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The Latest Breaking News from Income Tax

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’

The Independent UK

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.”

Chicago Sun-Times

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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.

Irish Mirror

Keir Starmer says Labour has junked Corbyn's 2019 policies and is 'starting from scratch'

The party leader refused to back Labour's previous pledges to axe tuition fees or hike income tax for high earners, and said 'if you don’t change your views as you experience life, then you’re probably not going to get very far'

Daily Mirror

IRS officer Nitin Gupta appointed new CBDT chairman

The CBDT is headed by a Chairman and can have six members who are in the rank of special secretary. It is the administrative body for the Income Tax department.

The Hindu

Tax system in Scotland not fit for future and needs to be redesigned, new report claims

A report said the scale of revenues required means that the "traditional tweaks" - such as to income tax or national insurance - will not be sufficient.

Daily Record

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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

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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The Hindu

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

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

The Times of India

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 Hindu

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

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Daily Record

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.

The Hindu

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

ABC News

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.

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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