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The Latest Breaking News from Income Tax

Net direct tax collections up 21.8% to ₹9.57 lakh crore

India's direct tax collections rose 21.8%, surpassing over half of Budget estimates. Refunds of up to ₹5,000 not restricted. Tax demands from past being raised, some due to tech shift. 7.27 cr returns filed, 7.15 cr verified. Gross collections up 18%, PIT revenues 29.5%. Net revenues 31.85%.

The Hindu

Is Unemployment Taxable? A State-by-State Guide

The federal government taxes unemployment benefits. But is unemployment taxable in your state?

Kiplinger

Madras High Court adjourns actor Vijay’s plea against penalty of ₹1.5 crore imposed on him by Income Tax Dept

Actor C. Joseph Vijay's writ petition against I-T Dept's ₹1.5cr penalty for not disclosing ₹15cr income adjourned 3 wks. Interim injunction granted to restrain I-T officials from recovering penalty. I-T Dept. filed counter affidavit explaining reasons for penalty. Penalty levied beyond limitation period, judge granted injunction. Search & seizure operation…

The Hindu

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Rishi Sunak ‘responsible for biggest income tax rise in at least 50 years’

Resolution Foundation analysis claims stealth move of freezing tax thresholds will raise £40bn a year

The Guardian - UK

Eligible electric and plug-in vehicle buyers will get US tax credits immediately in 2024

Starting next year, people who want to buy a new or used electric or plug-in hybrid vehicle will be able to get U.S. income tax credits at the time of purchase

The Independent UK

Donations received by party through electoral bonds being deliberately linked to skill development scam, says TDP leader Atchannaidu

The A.P. CID has submitted as ‘proof’ to the ACB Court the receipt of ₹27 crore by the TDP in 2018-19 only with an intention to prolong the case against former Chief Minister Chandrababu Naidu. Details of donations exceeding ₹20,000 given to the political parties in cash are informed to…

The Hindu

UP: IT raid at three dozen locations of Mayur Group including Kanpur; Over 100 officers in the raiding team

Income Tax Department is raiding three dozen locations of Mayur Group in Kanpur. More than 100 officers are conducting raids with heavy police deployment. Read the full report on Dynamite News:

Dynamite News

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Income Tax Dept searches house of DMK MP, other premises linked to him, in Chennai

I-T Dept conducting searches at former Union Minister Jagathrakshakan's Chennai residence & other premises linked to him. Simultaneous searches at relatives' houses, medical college in Poonamallee, hotel in T. Nagar & firm in Nungambakkam.

The Hindu

States With the Highest Powerball Taxes

These states will take the biggest tax bite out of your Powerball payout.

Kiplinger

Oklahoma's Republican governor wants to cut taxes. His GOP colleagues aren't sold on the idea.

Oklahoma Gov. Kevin Stitt is again making his pitch to reduce the state's individual income tax rate

The Independent UK

Powerball: How much will $1.2bn jackpot winner take home after taxes?

Next Powerball drawing takes place on Wednesday 4 October

The Independent UK

UK income tax: how fiscal drag leads to people falling into higher rates

We show how people are pulled into paying more without the government increasing the tax rate

The Guardian - UK

Why do I suddenly owe tax this year? It could be because the Low and Middle Income Tax offset is gone, forever

Why do I suddenly owe tax this year?

The Conversation

Cleaning drive held across Coimbatore as part of ‘Swachhta Hi Seva’

Govt depts & orgs in Coimbatore took part in 'Swachhta Hi Seva' drive. Air Force Station, CTC, GST Commissionerate, Income Tax Dept & SVPI School of Textile & Mgmt planted saplings & conducted cleaning drives. AOC stressed on positive impact of such activities & felicitated participants.

The Hindu

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The Hindu

Crackdown on unaccounted-for money: ₹1.75 crore seized from car in Kannur district of Kerala

Police seize ₹1.75 crore from car in Kannur, Kerala. Accused, Swapnil Lakshman, 25, apprehended and questioned. Police discover hidden compartment in car containing bundles of ₹500 and ₹200 notes. Accused and money to be produced before court. Information to be relayed to Income Tax authorities for further investigation.

AAP

NZ Labour likens Luxon to Eddie Jones in fiscal fight

New Zealand's Opposition National party has released its alternative budget, promising more disciplined spending to pay for income tax cuts.

The Hindu

Flex says cooperating with Income Tax Department

Flex, an electronic components manufacturer, confirmed that officials from the Income Tax Department visited its premises in Chennai. The company stated that they are cooperating with the agency and providing the information sought. Flex also mentioned that they have a long history of conducting business in India in a legal…

The Hindu

I-T department holds outreach programme on new and amended provisions of exemptions in Telangana’s Khammam

IT dept. organised outreach programme in Khammam on new exemptions, extended due date for Form 10A till Sept. 2023. K. Sai Sankar, B. Bala Krishna and V. Koteswaramma conducted the session. Chartered accountants, IT practitioners and assessees attended the programme.

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The Independent UK

Lib Dems would hike tax on big firms rather than high earners, Davey suggests

Sir Ed said the Liberal Democrat commitment – dating back to 1992 – to raise income tax by 1p to improve public services is now unsustainable.

Evening Standard

Lib Dems will drop key pledge to put penny on income tax, says Sir Ed Davey

Lib Dem leader Sir Ed Davey suggested wealthier workers already pay enough tax

The Independent UK

Sir Ed Davey says Lib Dems will drop key pledge to put penny on income tax

The Liberal Democrats have become the first major party to adopt an early version of its manifesto for a general election expected next year.

Fortune

Did you earn interest on your high-yield savings account this year? Prepare to pay taxes on it

Interest earned on certain bonds and deposit accounts are taxed like ordinary income.

Fortune

Earn too much for a Roth IRA? You can still score tax-free retirement income with this strategy.

High earners could benefit from conversion, but be mindful of the tax bill.

The Independent UK

Candidates in Kentucky governor’s race preview debates on tax cuts, education, and abortion

Democratic Gov. Andy Beshear says now is not the time to “sub out the quarterback” when Kentucky has so much momentum

Dynamite News

IT raids locations linked to contractors, suppliers of Tamil Nadu Electricity Board

The Income Tax Department is conducting raids in Chennai at several places related to contractors and suppliers of Tamil Nadu Electricity Board (TNEB) and Tamil Nadu Generation and Distribution Corporation .

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