Tax regimes

The income tax department on Friday said corporate tax collections in the first four months of the current fiscal have grown 34 per cent over the year-ago period. During 2021-22 fiscal, corporate tax collections stood at Rs 7.23 lakh crore, a 58 per cent growth over 2020-21 mop up. Even when compared to collections of FY 2018-19 (pre-COVID period), the collections of FY 2021-22 are higher by over 9 per cent, the I-T department tweeted. “The corporate tax collections during FY 2022-23 (till 31st July, 2022) register a robust growth of 34 per cent over the corporate tax collections in the corresponding period of FY 2021-22,” it said without giving the absolute figures. The positive trend of growth continues, but for the overall impact of the COVID-19 pandemic during FY 2020-21, when the corporate tax collections took a temporary hit. “This indicates that the simplified tax regime with low rates and no exemptions has lived up to its promise,” it added. Read the Latest News and … [Read more...] about Corporate Tax Collection Grows 34% Between April-July

More than 200,000 Tax Credits claimants are being warned they have just days left to renew or their benefits will stop. Tax Credits are benefits to help working families with targeted financial support. The amount you could get in Tax Credits depends on your income, as well as other factors including whether you have any children. But now HM Revenue and Customs (HMRC) has issued a reminder to customers ahead of the July 31 deadline. HMRC says around 222,600 claimants risk having their payments stopped if they don't renew their claim by this point. The taxman says Tax Credits customers can renew anytime through its website and app. More than 363,000 Tax Credits claimants have already renewed. Cost of Living Our Cost of Living team of experts are here to help YOU through a very difficult year. They'll be bringing you the latest money news stories and also providing specialist advice. Whether it's rocketing energy bills, the cost of the weekly shop or … [Read more...] about Thousands of people have days left to renew Tax Credits – or risk payments being stopped

On Friday’s broadcast of MSNBC’s “Katy Tur Reports,” Rep. Jim Himes (D-CT) stated that Republicans want to “make it easier for people to cheat on their taxes” because they’re attacking the provisions in the Inflation Reduction Act “that would provide the IRS with a lot more, essentially, auditors to catch the tax cheats.” Himes stated, “Right now, if you tuned into the debate on the House floor, Republicans can’t argue against cutting prices for prescription drugs for seniors. They want to, but it’s hard for them to argue against making an investment against the devastation caused by climate change. So, instead, they’re focused on — for a party that claims to be the party of law and order, they’re focused on the element that would provide the IRS with a lot more, essentially, auditors to catch the tax cheats. And Katy, you know this, but, there are estimates that, every year, the United States fails to receive 400, 500, $600 billion in tax revenue because people cheat. So, that … [Read more...] about Dem Rep. Himes: GOP Is Trying to ‘Make It Easier for People to Cheat on Their Taxes’ by Opposing IRS Expansion

The Madras High Court on Wednesday set aside four assessment orders passed by the Income Tax Department on September 30, 2021, rejecting the declared income of ₹384.55 crore by SRS Mining, owned by J. Sekar Reddy and two other partners, for the assessment years 2014-15 to 2017-18 and instead assessing its income to be a whopping ₹4,442.13 crore for which it was liable to pay tax to the tune of ₹2,682.16 crore. Chief Justice Munishwar Nath Bhandari and Justice N. Mala disposed of the writ petitions filed by the private firm, involved in lending excavators for mining, with a direction to the I-T Department to reconsider the issue and pass the assessment orders afresh after taking into account the findings recorded by them in their judgment. They also said the petitioner firm could make all its submissions before the Department. The judges held that the Department ought not to have relied upon the statements of witnesses, who were not cross-examined by the petitioner firm, while … [Read more...] about HC sets aside I-T Dept.’s demand of tax to the tune of ₹2,682.16 crore from SRS Mining

Fuel prices continue to soar across the UK, making the daily commute even more expensive for millions of Brits. An alternative many are turning to is cycling to work, and the government has plan in place to encourage many more to get involved. The Cycle to Work Scheme works in conjunction with businesses to encourage their employees to ditch the car in favour of a bicycle. There are a few incentives to entice people to make the change, and with the cost of living pushing our budgets to the limit, using the car less can save you your hard-earned cash. What is the Cycle to Work Scheme? The Cycle to Work Scheme aims to reduce congestion on the roads ( Image: Patrick Fraser/Getty) The Cycle to Work Scheme is an incentive programme to get commuters to stop driving to work and use a bike instead. It has been set up to help you save money , reduce emissions, alleviate congestion on the roads and encourage exercise. The scheme will supply you with a new bike … [Read more...] about How does Cycle to Work Scheme work? Tax-free way to get a new bike

