irs

CBI arrests two persons, including IRS official, on charge of attempting to sabotage IT faceless assessment scheme

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CBI arrests two persons, including IRS official, on charge of attempting to sabotage IT faceless assessment scheme

The Central Bureau of Investigation (CBI) has arrested two accused persons, including an Indian Revenue Service (IRS) official, on the allegation of attempting to sabotaging the faceless scheme of Income-Tax assessment. They have been identified by the agency as 2015-batch IRS official Vijayendra, who holds the police of Deputy Commissioner in the Income-Tax Department, and … Read more

Trump picks a Hunter Biden whistleblower to temporarily lead the IRS

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Trump picks a Hunter Biden whistleblower to temporarily lead the IRS

President Donald Trump has picked Gary Shapley, an Internal Revenue Service agent who has said the investigation into Hunter Biden‘s taxes was not aggressive enough, to temporarily lead the tax collector. Shapley’s claims that the Justice Department slow-walked the tax investigation into Hunter Biden were central to House Republicans’ attempted impeachment of his father, President … Read more

Donald Trump may owe $100 million from double-dip tax breaks, audit shows

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Donald Trump may owe 0 million from double-dip tax breaks, audit shows

Former President Donald Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower, according to an IRS inquiry uncovered by The New York Times and ProPublica. Losing a yearslong audit battle over the claim could mean a tax bill of more than $100 million. The 92-story, glass-sheathed skyscraper along … Read more

Banks, CCIL in talks to build 3rd-party clearing process, unlock trade

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Banks, CCIL in talks to build 3rd-party clearing process, unlock trade

Mumbai: Domestic and European banks have started regular talks with the Clearing Corporation of India (CCIL) to build structures needed for third-party clearing of government bonds and derivatives, paving the way for starting trades worth billions of dollars that may otherwise have stalled due to a stand-off between the regulators home and away. “Banks and … Read more

Private inequity: How a powerful industry conquered the American tax system

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Private inequity: How a powerful industry conquered the American tax system

There were two weeks left in the Trump administration when the Treasury Department handed down a set of rules governing an obscure corner of the tax code. Overseen by a senior Treasury official whose previous job involved helping the wealthy avoid taxes, the new regulations represented a major victory for private equity firms. They ensured … Read more

View: The only way to cure the fear of taxation is to respect the honest taxpayer

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View: The only way to cure the fear of taxation is to respect the honest taxpayer

Synopsis The faceless assessment scheme is a major change in the work flow and processes of the I-T department that has always functioned in well-defined geographical areas. Dynamic sphere of control — where a tax return filed in, say, Delhi would be looked into by a team of tax officials stationed in, say, Chennai — … Read more

Donald Trump says he paid millions in taxes, plays down concerns about debt

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Donald Trump says he paid millions in taxes, plays down concerns about debt

U.S. President Donald Trump said on Monday he paid “many millions of dollars in taxes” but was entitled to depreciation and tax credits and also said he was under-leveraged, having more assets than debt. The Republican president responded in a series of Twitter posts to a New York Times report that he paid just $750 … Read more