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The Latest Breaking News from Income Tax

HC orders tax refund of ₹1,128 cr to Vodafone Idea; pulls up I-T dept for laxity and lethargy

HC orders IT dept to refund Rs 1,128 cr to Vodafone Idea for taxes paid in 2016-17. Bench notes laxity of assessing officer in not passing order within 30 days, causing loss to exchequer. HC recommends enquiry and strict action against persons responsible for laxity. Court holds assessment order time-barred…

The Hindu

I-T searches will not stop DMK’s poll victory in T.N., Puducherry, says E.V. Velu

Minister for Public Works, Highways, and Minor Ports E.V. Velu late on Tuesday said the Dravida Munnetra Kazhagam (DMK) would not be intimidated by tactics such as Income Tax (I-T) searches and would win all 40 Lok Sabha seats in Tamil Nadu and Puducherry in the next Lok Sabha election

The Hindu

Income Tax officials search house of T.N. Minister E.V. Velu’s associate in Tiruchi

On Nov 7, 2023, I-T Dept. conducted a search at the house of a businessman in Tiruchi, reportedly associated with TN Minister for Public Works, E.V. Velu. Accompanied by CRPF, a team of 10 officials arrived at Manapparai Swaminathan's house in Anna Nagar. Searches were also conducted in Tiruvannamalai, Karur,…

The Hindu

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Congress calls for action over video of ‘Narendra Tomar’s son discussing money transactions’

A clip purportedly showing Devendra Pratap Singh Tomar, son of Union Minister and BJP candidate from Dimani Assembly seat Narendra Singh Tomar, discussing “transactions worth crores of rupees” in a video call went viral in poll-bound Madhya Pradesh, leading to strong criticism from the Opposition Congress party.

The Hindu

Premises linked to Tamil Nadu Minister EV Velu raided for fourth consecutive day

Income Tax raids continued for the fourth consecutive day in the premises linked to Tamil Nadu, Public Works and Highways Department Minister EV Velu at Tiruvannamalai.

Dynamite News

Time to Act on These Year-End Tax Planning Tips

With a short time left before 2024 comes to a close, year-end tax planning is all-important. Here are some areas to focus on.

Kiplinger

Income Tax dept., CBI and ED are used as frontline warriors of BJP: Congress

Party leader Pawan Khera alleged that these agencies are given “targets” to scare Opposition leaders

The Hindu

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Several locations in Tamil Nadu allegedly linked to DMK leaders raided by IT

The Income Tax Department conducted searches in various locations in the Karur district of Tamil Nadu.

Dynamite News

Worst States to Retire in 2025 if You Hate Paying Taxes

Relatively high tax burdens make these places the worst states to retire in 2025.

Kiplinger

Some people think income tax is illegal. It's pseudolaw, and it's damaging the legal system

Judges have described it as “gibberish”, “obvious nonsense”, “largely incoherent, if not incomprehensible” and “gobbledygook”.

The Conversation

How much revenue does the federal government collect?

Federal revenues dropped by nearly $600 billion from 2022 to 2023 after growing from 2020 to 2022.

USAFacts

How Are I Bonds Taxed? Nine Common Situations

Series I bonds are a popular investment that can help you save on taxes, but the federal income tax consequences can be complex.

Kiplinger

Election Code robs trade of glitter in Telangana amid upcoming polls

The Election Commission of India has set up a 24x7 control room in Hyderabad to monitor the seizures and to address grievances. Enforcement of poll code disrupts businesses in Telangana; ₹340.11 crore seized incl. gold, cash, liquor.

The Hindu

Government faces global and local calls for tax reform

Australia should consider revenue raising options that are less vulnerable to an ageing population than income tax, the OECD says.

AAP

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The Hindu

ED alleges another scam in poll-bound Chhattisgarh with a face value of ₹175 crore

ED probes money laundering angle in alleged Custom Rice Milling Scam in Chhattisgarh, claims ₹175 crore bribes generated for 'higher powers'. Ex-MD of MARKFED and office-bearer of local rice millers' association accused of increasing special incentive from ₹40 to ₹120 per quintal, collecting kickbacks of ₹175 Crore. ED conducted search…

The Independent UK

Japan's Kishida plans an income tax cut for households and corporate tax breaks

Japan’s Prime Minister Fumio Kishida says he is preparing to take bold economic measures, including an income tax cut for households hit by inflation and tax breaks for companies to promote investment

The Independent UK

Rishi Sunak plots tax and stamp duty cuts to win back voters after by-election drubbing

The threshold for paying the 40 per cent higher rate of income tax could be raised in the 2024 spring budget, according to one report

The Independent UK

Rishi Sunak ‘considering tax cuts to win back lost Tory voters’ after byelection defeats

The threshold for paying the 40 per cent higher rate of income tax could be raised in the 2024 spring budget, according to one report

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The Independent UK

Some pensioners ‘may have to set money aside for unexpected tax bills’

Frozen income tax thresholds combined with significant state pension rises may push more pensioners into paying tax, LCP said.

The Hindu

Karnataka High Court refuses to quash FIR by CBI against Deputy Chief Minister D.K. Shivakumar

The case under the Prevention of Corruption Act was registered by the CBI following the findings of separate investigations conducted by the Income Tax Department and the Enforcement Directorate.

The Guardian - UK

Academics challenge Starmer to accept Israel’s siege of Gaza is against international law – UK politics live

Labour urged to clarify its position on collective punishment by 39 academics who say party must confirm it ‘opposes the commission of war crimes’

Dynamite News

Varanasi: IT raids multiple properties of bullion trader Narayan Das

Sleuths of the Income Tax department were carrying out raids at multiple properties of bullion trader Narayan Das in Varanasi.

Dynamite News

Income tax department raids at Trident Group across country

These ongoing raids across the country are part of an investigation into potential financial irregularities, officials said. Read further on Dynamite News

The Hindu

IT raids: BJP’s allegations on Cong. links to seized money is politically motivated, says CM

CM Siddaramaiah dismisses BJP's allegations of IT raid money links to Congress govt. He calls it politically motivated & baseless. He questions how contractors can be differentiated on party lines & rules out possibility of probe into BJP's allegations. He also denies Congress High Command asking for funds.

The Hindu

Supreme Court notice to D.K. Shivakumar on CBI plea to probe disproportionate assets case

The Supreme Court on Monday refused to stay a Karnataka High Court decision to freeze a Central Bureau of Investigation (CBI) probe against Deputy Chief Minister D.K. Shivakumar in a disproportionate assets case without hearing him. The Income Tax Department in 2017 conducted a raid against Mr. Shivakumar, based on…

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