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The Latest Breaking News from Income Tax

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 Hindu

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.

The Conversation

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…

Tribune News Service

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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 Times of India

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 Hindu

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 Times of India

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?

The National (Scotland)

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Income Tax raids on Embassy Group

Bengaluru

The Hindu

Scottish Government takes the scalpel to public services

Digging into yesterday's Spending Review documents reveals the extent of upheaval during the next few years

Insider UK

Mumbai: DG-IT investigation M V Bhanumathi who brought many politicians under scanner retires

MUMBAI: Directorate General of Income Tax (Investigation), Mumbai, 1987 batch IRS officer M V Bhanumathi, retired on Tuesday after her over 17-months packed successful tenure that witnessed searching at the premises of senior politicians kin in Maharashtra and controversial raids on film personalities.

The Times of India

Axing or taxing - difficult decisions ahead for Kate Forbes

Tomorrow's Spending Review announcement comes during a particularly tight time for the economy

Insider UK

Madras high court refuses to quash prosecution against actor SJ Surya

CHENNAI: In a setback to actor/director S J Surya, the Madras high court has refused to quash six prosecutions initiated against him by the income tax department for recovery of over 7 crore tax due.

The Times of India

Jim Chalmers banks on capital spending to help ease cost-of-living crisis

New treasurer says Labor is ‘not contemplating’ extending fuel excise cut or low and middle income tax offset

The Guardian - AU

Income Tax department inspects five hospitals in Kochi

Move follows information that doctors were paying only 10% TDS instead of the mandatory 30%

The Hindu

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Los Angeles Times

Commentary: California’s economy may seem healthy. But just wait for the next recession

The California economy may seem healthy on the surface, with home prices soaring, Silicon Valley booming and the state government posting big multi-year state budget surpluses thanks to a massive surge in capital gains tax revenues and income tax revenues from tech stocks.

The Guardian - AU

Liberals should make superannuation voluntary and childcare free, moderate Andrew Bragg says

NSW senator’s proposed reform agenda also includes increasing climate targets and introducing state income tax, as party reels from election loss

The Guardian - UK

We can’t all work ourselves out of the cost of living crisis

Letters: An immediate increase in benefits could surely be brought into play, writes Jill Westby. Plus letters from Lisa J Rafferty and Carolyn Sutton on their struggles with rocketing household bills

Tribune News Service

Tax deal reached in final weekend of session at Minnesota Capitol

MINNEAPOLIS — Seniors would no longer pay taxes on social security income, millions of Minnesotans could see a small income tax cut and tens of thousands of families and renters across the state would be eligible for more tax credits under a sweeping deal struck Saturday at the divided Capitol.

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The Hindu

Election Commission decides to curtail perks of CEC, ECs

The Election Commission unanimously decided that the CEC and ECs will not take any Income Tax benefits given to them now.

The Hindu

About five lakh BPL cards axed

Bengaluru

Reuters

Romania considers changing its tax system

Romania is considering changing its tax system, Prime Minister Nicolae Ciuca said on Wednesday in a surprise announcement, and his leftist coalition partners said they wanted to replace the current flat income tax rate with a progressive one.

Daily Mirror

3 changes Rishi Sunak could make to your finances - as MPs vote on emergency budget today

From a windfall tax on energy giants and a 1p income tax cut to a quadrupling of the £150 Warm Home Discount Scheme, various ideas are seeping out of the woodwork - but Labour are demanding the Tories go further with help now

Ballotpedia

Initiative to increase the income tax to fund zero-emission vehicles and wildfire prevention programs in California files signatures

The California secretary of state reported that Clean Air California, the campaign behind initiative #21-0037, submitted signatures on May 16. The number of signatures required to place the initiative on the November ballot is 623,212, which is equal to 5% of the votes cast in the 2018 gubernatorial election.

The Independent UK

A Bezos-Biden squabble: Can corporate taxes tame inflation?

Jeff Bezos this weekend became the latest centibillionaire to launch a political fight on Twitter by denouncing a tweet by President Joe Biden about corporate taxes as “disinformation” and “misdirection.”

Ballotpedia

Colorado legislature refers school meal program funded by tax deduction cap and ballot law measures to voters before adjourning

The Colorado Legislature put two statutory measures on the Nov. 8 ballot before adjourning on May 11.

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