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The Latest Breaking News from Income Tax

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

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BJP demands probe into questions raised by I-T office against firm of Kerala CM Pinarayi Vijayan’s daughter

NEW DELHI: The BJP on Thursday demanded an investigation into the questions raised by Income-tax authorities against the firm of Kerala chief minister Pinarayi Vijayan.

The Times of India

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

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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

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.

Kiplinger

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…

The Hindu

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

Newsroom.co.nz

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

The Hindu

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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

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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…

Chicago Sun-Times

Rick Heidner, Illinois video gambling mogul, and his wife owe $5 million in income tax, IRS says

The Heidners didn’t contest that they owe $5,083,274 in personal federal income taxes from 2021. They say it will all be paid off “by the end of August.”

Zenger

Elizabeth Warren Criticizes Amazon’s Tax Payments During Record-Breaking Prime Day 2023

Senator cites firm's history of avoiding federal income taxes despite huge profits; calls for minimum tax on corporate earnings.‌

Kiplinger

States That Won’t Tax Your Powerball Winnings

There are some states that won’t take another tax bite out of your Powerball jackpot or Mega Millions winnings.

Kiplinger

Whose Name Goes First on Your Income Tax Return?

A study suggests the order of names on a joint income tax return can provide insights about the people filing. But does the IRS care?

Daily Record

New proposals calling for income tax on State Pension to be scrapped due official response

The freezing of the Personal Allowance at £12,570 could see more pensioners paying tax this year.

Manchester Evening News

Warning that next year's State Pension increase could 'see millions more retirees' forced to pay income tax

Finance experts warn many over retirement age face unexpected tax bill - and urge early action

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