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The Latest Breaking News from Income Tax

Income Tax dept., CBI and ED are used as frontline warriors of BJP: Congress

Party leader Pawan Khera alleged that these agencies are given “targets” to scare Opposition leaders

The Hindu

Several locations in Tamil Nadu allegedly linked to DMK leaders raided by IT

The Income Tax Department conducted searches in various locations in the Karur district of Tamil Nadu.

Dynamite News

Worst States to Retire in 2025 if You Hate Paying Taxes

Relatively high tax burdens make these places the worst states to retire in 2025.

Kiplinger

From analysis to the latest developments in health,
read the most diverse news in one place.

Some people think income tax is illegal. It's pseudolaw, and it's damaging the legal system

Judges have described it as “gibberish”, “obvious nonsense”, “largely incoherent, if not incomprehensible” and “gobbledygook”.

The Conversation

How much revenue does the federal government collect?

Federal revenues dropped by nearly $600 billion from 2022 to 2023 after growing from 2020 to 2022.

USAFacts

How Are I Bonds Taxed? Nine Common Situations

Series I bonds are a popular investment that can help you save on taxes, but the federal income tax consequences can be complex.

Kiplinger

Election Code robs trade of glitter in Telangana amid upcoming polls

The Election Commission of India has set up a 24x7 control room in Hyderabad to monitor the seizures and to address grievances. Enforcement of poll code disrupts businesses in Telangana; ₹340.11 crore seized incl. gold, cash, liquor.

The Hindu

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Government faces global and local calls for tax reform

Australia should consider revenue raising options that are less vulnerable to an ageing population than income tax, the OECD says.

AAP

ED alleges another scam in poll-bound Chhattisgarh with a face value of ₹175 crore

ED probes money laundering angle in alleged Custom Rice Milling Scam in Chhattisgarh, claims ₹175 crore bribes generated for 'higher powers'. Ex-MD of MARKFED and office-bearer of local rice millers' association accused of increasing special incentive from ₹40 to ₹120 per quintal, collecting kickbacks of ₹175 Crore. ED conducted search…

The Hindu

Japan's Kishida plans an income tax cut for households and corporate tax breaks

Japan’s Prime Minister Fumio Kishida says he is preparing to take bold economic measures, including an income tax cut for households hit by inflation and tax breaks for companies to promote investment

The Independent UK

Rishi Sunak plots tax and stamp duty cuts to win back voters after by-election drubbing

The threshold for paying the 40 per cent higher rate of income tax could be raised in the 2024 spring budget, according to one report

The Independent UK

Rishi Sunak ‘considering tax cuts to win back lost Tory voters’ after byelection defeats

The threshold for paying the 40 per cent higher rate of income tax could be raised in the 2024 spring budget, according to one report

The Independent UK

Some pensioners ‘may have to set money aside for unexpected tax bills’

Frozen income tax thresholds combined with significant state pension rises may push more pensioners into paying tax, LCP said.

The Independent UK

Karnataka High Court refuses to quash FIR by CBI against Deputy Chief Minister D.K. Shivakumar

The case under the Prevention of Corruption Act was registered by the CBI following the findings of separate investigations conducted by the Income Tax Department and the Enforcement Directorate.

The Hindu

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The Guardian - UK

Academics challenge Starmer to accept Israel’s siege of Gaza is against international law – UK politics live

Labour urged to clarify its position on collective punishment by 39 academics who say party must confirm it ‘opposes the commission of war crimes’

Dynamite News

Varanasi: IT raids multiple properties of bullion trader Narayan Das

Sleuths of the Income Tax department were carrying out raids at multiple properties of bullion trader Narayan Das in Varanasi.

Dynamite News

Income tax department raids at Trident Group across country

These ongoing raids across the country are part of an investigation into potential financial irregularities, officials said. Read further on Dynamite News

The Hindu

IT raids: BJP’s allegations on Cong. links to seized money is politically motivated, says CM

CM Siddaramaiah dismisses BJP's allegations of IT raid money links to Congress govt. He calls it politically motivated & baseless. He questions how contractors can be differentiated on party lines & rules out possibility of probe into BJP's allegations. He also denies Congress High Command asking for funds.

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The Hindu

Supreme Court notice to D.K. Shivakumar on CBI plea to probe disproportionate assets case

The Supreme Court on Monday refused to stay a Karnataka High Court decision to freeze a Central Bureau of Investigation (CBI) probe against Deputy Chief Minister D.K. Shivakumar in a disproportionate assets case without hearing him. The Income Tax Department in 2017 conducted a raid against Mr. Shivakumar, based on…

The Hindu

IT raids continue, crores recovered from Bengaluru builder

In a continuation of the raids since Thursday, Income Tax (I-T) officials on Sunday searched an apartment in Kethamaranahalli at Rajajinagar belonging to a city-based builder and allegedly recovered cash worth several crores and incriminating documents from him

Newslaundry

I-T dept revokes tax exemption status of 4 NGOs, letters to two mention protests against Adani

The Income Tax department has revoked the tax exemption status of four non-government organisations – Oxfam India, CARE India, Legal Initiative for Forest and Environment, and Environics Trust, Newslaundry learned from sources and top officials linked to these organisations. The tax exemption was reportedly revoked about two weeks ago.

The Hindu

Sand mining in T.N. | Senior official calls for cleaning up “internal mess”, disclosing all illegal sand mining sites to ED

WRD Engineer-in-Chief & Chief Engineer General called for Income Tax returns of the department’s officials and their family members for the last three financial years and the list of properties owned by them, with their current market value.

The Hindu

I-T raids: D.K. Shivakumar calls it political vendetta; BJP says money was ‘commission’ meant to fund Telangana polls

Deputy Chief Minister D.K. Shivakumar on Friday claimed that the Income Tax searches in Bengaluru on the residences of contractors, who had alleged 40% commission in contracts during the previous BJP rule, were “politically motivated”. This drew a sharp reaction from the Opposition that claimed the money seized was “commission”…

The Times of India

Income tax search at contractor’s house reportedly leads to Rs 42cr, sparks political allegations, counter allegations

BENGALURU: Income Tax (I-T) officials have been carrying out search and seizure operations at properties of several contractors in Karnataka since Thursday, sparking political allegations and counter allegations in the state.

The Times of India

Income tax sleuths recover boxes full of cash in raids at contractor's properties in Bengaluru

BENGALURU: Income Tax authorities have reportedly discovered a substantial amount of money concealed in multiple boxes during their property searches related to a contractor based in Bengaluru, according to official sources.

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