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The Latest Breaking News from Income Tax

From Tax-Deferred to Tax-Free: Navigating Taxes in Retirement

Here are some considerations to keep in mind to help you spend less of your retirement savings and Social Security benefits on taxes.

Kiplinger

Tax contribution by States needs to be revisited

Since the 1st Finance Commission, some States have been arguing that their contributions to the Union tax revenue have been higher than others and, therefore, they rightfully have higher shares in the Union tax revenue.

The Hindu

TDS dispute | Actor Sivakarthikeyan receives refund of ₹12.60 lakh from I-T Department

Actor D. Sivakarthikeyan gets a refund of ₹12.60 lakh from the Income Tax department after a resolved dispute.

The Hindu

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Congress, BJP put govt. in the crosshairs

The Union Ministry of Corporate Affairs' probe into a mining firm's company matters puts the LDF government under scrutiny.

The Hindu

I believe taxation is a great public good, but I look at my tax return and ask: what are we paying for?

The system is broken: we pay as we should but watch the richest get off lightly while services get worse and worse, says Guardian columnist Frances Ryan

The Guardian - UK

Federal and Illinois 2024 tax season starts Jan. 29

The IRS announced the official start of the 2024 tax season and that includes Illinois taxpayers, who can start filing individual income tax returns.

Chicago Sun-Times

California Just Became More Expensive for High Earners

A California tax expansion will benefit workers with lower incomes, but high earners will pay the price.

Kiplinger

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Sunak says he wants to reduce workers’ taxes this year and may cut benefits

PM sets up possibility of income tax coming down in March and says control of welfare is a priority

The Guardian - UK

DeSantis Wants To 'Eliminate the IRS' and Implement a Flat Tax

DeSantis says the new, single tax rate would mean "lower taxes for everyone" but that only demonstrates that he hasn't thought too deeply about how a flat tax would work.

Reason

Rishi Sunak’s tax cuts a ‘raw deal’, Labour to claim in ad campaign

The party says income tax and national insurance thresholds, frozen since 2021, mean many families have been drawn into higher tax bands.

The Independent UK

Labour tax cuts would threaten another 'period of austerity' for public services, warns IFS

Sir Keir Starmer and shadow Chancellor Rachel Reeves are reported to be considering tax cuts in Labour’s election manifesto, possibly to income tax

Evening Standard

How Regular Families Could Be Affected if Tax Cuts Expire

You don’t have to have a large estate to see a significant impact on your taxes once provisions in the 2017 Tax Cuts and Jobs Act sunset (if Congress doesn’t act).

Kiplinger

550,000 more Londoners to be dragged into paying income tax higher rate due to threshold freeze, warn Lib-Dems

Nearly a million more people in the capital and wider South East will also be brought into paying Income Tax by the threshold freeze policy

Evening Standard

Income Tax Department searches property, construction firm premises in Coimbatore, Erode and Namakkal

Income Tax Department conducts searches raids in Coimbatore & Erode, targeting property/real estate & pump manufacturer firms.

The Hindu

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The Hindu

Tax collection on course to grow 3 times to over ₹19 lakh crore in 10 years of Modi Government

Tax collections likely to exceed ₹19 lakh crore in 10 years of Modi-led Government, providing more leeway for people-friendly tax measures.

The Hindu

Naveen Patnaik govt. to cover 90% of Odisha’s population under cashless care in private hospitals

BSKY will cover the entire population except income tax payees and government employees in the State. Big farmers and people above poverty line (APL), who are not paying income taxes in villages, will be benefited by the announcement.

The Guardian - UK

Only top half of UK earners to benefit from lower NI payments, thinktank warns

Any gains for lower half will be lost when income tax bills rise in April, says Resolution Foundation

Kiplinger

Tax Season Is Almost Here: What You Can Do to Prepare

Tax season can be a stressful time, but getting prepared now can help it go more smoothly.

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news in one place.

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The Hindu

Taxpayers urged to comply with e-verification scheme

FTCCI & ICAI organise seminar on Income Tax e-verification scheme in Hyderabad with Principal Director General of Income Tax Sunita Bainsla.

The National (Scotland)

'No evidence' to suggest Scots don't like paying more income tax, says expert

THERE is currently no evidence to suggest people are put off by more income tax bands in Scotland, an expert has told The National.

The National (Scotland)

Architect of SNP Growth Commission speaks out against tax rises

THE architect of the SNP’s economic plans for independence has hit out at the party’s plans to raise income tax on high earners.

The Hindu

IT department says its searches resulted in seizure of ₹351 crore of unaccounted cash

The Income Tax Department, which had carried out simultaneous searches in Odisha, Jharkhand, and West Bengal in the first week of December, said ‘unaccounted’ cash amounting to more than ₹351 crore was discovered during raid.

Kiplinger

Three Ways You Can Cut the Tax Stress of RMDs

You have to take them, but there are strategies you can apply to prevent required minimum distributions (RMDs) from stressing you out in retirement.

The National (Scotland)

Playwright's words from 2015 perfectly sum up Scotland's economy in the Union

A PLAYWRIGHT’S prophetic words from 2015 are being applauded for perfectly summing-up Scotland’s financial situation within the Union.

The Hindu

NewsClick claims its bank accounts frozen by I-T Department

Online news portal NewsClick claimed on Tuesday that its bank accounts have been frozen by the Income Tax Department and said it will undertake legal measures against this “unjust and cruel” action.

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