Did you know you could be missing out on a little-known council tax rebate that slashes your bill by a quarter? Many will be aware of the single person discount - where the sole adult occupier gets a cheaper rate - but what's lesser known is the 'second adult rebate', which could reduce your bill by a further 25 per cent. How does it work? The amount anyone pays in council tax is based on a two-adult household, which is why people living by themselves receive the 25 per cent discount, as only they are liable for the tax. But if more than one adult lives in a property, it is possible the discount can apply to them too. Want to get the latest personal finance news direct to your inbox? Sign up for our daily Money newsletter HERE So who qualifies? If only one person in the household is responsible for paying the council tax bill but has other adults living with them, then this is where the 'second adult rebate' comes into play. If you would like to apply … [Read more...] about Make a massive saving on your council tax bill with this little-known rebate tip

House Democrats on Friday passed a massive climate spending bill that will allocate billions of taxpayer dollars toward green energy and environmental justice programs. The bill, dubbed the Inflation Reduction Act, will hike gross taxes by at least $313 billion and spend an extra $124 billion on tax enforcement measures in order to raise money for its provisions, according to the Joint Committee on Taxation (JCT). Taxpayers will be funding a $369 billion package that includes a suite of dubious programs aimed at combatting climate change and pursuing environmental justice. (RELATED: Biden Will Get Billions To Spend On Green Programs. Here’s What Happened Last Time He Had That Money) For example, the Energy Secretary will give up to $6 billion to “underserved communities” to fund neighborhood access and equity grant programs, according to the bill’s text. The Democrats’ package allots $3 billion for “environmental and climate justice block grants” to facilitate political … [Read more...] about Here’s What Americans Will Get From The Climate And Tax Bill Democrats Just Passed

Liz Truss faces mounting pressure as she is accused of plunging poor Brits into “destitution” with a tax cut that will give them just 76p a MONTH. New analysis warned the Tory leader favourite’s National Insurance change will hand a paltry sum to the worst-off tenth of households - compared to £93.19 a month to the richest tenth. The poorest will be £50 a month worse off from October, even after help with bills, the Tony Blair Institute said. Ms Truss’ rival Rishi Sunak warned she will leave people at risk of “real destitution” as energy bills are set to top £3,600 a year from October and £4,200 from January. In a bombshell intervention, he told Tory members: "If you support a plan that Liz is suggesting, which says she doesn't believe in doing that, doesn't believe in providing direct financial support to those groups of people. Liz Truss with Geoffrey Clifton-Brown, the Tory MP, at an event yesterday ( Image: Clive Postlethwaite/REX/Shutterstock) “We are … [Read more...] about Liz Truss tax cut will save poor Brits just 76p a MONTH as they face ‘destitution’

Donald Trump hasn't had the easiest month, with both the FBI search of his Mar-a-Lago residence and a New York deposition to contend with. The hearing in New York centers on Trump's tax affairs and valuations of Trump organization assets. Reports of the hearing said that Trump pleaded the Fifth amendment more than 440 times. Trump, in a statement, said: "I once asked, 'If you're innocent, why are you taking the Fifth Amendment?' Now I know the answer to that question." "When your family, your company and all the people in your orbit have become the targets of an unfounded, politically motivated Witch Hunt supported by lawyers, prosecutors and the Fake News Media, you have no choice," Trump said. "Accordingly, under the advice of my counsel and for all of the above reasons, I declined to answer the questions under the rights and privileges afforded to every citizen under the United States Constitution," he added. However, the circumstances of why Trump chose to use the … [Read more...] about Why did Trump plead the Fifth amendment?—What we do know, what we don’t

With the road to the All India Congress Committee (AICC) headquarters blocked and heavy police outside party president Sonia Gandhi and former chief Rahul Gandhi’s house on Wednesday evening, the Congress alleged that the principal Opposition party was “under siege”. The scaling up of the security cordon and placing of multiple barricades happened soon after the Enforcement Directorate (ED) temporarily sealed the premises of Young Indian (YI) in the Congress-owned National Herald office in Delhi as part of an ongoing money laundering investigation. A senior officer of the Delhi Police, however, said that they received input from the Special Branch about the possibility of protesters gathering outside the Congress headquarters and that was why the road was blocked as a precautionary measure. Vendetta politics, says Jairam Ramesh “The Congress is under siege. Delhi police have surrounded our HQs, and homes of INC President and ex-President. This is the worst form of vendetta … [Read more...] about We are under siege, says Congress