to making it more attractive for individual income taxpayers, sources have said.

Dublin Live

Thousands could receive double child benefit payment of €280 as part of cost of living package

Parents with two children could receive €560 while a family with three children is eligible to receive €840 if the Government agrees to the policy

Irish Mirror

Thousands could see once-off double Child Benefit payment of €280 in huge boost

Those in receipt of a child benefit payments could be in line for a €280 one-off payment if they have one child or €560 if they have two

Reuters

Brazil's Lula to continue tax reform but replace income tax bill if elected, says aide

Brazil's former President Luiz Inacio Lula da Silva, if elected in October, will back a tax reform bill currently in the Senate that would unify federal taxes on consumption into one valued-added tax, a close aide told Reuters on Thursday.

Irish Mirror

Pension and social welfare hike of €15 could be coming in Budget 2023

This comes as one of the biggest reductions in income tax in almost a decade is to be introduced in this year's budget

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