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The Latest Breaking News from Income Tax

Rishi Sunak attempts to revitalise campaign with vow to slash income tax by the end of the decade

Former chancellor says he will cut basic rate of income tax from 20p to 16p in the pound by the end of the next parliament if elected Tory leader

The Independent UK

Rishi Sunak pledges 20% tax cut by end of decade in last-gasp pitch to members

Former chancellor warns party members against ‘fantasy economics’, adding voting for Truss would be ‘self-sabotage’

The Guardian - UK

Rishi Sunak vows to take 4p off income tax within seven years

The former chancellor, setting out his ‘radical tax vision’, faced renewed accusations of U-turning on tax.

The Independent UK

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Flailing Rishi Sunak pledges huge Income Tax cut to 16p - but only by 2028

The ex-Chancellor was accused of “jam tomorrow” by Liz Truss’ allies as he made the pledge if he enters Downing Street on September 5

Daily Mirror

How Inflation Impacts Your Taxes

The impact of inflation on federal income tax brackets and some other tax credits might not be all bad.

Kiplinger

Idaho voters will decide on an initiative to increase the state’s income and corporate tax rates for education funding in November

On July 22, the Idaho secretary of state announced that an initiative that would increase income tax and corporate tax rates to provide additional education funding had submitted the required number of signatures for the November ballot.

Ballotpedia

I-T Dept. urged to create more awareness on digital process

Chennai

The Hindu

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Prompt grievance redressal of taxpayers top priority, says CBDT chairman Nitin Gupta

In his message on the occasion of Income Tax Day, he said the tax department has reported the highest ever tax collection of ₹14.09 lakh crore

The Hindu

No plan to extend deadline for filing I-T returns, says Revenue Secretary

Revenue Secretary Tarun Bajaj said over 2.3 crore income returns were filed by July 20 for fiscal 2021-22 and the numbers are picking up.

The Hindu

Tory leadership: Rishi Sunak rejects bringing forward 2024 income tax cut to counter Liz Truss surge

Former chancellor’s pitch is ‘fiscal responsibility’ – but he is under pressure to accelerate planned 1p cut off 20p rate

The Independent UK

Conservative leadership election: why tax cuts are an economic gamble

Always keen to be identified as the party of low taxation, the Conservatives won the 2019 general election on a promise not to raise income tax, VAT or national insurance. So last year’s national insurance increase was bound to rankle, even though it could feasibly be blamed on the huge…

The Conversation

Colombia tax reform to target high-earners, says incoming agency head

A tax reform proposed by Colombia's President-elect Gustavo Petro will raise $10.9 billion annually via a progressive income tax, the elimination of business exemptions, and tackling evasion, his incoming tax agency head said on Thursday.

Reuters

Rs 18.5 crore jewellery, Rs 3.5 crore cash seized from realty firms

BENGALURU: Income tax department sleuths on Monday carried out searches at over 40 locations connected to two leading real estate groups of Bengaluru and Hyderabad engaged in construction, educational and hospitality services.

The Times of India

Tamil Nadu: Attachment of Rs 1,600 cr benami assets of VK Sasikala upheld by Madras HC

CHENNAI: An income tax department order attaching at least 14 benami properties of VK Sasikala, together valued at more than 1,600 crore, has been upheld by Madras high court.

The Times of India

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Reuters

UK leadership contender Zahawi promises income tax cut

British finance minister Nadhim Zahawi said on Monday he would abolish a planned increased in corporation tax and would cut the basic rate of income tax by reducing government spending if he is chosen to replace Boris Johnson as prime minister.

The Conversation

Do Australians pay too much income tax? 6 charts on how we rank against the rest of the world

Australians pay too much income tax – or so some argue.

The Hindu

Outreach programme held in Andhra Pradesh for CAs and Income Tax practitioners

Principal Chief Commissioner of Income Tax (Exemptions), New Delhi, Rashmi Saxena Sahni conducted a review on the performance of Andhra Pradesh, Telangana and Odisha in the morning session

The Independent UK

PM and Chancellor unified in announcing ‘single biggest tax cut in a decade’

The pair said the tax cut will amount to £6 billion in value and lift ‘2.2 million people out of paying any National Insurance or income tax’.

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The Independent UK

‘1.2m’ pensioners dragged into paying income tax since Boris Johnson elected in 2019

Over-65s warned the taxman will take his ‘chunk’ of state benefit

The Hindu

Discipline, commitment are key to success, students told

Income Tax Commissioner B. Srinivas said education integrated with ethics and inculcation of leadership qualities would help young learners go a long way in life.

The Hindu

Woman’s plea for Income Tax returns of estranged husband declined

I-T Dept says details can’t be disclosed as they pertain to “third party information”

The Independent UK

Jump in people paying higher rates of tax

There are a projected 5.5 million higher rate income taxpayers in 2022/23, marking a 43.9% increase compared with 2019/20, HMRC said.

The Independent UK

Rishi Sunak’s ‘stealth tax’ creates 2 million new higher rate payers in just 3 years

Freeze in allowances means higher income tax rates no longer ‘reserved for very wealthiest’

Chicago Sun-Times

Bailey pledges to bring ‘common sense solutions to the table’ — but not copies of his income tax returns

The tradition of Illinois gubernatorial nominees releasing their tax returns dates back to 1976, at least. But Bailey told the Sun-Times, “Right now, I see absolutely no reason in doing that.”

Irish Mirror

Government considering new tax bracket in Budget 2023 which would see workers give less to taxman

Speaking in the Dáil on Wednesday, Mr McGrath said that there would be a package of measures within Budget 2023 that would see changes to income tax brackets so people don’t climb into higher tax brackets.

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