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The Latest Breaking News from Income Tax

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

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

Latin Times

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.

Kiplinger

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:

Dynamite News

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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 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

The Hindu

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I-T department freezes Congress bank accounts over 2018-19 returns; appellate tribunal provides partial relief

Income Tax department freezes bank accounts of Indian National Congress and Indian Youth Congress due to delayed tax filing.

The Hindu

Congress MP Dhiraj Sahu revises income tax returns; settles taxes on ₹150 crore with ₹50 crore remain unexplained

“Congress Rajya Sabha member Dhiraj Sahu, who was in the news following a ₹350 crore cash recovery from his premises, has revised his income tax returns and paid taxes for ₹150 crore,” according to sources.

The Hindu

Airbnb Reports Q4 Loss of 9 Million Despite Revenue Growth

Airbnb reports a Q4 loss of 9 million due to an income tax settlement, but sees strong demand and revenue growth. CEO Brian Chesky discusses future plan...

Top News

Palaniswami for changing existing devolution norms

Opposition leader emphasizes the need to consider personal income tax in determining devolution share, criticizes DMK government's actions.

The Hindu

PM delivers big pitch on tax cuts as crucial vote nears

People are doing it tough and should keep more of what they earn, the prime minister has declared in a big pitch to parliament on income tax cuts.

AAP

States With 2025 IRS Tax Deadline Extensions

The IRS has extended tax deadlines in several states due to severe storms, fires, hurricanes, and other natural disasters.

Kiplinger

NewsClick withdraws petition against tax notices in SC, likely to move tax tribunal

NewsClick has withdrawn its petition challenging two income tax assessment notices against it in the Supreme Court in order to move the Income Tax Appellate Tribunal for relief, Bar and Bench reported.

Newslaundry

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The Guardian - AU

Guardian Essential poll: any changes to negative gearing get lukewarm support

Voters approve of Labor’s rejigged income tax cuts but any broader reform would fail to win over majority, latest survey finds

Kiplinger

How the IRS Taxes Retirement Income

It's important to know how common sources of retirement income are taxed.

Newslaundry

Direct vs indirect taxes: What’s adding to centre’s tax revenue and states’ woes?

The Union government’s gross tax revenue has shown consistent growth over the years, with direct taxes outperforming indirect taxes in recent years. But a holistic view, combining both Union and state tax collections, presents a different story.

The Hindu

ED launches searches on promoters of real estate firm in TN

Enforcement Directorate conducts searches on real estate promoters in Chennai for alleged money laundering; bribery case registered.

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news in one place.

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The Hindu

New Principal Chief Commissioner of Income Tax, Kerala, takes charge

Jayanthi Krishnan, a 1988 batch IRS Officer, becomes Principal Chief Commissioner of Income Tax, Kerala.

AAP

PM justifies rejigged tax cuts as cost-of-living relief

The prime minister has backed his government's reworked income tax package as the best way forward for struggling workers.

Kiplinger

From Tax-Deferred to Tax-Free: Navigating Taxes in Retirement

Here are some considerations to keep in mind to help you spend less of your retirement savings and Social Security benefits on taxes.

The Hindu

Tax contribution by States needs to be revisited

Since the 1st Finance Commission, some States have been arguing that their contributions to the Union tax revenue have been higher than others and, therefore, they rightfully have higher shares in the Union tax revenue.

The Hindu

TDS dispute | Actor Sivakarthikeyan receives refund of ₹12.60 lakh from I-T Department

Actor D. Sivakarthikeyan gets a refund of ₹12.60 lakh from the Income Tax department after a resolved dispute.

The Hindu

Congress, BJP put govt. in the crosshairs

The Union Ministry of Corporate Affairs' probe into a mining firm's company matters puts the LDF government under scrutiny.

The Guardian - UK

I believe taxation is a great public good, but I look at my tax return and ask: what are we paying for?

The system is broken: we pay as we should but watch the richest get off lightly while services get worse and worse, says Guardian columnist Frances Ryan

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