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The Latest Breaking News from Income Tax

IT dept. sets up control room to curb black money during polls

Kochi Income Tax sets up control room during Lok Sabha election to monitor unaccounted money movement, contact details provided.

The Hindu

Elaborate arrangements in place for curbing the menace of ‘black money’ in Lok Sabha elections in Punjab, Haryana, Himachal

Income Tax Department increases surveillance to curb black money in upcoming elections across Punjab, Haryana, and Himachal Pradesh.

The Hindu

No cash handed over to I-T dept in Kodakara money heist case: DG

Kochi police did not hand over cash from Kodakara heist to Income Tax, says Director General.

The Hindu

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How Retirees Can Minimize the Net Investment Income Tax

One strategy is to consider your filing status, which can affect the net investment income tax (NIIT) that successful retirees pay on certain investment income.

Kiplinger

Pradhan Mantri Hafta Vasuli Yojana | Congress' swipe at government over electoral bonds issue

Congress general secretary Jairam Ramesh accused the Modi government of “hafta vasuli” (extortion) and claimed that 21 firms facing investigations from the CBI, Enforcement Directorate or I-T have donated through electoral bonds.

The Hindu

BJP did not maintain names, particulars of electoral bond donors

BJP did not disclose donor names in electoral bond donations, citing legal provisions exempting them from disclosure.

The Hindu

"...Anndataon ka apmaan has been the strategy of PM Modi": Jairam Ramesh

Congress General Secretary in-charge Communications, Jairam Ramesh on Thursday slammed the Bharatiya Janata Party (BJP) and said that ''Chanda dataon ka samman aur anndataon ka apmaan', has been the strategy of PM Modi. Read further on Dynamite News.

Dynamite News

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Tesla Paid Executives More Than it Paid Taxes for Years: Report

Today on Critical Materials: Tesla has reportedly paid no federal income tax in years, GM's VP of software is departing, and VW dabbles in an entry-level EV.

InsideEVs

Biden's Proposed Corporate Tax Hike Will Punish the Average American

The president wants to raise the rate from 21 percent to 28 percent, despite it being well-established that this is the most economically-destructive method to raise government funds.

Reason

IDBI Bank seeks CBI probe in ₹5 crore delivered to wrong premises incident in Mangaluru

According to I-T officials, bank officials also could not establish through documents the purpose for which the cash had been withdrawn from the vault.

The Hindu

Congress moves Delhi HC seeking stay on IT recovery proceedings

The Indian National Congress (INC) on Monday moved the Delhi High Court seeking a stay on the Income Tax notice for recovery of more than Rs 105 crore as outstanding tax. Read further on Dynamite News:

Dynamite News

Income Tax dept to launch e-campaign for Advance Tax for FY 2023-24

The Income Tax Department will launch an e-campaign for the Advance Tax for FY 2023-24. Through the e-campaign, persons/entities carrying out significant financial transactions. Read further on Dynamite News:

Dynamite News

Ways to File Taxes for Free This Year

Tax season is about to begin, and if you’re looking to save money, there are several ways to file your taxes for free.

Kiplinger

Congress to move High Court after failing to get relief from Income Tax Appellate Tribunal in tax penalty case

Congress to move High Court against ₹210 crore penalty imposed by IT department ahead of national elections.

The Hindu

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Kiplinger

Six Retirement Account Wins for Employers and Employees

The retirement plans that employers offer employees benefit the employers with boosts in recruitment, morale and tax breaks. Employees also reap the benefits.

The Guardian - UK

Income tax likely to go up if national insurance scrapped, Hunt suggests

Labour says chancellor’s ambition to eventually abolish NI would cost £46bn a year, and party questions how move would be paid for

The Guardian - UK

Budget 2024: what it means for people on a range of incomes

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

The Hindu

Guruvayur Devaswom appeared to have evaded tax, says IT department

Guruvayoor Devaswom in Kochi accused of tax evasion and lack of compliance with Income Tax Act.

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The Guardian - UK

Jeremy Hunt defies public services alarm with pre-election budget tax cuts

Chancellor set to cut 2p off national insurance but some Tories say more is needed to bolster election chances

Dynamite News

Assam: Income Tax department deploys teams to curb use of black money in upcoming Lok Sabha polls

The Investigation Directorate of Income Tax Department, North East Region, has deployed monitoring teams in the form of a control room cum complaint monitoring cell in Guwahati. Read further on Dynamite News:

Kiplinger

Types of Income the IRS Doesn't Tax

It might feel as if the IRS taxes most of your hard-earned money, but some types of income are nontaxable.

The Hindu

Delhi High Court sets aside CIC order to disclose tax exemptions sought by Ayodhya Ram temple trust

The Delhi HC set aside an order that directed the Central Board of Direct Taxes to provide information related to tax exemptions/ deductions sought by the trust, which manages the Ram Temple in Ayodhya

The Hindu

Madras University staff get salaries after I-T Dept. releases accounts

Madras University staff receive wages after IT department releases bank accounts, highlighting financial crisis and administrative issues.

Evening Standard

Chancellor Jeremy Hunt's Budget balancing act moves into the City's spotlight

Square Mile on watch for London stock exchange boost from new tax breaks for savers and experts say don't write off 2p income tax cut

The Hindu

Textile manufacturers, traders, powerloom weavers in T.N. go on one-day strike against I-T Act amendment

Textile businesses in Erode, Salem, and Namakkal protest against Income Tax Act amendment affecting MSME payments.

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