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The Latest Breaking News from Income Tax

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 Times of India

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 Hindu

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.

The Times of India

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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

Dublin Live

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

Irish Mirror

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.

Reuters

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

Irish Mirror

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Income tax payers barred from enrolling in Atal Pension Yojana from October 1

NEW DELHI: Income tax payers will not be allowed to enrol in the government's social security scheme Atal Pension Yojana (APY) from October 1, according to a notification.

The Times of India

No more Atal Pension Yojana benefits for Income Tax payers from October 1

The government introduced APY on June 1, 2015, to provide social security to workers mainly in the unorganised sector

The Hindu

Maharashtra: Disguised as baraatis, I-T officials raid 2 businessmen in Jalna, seize Rs 58 crore cash

MUMBAI: Income Tax (I-T) officials — disguised as baraatis — raided two businessmen at Jalna district in Maharashtra which led to the recovery of around Rs 58 crore unaccounted cash and gold worth Rs 15 crore.

The Times of India

Maharashtra: Assets worth Rs 390 crore seized in tax raids on business groups in Jalna

The raids were conducted between August 1 and 8 at the residential and official premises linked to two business groups dealing in steel, clothing, and real estate. Read more on Dynamite News:

Dynamite News

HC sets aside I-T Dept.’s demand of tax to the tune of ₹2,682.16 crore from SRS Mining

It directs the Assessing Officer to reconsider the issue and pass fresh assessment orders for the years 2014-15 to 2017-18

The Hindu

Proposed new tax band could see some Irish taxpayers keep up to extra €1,000 a year

Middle and high income earners would see 'a direct increase in their net income' if such a measure was introduced

Irish Mirror

Tens of millions of working Brits set to be hit by 'stealth tax' of £30billion

Income tax thresholds, including the personal allowance, have been frozen for four years. But inflation is soaring and could hit 13% - meaning people will be dragged into paying more

Daily Mirror

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The Independent UK

Abrams calls on using budget surplus to invest in Georgians

Democratic gubernatorial candidate Stacey Abrams says it's time for Georgia to use its budget surplus to invest in its residents

The Hindu

CAG flags data non-sharing between I-T dept, MHA to track charitable trusts' foreign receipts

The audit observed that there is no clarity on allowing deduction under Section 80G for donations out of CSR funds.

The Hindu

Madras HC orders notices to Jayalalithaa’s nephew and niece in connection with her income tax and wealth tax liabilities

Issue relates to expenditure of over ₹50 lakh to decorate her foster son V.N. Sudhakaran’s marriage venue, valuation of her jewellery and so on

The Hindu

HC discharges chartered accountant from a case under Information Technology Act

Court says there’s no material to prove that he dishonestly downloaded his client’s income tax returns and gave it to her husband

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The Hindu

Income Tax raids on properties owned by Samajwadi Party leader, close aides in U.P.

According to sources, it is alleged that Ghanaram Construction has made cash transactions worth more than ₹100 crore

The Hindu

IT searches on film producers continue

CHENNAI The Income Tax (I-T) department continued its search operations for the second day on Wednes

The Times of India

Maharashtra: Shiv Sena MP Priyanka Chaturvedi submits notice in Rajya Sabha

MUMBAI: Following the arrest of Sanjay Raut, Shiv Sena MP in Rajya Sabha Priyanka Chaturvedi on Monday submitted a suspension of business notice in the Upper House alleging "misuse of investigative agencies such as ED, CBI and the Income Tax deparment to silence the opposition."

The Hindu

5.83 crore Income Tax returns filed till July 31, record 72.42 lakh on last day

While initially income tax return (ITR) filing was slow, the pace picked up as the deadline neared

The Guardian - UK

Liz Truss gains Penny Mordaunt’s backing as she and Rishi Sunak face Tory leadership hustings in Exeter – as it happened

Eliminated leadership candidate endorses foreign secretary as final two answer questions from members

The Guardian - UK

Rishi Sunak rejects claim he has ‘doomster’ attitude to economy

Former chancellor says he finds his successor’s accusation ‘amusing’ as he vows to cut income tax by 20%

Evening Standard

Rishi Sunak accuses colleagues of ‘rose-tinted’ view of Boris Johnson’s last days

The former Chancellor is battling to regain ground on rival Liz Truss as the pair enter a crucial week in the leadership contest

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