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The Latest Breaking News from Income Tax

CBI books three I-T officials, others for alleged TDS refunds fraud

Posted in U.P.’s Muzaffarnagar, they misused RSA authentication tokens of Assessing Officers

The Hindu

Maharashtra political crisis | Who is footing MLAs’ hotel bills in Guwahati, asks NCP

NCP's chief spokesperson Mahesh Tapase said the Income Tax department and Enforcement Directorate should find source of 'black money'

The Hindu

Wondering what to do with your salary? These Indian financial influencers can help you save money

Given that Income Tax season is upon us, watch out for the growing crop of young financial influencers doling out advice with skits, reels and buttered parathas

The Hindu

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Onus of deducting TDS primarily rests on crypto exchanges: CBDT FAQ

NEW DELHI: The income tax department on Wednesday said the 1 per cent TDS on transfer of virtual digital assets would be levied on net transaction value and the onus of deducting the tax would primarily be on the exchanges.

The Times of India

North Carolina Senate Prioritizes Personal Income Tax Over Medicaid Expansion And Medical Marijuana Legalization

State senate leader Phil Berger (R-Rockingham) expressed support for cutting the state's personal income tax rate in half as legislative leaders prepare the upcoming budget proposal for North Carolina Gov. Roy Cooper (D).

Benzinga

Mumbai: I-T unearths Rs 100 cr unaccounted income of group into handicraft export

MUMBAI: Income Tax (I-T) searches 25 premises of a business group allegedly involved in generation of unaccounted cash through bogus bills in Mumbai and Rajasthan last week.

The Times of India

Mumbai: I-T unearths Rs 100 unaccounted income of group into handicraft export

MUMBAI: Income Tax (I-T) searches 25 premises of a business group allegedly involved in generation of unaccounted cash through bogus bills in Mumbai and Rajasthan last week.

The Times of India

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Andhra Pradesh: Properties of coaching centre owner raided in Secunderabad arson case

Avula Subba Rao, an ex-serviceman, allegedly sent provocative messages

The Hindu

Direct tax mop-up rises 45% to over Rs 3.39 lakh crore till mid-June

NEW DELHI: Reflecting an uptick in economy, net direct tax collections between April and mid-June jumped 45 per cent to over Rs 3.39 lakh crore, the Income Tax department said on Friday.

The Times of India

Congress to contest validity of ED’s case without FIR in National Herald issue

ED has overturned its initial position that an FIR was mandatory to register an Enforcement Case Information Report

The Hindu

CTS moves HC against pre-payment to stay outstanding tax demand

Firm tells court that “excess security” running to a few thousand crore rupees was already lying with the Income Tax Department

The Hindu

Boris Johnson signals no cuts in taxes as inflation soars and UK economy shrinks again

The latest figures from the Office for National Statistics heighten fears that Britain is heading for a recession.

Daily Record

Explained | What is the National Herald case and why has the ED summoned Sonia and Rahul Gandhi?

The original matter dates back to 2013 when BJP MP Subramanian Swamy had approached a trial court alleging that the Gandhis had fraudulently acquired the publishing company of the National Herald newspaper

The Hindu

How your spiking energy bills are making foreign investors rich

Australia's oil and gas resources are overwhelmingly exploited by global multinationals and most of these corporations pay no tax.

ABC News

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The Independent UK

Second Cabinet minister backs earlier tax cut ‘when we can afford it’

Northern Ireland Secretary Brandon Lewis said the move should be fast-tracked if circumstances allow.

The Independent UK

Javid suggests income tax cut should be brought forward if possible

Health Secretary says the Chancellor will want to slash taxes ‘as soon as he can’.

The Times of India

Kochi: One held in daytime robbery case

KOCHI: Ernakulam rural police arrested one person on Friday in the daytime robbery case, in which a five-member gang posing as income tax officers robbed a man in Aluva of around 300 grams of gold and Rs 1.8 lakh in cash.

The Times of India

No tax on compensation for bullet train land: Bombay HC

MUMBAI: The Bombay High Court has held that the income received by a woman whose plot in Thane was acquired by the National High Speed Rail Corporation for the Mumbai-Ahmedabad bullet train project through private negotiations and sale deed is exempted from income tax. “The corporation had already deducted the…

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The Hindu

Income tax cannot be deducted on compensation amount given for acquiring land: Bombay HC

The National Hi-Speed Rail Corporation Limited had acquired a land at Bhiwandi in Thane for bullet train project

The Conversation

Does paying for tax advice save money? Only if you’re wealthy

If you use a tax adviser to complete your income tax return you’re not alone. Australians use tax advisers more than any other nation apart from Italy.

Tribune News Service

Rick Scott revises plan for more people to pay income tax after bipartisan criticism

U.S. Sen. Rick Scott on Thursday released a revised version of his plan to “Rescue America,” backing down from his proposal that would require all Americans to pay “some income tax,” an ambiguous statement that suggested imposing new taxes on millions of people currently making too little money or seniors…

The Times of India

Mumbai: When companies use ‘GST specialists’ to generate flow of unaccounted cash

MUMBAI: Several companies, including builders, are turning to dubious consultants to generate unaccounted cash by creating fake bills that provide input tax credit against payment of Goods and Services Tax (GST). These entities have now come under the scanner of the Central GST (CGST) department and income tax authorities for…

The Hindu

A year on since launch, I-T portal marred with another glitch; Infosys directed to fix issue

Many users complained of issues while accessing the I-T portal and reported that it was hacked on June 7

The Times of India

Telangana: Ensure Opposition isn’t harassed, says Bhatti Vikramarka

HYDERABAD: Congress legislature party leader Bhatti Vikramarka on Saturday demanded that Prime Minister Narendra Modi and union home minister Amit Shah should ensure that the opposition parties and its leaders are not harassed unnecessarily by the central investigative agencies like the enforcement directorate, central bureau of investigation and income tax.

The National (Scotland)

Tory MSP leaves 'false' tweet up – despite being corrected by expert he quoted

WHAT do you do if you make a mistake? Apologise? Try to make amends?

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