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The Latest Breaking News from Tax Exemption

No change to direct and indirect tax rates: Finance Minister in Budget Speech

Income Tax Budget 2024: FM Nirmala Sitharaman proposes to retain tax rates, withdraw outstanding tax demands, and extend tax exemptions in her interim budget speech.

The Hindu

Anger at Fifa for its Women’s World Cup tax exemption when players had to pay

Fifa has been heavily criticised for negotiating a tax exemption for the tournament when players in Australia paid 32.5% of their match fee income

The Guardian - UK

How to Prepare for Upcoming Estate Tax Law Changes

High-net-worth families have time to take advantage of higher estate and gift tax exemptions before they’re significantly reduced if provisions of the Tax Cuts and Job Act are allowed to sunset.

Kiplinger

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What's the 2024 Estate Tax Exemption?

The estate tax exemption amount increased for 2024. Will your heirs escape a tax bill?

Kiplinger

I-T dept revokes tax exemption status of 4 NGOs, letters to two mention protests against Adani

The Income Tax department has revoked the tax exemption status of four non-government organisations – Oxfam India, CARE India, Legal Initiative for Forest and Environment, and Environics Trust, Newslaundry learned from sources and top officials linked to these organisations. The tax exemption was reportedly revoked about two weeks ago.

Newslaundry

Over Rs 22 cr foreign funds under freeze after MHA action, confident of legal relief: CPR

More than Rs 22 crore in foreign funds has been “under freeze” at the Centre for Policy Research, according to the Delhi-based think tank’s latest annual report. The freeze emanates from the suspension of CPR’s Foreign Contribution Regulation Act licence by the Union Ministry of Home Affairs in February this…

Newslaundry

Take Advantage of the Lifetime Estate and Gift Tax Exemption While You Still Can: Kiplinger Tax Letter

And while you’re at it, check out whether you live in a state with an estate or inheritance tax.

Kiplinger

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A.P. Chambers seeks life tax exemption for electric vehicles

APCCIF seeks life tax exemption for EVs in Aandhra Pradesh; cites high upfront cost, potential job losses, customer preference for greener mobility

The Hindu

Pennsylvania Battle Over Climate-Warming Crypto Mines Intensifies

Legislation aims to rein in an unregulated industry with ballooning environmental effects.

Capital & Main

Road tax exemption for electric cars in Telangana replaced with high rates

Telangana has replaced road tax exemption for electric cars with 11-15% levy, surprising potential buyers. This comes despite govt's efforts to promote e-mobility. Other States offering road tax exemption include TN, Kerala, Karnataka, Punjab, UP & NCR. 5K EVs for taxis & private use exempt, 2L two-wheelers still to go.

The Hindu

New Alabama Overtime Law: What Hourly Workers Should Know

A new Alabama overtime law will provide some employees with higher paychecks due to a tax exemption. Here’s what you need to know if you’re an hourly employee.

Kiplinger

Senator introduces bill to strip PGA Tour’s tax-exempt status

The PGA Tour is a 501(c)(6) organization, a status allowing tax exemptions for professional sports leagues and chambers of commerce.

USA Today Sports Media Group

LSGD amends order requiring ex-service persons to submit annual affidavits for building tax exemption

The Local Self-Governments department has amended an earlier order directing ex-service persons or widows of ex-service persons to submit affidavits annually to get property tax exemption, following several complaints that many lost out on the benefit due to the rule. As per the amendment, they need to resubmit applications only…

The Hindu

Layoffs, pay cuts: Inside CPR’s ‘financial crisis’ after FCRA funds, tax exemption axed

The Centre for Policy Research has downsized its staff by 75 percent. Its faculty members — including fellows and senior fellows — have taken “massive pay cuts” ranging from 50 percent to full. The think tank had come under the income tax department’s tax scanner and faces a “serious financial…

Newslaundry

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Zenger

Texas Legislature Approves Property Tax Amendment To Lower Taxes

Amendment would increase homestead tax exemption and limit appraisal increases on non-homestead properties

Ballotpedia

Texas voters will decide on a second homestead tax exemption increase in two years in November

On July 13, the Texas State Legislature finalized a constitutional amendment and adopted implementing legislation designed to lower property taxes before adjourning its second special legislative session of the year. The amendment, which voters will decide on in Nov., would:

Newslaundry

IT department cancels Centre for Policy Research’s tax exemption status: Report

The Income Tax department has revoked the tax exemption status granted to the Centre for Policy Research, the Hindu reported yesterday.

The Hindu

Centre for Policy Research loses tax exemption status

The Income Tax Department has cancelled the tax exemption status of the Centre for Policy Research

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AAP

Specialist school among 60 facing 'unfair' Vic tax

A school for children with language and learning difficulties is among 60 Victorian non-government schools set to lose their payroll tax exemption.

AAP

Watered down Victorian schools tax to cost budget $100m

Fewer Victorian non-government schools will be stripped of their longstanding payroll tax exemption than first thought, ripping $100 million from the budget.

Zenger

Nevada Voters To Make A Call On Sales Tax Exemption For Diapers In 2024

Sixteen states and Washington D.C. have exempted diapers from sales tax.

Ballotpedia

Nevada voters will decide on a sales tax exemption for diapers in 2024

On Nov. 5, 2024, Nevada voters will decide on a ballot measure that would provide a sales tax exemption for both child and adult diapers.

Kiplinger

Congress Examines Nonprofit Hospital Tax Exemption Kiplinger Tax Letter

Providing community benefit is just one of many requirements.

Ballotpedia

Louisiana legislature refers two constitutional amendments to October 14 ballot concerning freedom of worship and nonprofit property tax exemptions

On May 30, 2023, the Louisiana State Legislature gave final approval to two constitutional amendments set to appear on the ballot on Oct. 14, 2023.

The Guardian - AU

Victorian private schools ‘fearmongering’ over job losses after tax exemptions axed, experts say

About 110 of the state’s top high-fee paying private schools will be required to pay tax on staff salaries, raising more than $420m over three years

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