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The Latest Breaking News from Income Tax

Congress to move High Court after failing to get relief from Income Tax Appellate Tribunal in tax penalty case

Congress to move High Court against ₹210 crore penalty imposed by IT department ahead of national elections.

The Hindu

Six Retirement Account Wins for Employers and Employees

The retirement plans that employers offer employees benefit the employers with boosts in recruitment, morale and tax breaks. Employees also reap the benefits.

Kiplinger

Income tax likely to go up if national insurance scrapped, Hunt suggests

Labour says chancellor’s ambition to eventually abolish NI would cost £46bn a year, and party questions how move would be paid for

The Guardian - UK

From analysis to the latest developments in health,
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Budget 2024: what it means for people on a range of incomes

How Hunt’s measures on tax, NI and benefits affect single people, couples and those receiving pensions in England, Wales and Northern Ireland

The Guardian - UK

Guruvayur Devaswom appeared to have evaded tax, says IT department

Guruvayoor Devaswom in Kochi accused of tax evasion and lack of compliance with Income Tax Act.

The Hindu

Jeremy Hunt defies public services alarm with pre-election budget tax cuts

Chancellor set to cut 2p off national insurance but some Tories say more is needed to bolster election chances

The Guardian - UK

Assam: Income Tax department deploys teams to curb use of black money in upcoming Lok Sabha polls

The Investigation Directorate of Income Tax Department, North East Region, has deployed monitoring teams in the form of a control room cum complaint monitoring cell in Guwahati. Read further on Dynamite News:

Dynamite News

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Types of Income the IRS Doesn't Tax

It may feel like the IRS taxes most of your hard-earned money, but some types of income are nontaxable.

Kiplinger

Delhi High Court sets aside CIC order to disclose tax exemptions sought by Ayodhya Ram temple trust

The Delhi HC set aside an order that directed the Central Board of Direct Taxes to provide information related to tax exemptions/ deductions sought by the trust, which manages the Ram Temple in Ayodhya

The Hindu

Madras University staff get salaries after I-T Dept. releases accounts

Madras University staff receive wages after IT department releases bank accounts, highlighting financial crisis and administrative issues.

The Hindu

Chancellor Jeremy Hunt's Budget balancing act moves into the City's spotlight

Square Mile on watch for London stock exchange boost from new tax breaks for savers and experts say don't write off 2p income tax cut

Evening Standard

9 states with no income tax

Nine states do not have a state income tax, but they have other revenue generating programs that can affect your tax bill.

The Street

Textile manufacturers, traders, powerloom weavers in T.N. go on one-day strike against I-T Act amendment

Textile businesses in Erode, Salem, and Namakkal protest against Income Tax Act amendment affecting MSME payments.

The Hindu

Powerloom weavers in Salem and Erode to go on strike on February 28 to protest I-T rules amendment

Powerloom weavers in the major weaving clusters in Tamil Nadu will go on strike on Feb 28 against the recent amendment to Income Tax rules

The Hindu

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Kiplinger

How Net Unrealized Appreciation Helps Save More of Your Retirement Savings

If you have employer stock in your 401(k), net unrealized appreciation is a strategy to minimize your taxes.

Latin Times

What Is Earned Income Tax Credit and Who's Eligible in 2024?

A comprehensive guide on the little-known Earned Income Tax Credit

Kiplinger

Three Strategies for Small Businesses to Reduce Taxes

Small businesses can lower their tax liability by taking advantage of tax breaks, tax credits and charitable donations. Here are some options.

The Street

We break down federal income taxes and give you step-by-step tips on how to do them

We break down the process of paying federal taxes and provide you with the most up-to-date information to make filing your 2023 and 2024 tax returns as painless as possible.

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news in one place.

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Dynamite News

Tribunal reserves order on Congress plea seeking stay against IT recovery proceedings, freezing bank accounts

ITAT on Thursday reserved its order on a plea by the Congress party, which has sought a stay against Income Tax Department proceedings of recovery and freezing of their bank accounts. Read further on Dynamite News:

The Street

An in-depth look at the Earned Income Tax Credit (EITC): Who is eligible, and how to claim it in tax year 2023 and 2024

According to the IRS, 20% of eligible taxpayers don’t know about the Earned Income Tax Credit, yet it could add thousands of dollars in tax savings back into their pockets.

The Hindu

I-T department freezes Jai Hind TV channel’s accounts

Income Tax freezes bank accounts of Jai Hind TV, Congress's Kerala mouthpiece, sparking accusations of political motivation and authoritarianism.

The Hindu

Morning Digest | Donald Trump ordered to pay $355 million in New York fraud case; ED finds no FEMA violation in Paytm Payments Bank case, and more

From routine freezing of Congress accounts by Income Tax department to Trump being fined $364 million for fraud, read a select list of stories from The Hindu to start the day.

The Hindu

Black day for democracy, Congress leader says of the freeze on the party’s bank accounts

Criticism of BJP government freezing Congress's bank accounts linked to Supreme Court ruling on electoral bonds.

The Street

A look at 2023 tax brackets and how inflation adjustments and increases to the standard deduction may be putting more money in the pockets of many American taxpayers

The IRS adjusted its income thresholds for 2023 tax brackets—which means you could be paying less taxes this year.

The Hindu

Freezing of Congress accounts by Income Tax department ‘routine procedure’, sources say

The Income Tax department’s action, freezing the Congress’ main bank accounts, was part of its “routine procedure” against defaulters, carried out in connection to claims for the tax assessment year 2018-19, according to sources

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