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The Latest Breaking News from Income Tax

Crackdown on unaccounted-for money: ₹1.75 crore seized from car in Kannur district of Kerala

Police seize ₹1.75 crore from car in Kannur, Kerala. Accused, Swapnil Lakshman, 25, apprehended and questioned. Police discover hidden compartment in car containing bundles of ₹500 and ₹200 notes. Accused and money to be produced before court. Information to be relayed to Income Tax authorities for further investigation.

The Hindu

NZ Labour likens Luxon to Eddie Jones in fiscal fight

New Zealand's Opposition National party has released its alternative budget, promising more disciplined spending to pay for income tax cuts.

AAP

Flex says cooperating with Income Tax Department

Flex, an electronic components manufacturer, confirmed that officials from the Income Tax Department visited its premises in Chennai. The company stated that they are cooperating with the agency and providing the information sought. Flex also mentioned that they have a long history of conducting business in India in a legal…

The Hindu

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I-T department holds outreach programme on new and amended provisions of exemptions in Telangana’s Khammam

IT dept. organised outreach programme in Khammam on new exemptions, extended due date for Form 10A till Sept. 2023. K. Sai Sankar, B. Bala Krishna and V. Koteswaramma conducted the session. Chartered accountants, IT practitioners and assessees attended the programme.

The Hindu

Lib Dems would hike tax on big firms rather than high earners, Davey suggests

Sir Ed said the Liberal Democrat commitment – dating back to 1992 – to raise income tax by 1p to improve public services is now unsustainable.

The Independent UK

Lib Dems will drop key pledge to put penny on income tax, says Sir Ed Davey

Lib Dem leader Sir Ed Davey suggested wealthier workers already pay enough tax

Evening Standard

Sir Ed Davey says Lib Dems will drop key pledge to put penny on income tax

The Liberal Democrats have become the first major party to adopt an early version of its manifesto for a general election expected next year.

The Independent UK

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Did you earn interest on your high-yield savings account this year? Prepare to pay taxes on it

Interest earned on certain bonds and deposit accounts are taxed like ordinary income.

Fortune

Earn too much for a Roth IRA? You can still score tax-free retirement income with this strategy.

High earners could benefit from conversion, but be mindful of the tax bill.

Fortune

Candidates in Kentucky governor’s race preview debates on tax cuts, education, and abortion

Democratic Gov. Andy Beshear says now is not the time to “sub out the quarterback” when Kentucky has so much momentum

The Independent UK

IT raids locations linked to contractors, suppliers of Tamil Nadu Electricity Board

The Income Tax Department is conducting raids in Chennai at several places related to contractors and suppliers of Tamil Nadu Electricity Board (TNEB) and Tamil Nadu Generation and Distribution Corporation .

Dynamite News

Uttar Pradesh: Income Tax raid continues on 3rd day at SP leader Azam Khan's residence in Rampur

Income Tax department raid on the Rampur residence in Uttar Pradesh of senior Samajwadi Party leader Azam Khan continued for the third day on Friday. Read further on Dynamite News:

Dynamite News

Income Tax dept. continues raids at locations linked to SP leader Azam Khan

The Income Tax (IT) Department’s raids continued for a second day on Thursday at various locations linked to the Samajwadi Party (SP) leader Azam Khan in connection with Ali Jauhar Trust. Their is no official word from the IT Department but it is believed the raids are linked to the…

The Hindu

ED arrests JD(U) MLC Radha Charan Seth in Bihar over financial irregularities

The Income Tax (IT) department also raided JD(U) MLC Radha Charan Seth's house on Wednesday morning.

The Hindu

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Dynamite News

Uttar Pradesh: IT raids locations linked to Samajwadi Party leader Azam Khan

The Income Tax department on Wednesday morning conducted searches at multiple premises linked to Samajwadi Party (SP) leader Azam Khan in Uttar Pradesh, sources said.

WEKU

Kentucky’s individual income tax rate is set to remain the same in 2025.

The commonwealth failed to meet certain fiscal requirements that would have ushered in another reduction under a Republican plan to phase the tax out.

The Independent UK

Kentucky misses a fiscal trigger for personal income tax rate cut in 2025

Kentucky’s individual income tax rate is set to remain the same in 2025 after the state failed to meet certain fiscal requirements that would have ushered in another reduction under a Republican plan to phase the tax out

The Independent UK

Keir Starmer vows to not raise income tax if Labour wins next election

Labour leader said he would avoid hikes ‘across the board’, having previously ruled out a wealth tax on the richest in society

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The Hindu

Naidu should prove his innocence in I-T notice case, says Dokka

Telugu Desam Party (TDP) national president N. Chandrababu Naidu owes an explanation to the people on the notices reportedly issued to him by the Income Tax Department, says YSR Congress Party (YSRCP) leader Dokka Manikya Vara Prasad.

The Independent UK

Labour will not raise income tax if party wins next election, Starmer says

The Labour leader said he would avoid hikes ‘across the board’, having previously ruled out a wealth tax on the richest in society.

The National (Scotland)

Scottish Labour have 'presumption against' any income tax rises in Scotland

SCOTTISH Labour have a “presumption against any increases in income tax”, Anas Sarwar has said.

The Hindu

Income Tax hoopsters take home the PSG Trophy

Income Tax (Chennai) edged past Indian Army (New Delhi) 75-71 in the 57th PSG Trophy all-India basketball tournament for men. Indian Bank (Chennai) won 3rd place, beating Indian Navy (Lonavala) 79-72. Income Tax's Arvind Muthukrishnan & Aravind Annadurai shone, while Indian Army's Y.P. Abhishek, Siva Saktivel & Sahil fought hard.…

The Conversation

Taxing questions: is National glossing over the likely cost of administering its new ‘revenue measures'?

The National Party’s newly released tax package makes a clear and politically prudent play for the middle-income vote. Proposing to alleviate the financial pain of this “squeezed middle”, it may be key to determining who forms the next government.

The Conversation

We can talk about a higher rate of GST in Australia, but it will never happen

A group of crossbench parliamentarians have revived the idea of increasing the rate of the goods and services tax from 10% or removing exemptions on food, education and health purchases.

Kiplinger

Most Expensive States for Millionaires in 2023

If you earn a lot of money, you may want to avoid these most expensive states for millionaires. Some high earners in these areas could pay income tax rates greater than 50%.

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