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The Latest Breaking News from Income Tax

Odisha cash haul | BJP stages protest in J&K, demands action against Congress MP Sahu

Shouting anti-Congress slogans, the BJP activists assembled outside the Press Club in the heart of Jammu and held a peaceful demonstration.

The Hindu

I-T seizures | PM Modi says money looted from public will have to be returned

I-T dept recovers ₹220cr in raids linked to Odisha-based distillery group. PM Modi says looted money must be returned.

The Hindu

This Corporate Law Case Could Accidentally Overturn U.S. Taxes

Moore v. United States might wreak economic havoc.

Foreign Policy

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Will ensure equal employment opportunity for all: Union Minister

Union Minister of State for Health and Family Welfare Bharati Pravin Pawar inaugurated the 11th phase of Thiruvananthapuram Rozgar Mela, aimed at providing equal employment opportunities for all. Prime Minister Narendra Modi's message was screened, and 25 job aspirants were given appointment letters. Skill India and Start-up India were launched…

The Hindu

Contractor under IT scanner passes away

The vice-president of Karnataka State Contractors’ Association R. Ambikapathy, who was in the news last month after the Income Tax Department recovered a huge cache of cash from him, passed away here on Monday.

The Hindu

Jeremy Hunt hails biggest tax cuts since Thatcher but plans condemned as ‘not good for growth’

Chancellor ‘opens the door to May election’ with national insurance giveaway and hint of income tax cut in spring

The Independent UK

Autumn statement 2023: what it means for people on a range of incomes

How Hunt’s measures on tax, NI and benefits will affect single people, couples and those receiving pensions in England, Wales and Northern Ireland

The Guardian - UK

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Jack urges Scottish Government to use cash ‘wisely’ and not raise income tax

But Scottish Finance Secretary Shona Robison said the autumn statement had not provided the funding devolved governments need.

The Independent UK

Economic Productivity Through the Lens of Global Tax Policy

In the realm of global economics, the interplay between taxation and productivity forms a complex tapestry, with each country weaving its unique pattern.

inkl

Wednesday briefing: What’s ‘on the table’ for Jeremy Hunt’s autumn statement

In today’s newsletter: Amid backbench pressure to cut taxes, Rishi Sunak and his chancellor have signalled a willingness to bring forward tax cuts

The Guardian - UK

Pressure grows on Hunt to cut income tax as millions more face paying it

Hopes that nearly 4 million low paid UK workers would be able to keep more of their earnings if personal allowances are uprated

The Guardian - UK

‘I’m reducing my hours’: fiscal drag’s impact in the cost of living crisis

Guardian readers share how frozen income tax thresholds have tipped them into higher brackets, affecting household budgets

The Guardian - UK

Autumn statement: where might Jeremy Hunt spend his windfall?

The chancellor is estimated to have billions to play with and has a range of options from lowering income tax to cutting inheritance tax

The Guardian - UK

Shakira reaches deal to avoid $15 million tax fraud trial as jail time swapped for fine

Colombian singer Shakira has reached a settlement with prosecution to avoid a trial over charges she failed to pay 14.5 million euros ($15.74 million) in Spanish income tax between 2012 and 2014.

The Independent UK

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The Guardian - UK

Autumn statement will avoid tax cuts that promote inflation, pledges Hunt

Chancellor seeks to promote growth ahead of autumn statement that could spark a rebellion among Tory backbenchers defending marginal seats

The Guardian - UK

Jeremy Hunt rules out any tax cut that fuels inflation in autumn statement

Chancellor says he will not throw away hard work done to tackle rising prices amid calls for income tax cuts

The Independent UK

Hunt warns against fuelling inflation but hints at tax cuts for businesses

The Chancellor seemed to downplay speculation that income tax could be reduced in his autumn statement on Wednesday.

The Independent UK

Hunt refuses to rule out shock income tax cut amid warnings of revolt if budget favours rich

Red wall Tory MPs warn inheritance tax cut would be ‘odd priority’ and viewed as handout for the rich – as chancellor appears to switch focus

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Dynamite News

IT raids at premises of Miryalaguda BRS MLA Nallamothu Bhaskar Rao in Telangana

Ahead of the Telangana assembly polls, the Income Tax officials on Thursday, conducted raids at the residence of Miryalaguda BRS MLA Nallamothu Bhaskar Rao in Telangana.

Kiplinger

Would You Benefit From a Split Interest Income Trust?

If you have a high income, are selling appreciated assets or won the lottery, a split interest income trust could be a boon to you and a designated charity.

Kiplinger

Child Tax Credit: How Much Is It for 2024?

What family tax credits and deductions will you qualify for in 2024? And how much are they worth?

Kiplinger

Income Tax Brackets for 2024 Are Set

The IRS has adjusted federal income tax bracket ranges for the 2024 tax year to account for inflation.

Kiplinger

Tax Breaks for Veterans: Retirement Pay, Disability and State Tax Exemptions to Know

Veterans may be eligible for certain federal and state tax benefits.

Kiplinger

Most Expensive States for Retired Military Service Members

Veterans can keep more of their military retirement pay by avoiding these high-taxed, most expensive states for retired service members.

The Hindu

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…

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