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The Latest Breaking News from Income Tax

A Tax Planning Cautionary Tale: Timing and Formalities Are Critical

A business owner learned the hard way (and at great cost) not to dawdle or cut corners when it comes to tax plans involving the sale of a business.

Kiplinger

Best States for Middle-Class Families Who Hate Paying Taxes

Here are the best states for middle-class families with "middle incomes" (due to low tax burdens).

Kiplinger

Labor is nibbling at tax reform but revamping stage three cuts is too big to swallow

The intergenerational report shows cuts will be needed in the medium to long term to prevent workers paying an ever-growing share of the total take

The Guardian - AU

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read the most diverse news in one place.

Wealthy millennials are flocking to Florida and Texas—and no one wants to live in New York or California

Sunshine, open space, and lack of income taxes are luring high-earning young professionals out of their tiny city apartments and down South.

Fortune

Earned income taxed twice as heavily as capital gains for some in UK, study finds

Thinktank says increasing capital gains tax rates to same as employment tax would raise £10bn extra

The Guardian - UK

Is Tax Relief for Marijuana Businesses Coming?: Kiplinger Tax Letter

Marijuana businesses get tax relief in some states to help with their thorny income tax issues.

Kiplinger

Bevco stands to gain ₹1,150 crore after solving long-standing tax-related issues

The interventions of the Bevco officials led by Chairman and Managing Director Yogesh Gupta helped the Corporation in the recovery of the huge amount.

The Hindu

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A 4% income tax on millionaires will make lunch free for Massachusetts K-12 students

Massachusetts voters approved the Fair Share Amendment in November. It places a 4% tax on incomes above $1 million, in addition to the state's standard income tax of 5%.

WEKU

Sunil Mathur is principal chief commissioner of I-T for T.N. and Puducherry

Sunil Mathur, 1988 batch IRS officer, takes charge as Principal Chief Commissioner of Income Tax, TN & Puducherry. He holds a B.E. (Civil) from BITS Pilani & Masters in Public Management from Lee Kuan Yew School of Public Policy. He has worked in various capacities in IT Dept. in Gujarat,…

The Hindu

The yearly grind

The inherent anxiety and tension remain despite the well-meaning reforms and technological advancements initiated by the Income Tax department.

The Hindu

LDF finds itself at the centre of a new controversy centred on CM’s family

The Left Democratic Front (LDF) government seems to have found itself at the centre of a gathering and potentially stormy political controversy swirling around the business transactions of Chief Minister Pinarayi Vijayan’s daughter and IT entrepreneur T. Veena Vijayan.

The Hindu

‘Payment’ for Pinarayi daughter: BJP seeks response of CPI(M)

Bharatiya Janata Party State president K. Surendran has said the Income Tax Interim Settlement Board’s revelation that Chief Minister Pinarayi Vijayan’s daughter Veena Vijayan had accepted ₹1.72 crore from a private sand-mining company in the past three years was shocking and disturbing.

The Hindu

"India is our country's name...": Uddhav Thackeray hits out at PM Modi

Uddhav Thackeray says India is our country's name, PM Modi represents it abroad. BJP follows Hindutva for votes, Central agencies used to target opposition. No personal hatred for PM Modi, but he calls opposition's INDIA directionless, unfortunate.

The Hindu

Companies that compete with Adani group for ‘prized’ assets face raids from CBI, ED and Income Tax, alleges Congress

“Agencies like the ED and CBI are not only being used to break apart opposition parties,” Mr. Ramesh said.

The Hindu

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Kiplinger

Claiming the Employee Retention Tax Credit is an IRS Audit Red Flag: Kiplinger Tax Letter

Tackling improper ERTC claims is one of the IRS’s biggest enforcement priorities.

Kiplinger

These States Won’t Tax Your Mega Millions

A $1.35 billion-dollar prize is up for grabs in the next Mega Millions drawing. Will your state tax your payout?

Kiplinger

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.

The Hindu

Palanivel Thiaga Rajan calls on Nirmala Sitharaman

TN Minister Palanivel Thiaga Rajan thanked FM Nirmala Sitharaman for enabling TN to become 1st state to get API connectivity to Income Tax data. He also thanked her for her support during his time as FM & GST Council member. This step will increase efficiency & accuracy of govt schemes…

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Newsroom.co.nz

Taking GST off food would be a big mistake

Once you grant an exemption for one worthy-sounding thing, it is hard to resist the call for more. It would be much better to achieve progressivity by adjusting income tax rates

The Hindu

SC declines to intervene in Karnataka High Court’s interim stay of CBI proceedings against D.K. Shivakumar

In 2017, the Income Tax Department raided D.K. Shivakumar, on the basis of which, the Enforcement Directorate (ED) started its probe against him. Following the ED investigation, the CBI later sought sanction from the State government to file an First Information Report against him

Dynamite News

Income Tax Return: 1 lakh notices sent for underreporting, non-filing of returns, announces FM Nirmala Sitharaman

“About one lakh notices were sent,” Sitharaman said, adding that the notices are expected to be cleared by the end of this fiscal 2023-24. Read further on Dynamite News:

Kiplinger

Two Reasons to Never Stop Learning About Tax

Recent state tax changes that impact your finances for 2023 and beyond are one reason to keep learning about tax.

The Independent UK

Council leader denies fraud, income tax evasion and possessing cocaine

.Jason Zadrozny, the leader of Ashfield District Council, denies 22 charges brought after a fraud inquiry.

The Hindu

Attack on Income Tax officials: HC seeks case documents

Newslaundry

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…

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