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The Latest Breaking News from Income Tax

Half a million more pensioners ‘could be dragged into tax net’

At a time of soaring inflation, frozen income tax thresholds have a ‘profound effect’, according to former pensions minister Sir Steve Webb.

The Independent UK

Liz Truss pledges to review tax rates amid cost of living crisis

PM’s remarks pave way for radical overhaul that could include rethinking income tax brackets

The Guardian - UK

After unrecognised parties, now EC takes on discrepancies in recognised parties’ statements

EC wrote to Law Ministry last week to lower limit for declaration of donations from ₹20,000 to ₹2,000

The Hindu

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Apple to Hike App Store Prices in Several Countries from Oct

Apple Inc said on Monday prices of apps and in-app purchases on its App Store will increase in several countries including Japan, Malaysia and all territories that use the euro currency, from next month. The new prices, excluding auto-renewable subscriptions, will be effective as early as Oct. 5, Reuters quoted…

Asharq Al-Awsat

Mini Budget: Kwarteng to announce £30billion in tax cuts this week to help cost of living

Plans said to be considered by the new Chancellor include bringing forward a 1p cut to income tax, as well as reversing the National Insurance hike and scrapping an increase to corporation tax

Daily Mirror

King Charles and Prince William can avoid paying tax on income after inheriting huge wealth from Queen

Usually, assets worth more than £325,000 are taxed at 40% when inherited by an individual in the UK but King Charles won't have to pay up.

Irish Mirror

Who funds CPR, the ‘centrist’ think tank under Income Tax scanner?

The Centre for Policy Research, which has recently come under the tax scanner for alleged irregularities in funding, prides itself on staying true to its “non-partisan” and “independent” values. Since its inception in 1973, the think tank has undertaken studies on almost every topic under the sun, and its academic…

Newslaundry

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CEOs of Australia’s top 20 companies given nine times the pay rise of full-time workers

Australia Institute urges 60% income tax on earnings above $1m a year

The Guardian - AU

Concerns over I-T surveys on NGOs raised

The signatories expressed their solidarity with “all of us” and termed the recent actions alarming and unfounded.

The Hindu

King Charles will not pay tax on inheritance from the Queen

Monarch is exempt under 1993 agreement but Charles will pay income tax as his mother did

The Guardian - UK

Liz Truss energy support package ‘could add 2.5 per cent to interest rates’

‘Sensible’ to use windfall levy or solidarity taxes to limit extra borrowing, says thinktank

The Independent UK

I-T survey team took data by cloning server: Oxfam India

In December 2021, renewal of FCRA licence was denied, says Oxfam India

The Hindu

Reclaim Idaho withdraws Proposition 1 from the ballot; Idaho legislature sends an advisory question on income and corporate taxes and education funding to voters

On Sept. 7, Reclaim Idaho withdrew Proposition 1 from the November ballot after the state Legislature passed House Bill 1 (HB 1) during its special legislative session on Sept. 1.

Ballotpedia

Borrowers in 7 states may be taxed on their student loan cancellation

Seven states have tax policies on the books that could require them to treat student loans canceled by the federal government as taxable income.

WEKU

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The Hindu

Two think-tanks face tax ‘survey’

The Income Tax (I-T) Department conducted “surveys” at the premises of two think tanks and a charity

The Conversation

Income redistribution or social insurance? A federal MP considers the future of the welfare state

The Albanese government has something of an embarrassment of intellectual riches, with no less than three of its MPs holding PhDs in economics. Two of them, Andrew Charlton and Andrew Leigh, are also prolific authors with at least a dozen books between them.

Newslaundry

‘No foreign funding’: Media-funding foundation responds to tax ‘survey’

The Income Tax department conducted a “survey action” at the Bangalore office of the Independent and Public Spirited Media Foundation on Wednesday, CNBC- TV18 reported.

The Hindu

TASMAC moves Madras High Court against demand of ₹8,310.07 crore towards income tax

Claims, its unfair to not permit deduction of VAT payment of over ₹14,000 crore to Tamil Nadu Govt. from the ambit of taxable income

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The Hindu

NDTV invites VCPL to join application to Income Tax Department over shares

Adani Group unveiled plans last week to control a majority stake in NDTV

The Independent UK

States tapping historic surpluses for tax cuts and rebates

State governments flush with money are returning billions of dollars to their residents

Ballotpedia

Gov. Mike Parson calls the second special session in Missouri history

Governor Mike Parson (R) announced a special session on August 22, 2022 which will focus on an income tax cut and agricultural tax incentives proposal. This special session is set to begin on September 6 and the annual veto session begins on September 14. This is the second special session…

The Conversation

Feeling that fiscal drag? Why you could be worse off even if your pay has gone up

Tax has again become an election issue, more than 12 months before voters go to the polls. Part of the current debate centres around tax brackets and whether the current cut-off points are fair.

Newsroom.co.nz

If we want a fair system, GST must change

Overhauling our low-rate broad-base tax system would go a long way to addressing our wealth gap. Let's not squander the opportunity the election affords for a debate, writes Susan St John.

Tribune News Service

Scott Burns: Are your taxes too high, too low or just right?

The most applauded tax is one that is paid by someone else. It is thought to be fair and well-conceived. This is common knowledge.

The Hindu

National parties collected ₹15,077 crore from unknown sources between FY 2004-05 and 2020-21: ADR report

The analysis was conducted on the basis of the parties' Income Tax Returns and donations statements filed with the Election Commission of India

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