The Income Tax Department extended the ITR filing deadline for Assessment Year 2025–26 by one day, moving it from September 15 to September 16, 2025. The announcement came after the e-filing portal suffered major technical glitches, including login failures and frozen screens, leaving lakhs of taxpayers stranded. By the original deadline, 7.3 crore returns were filed, crossing last year’s record, but at least 1.5–2 crore taxpayers were still

Maryland residents carrying significant student loan balances have an opportunity to ease some of their financial burden through the state’s student loan debt relief tax credit. The program, which has helped thousands of taxpayers since its launch, offers direct support for individuals who owe at least $20,000 in student loan debt and continue to file taxes in the state. The deadline to submit an application for this year’s credit is September 15, leaving borrowers only a short wi

The Goods and Services Tax (GST) Council has approved a series of new measures aimed at easing the compliance burden for businesses in India, with a focus on reducing the registration time for MSMEs (Micro, Small, and Medium Enterprises) and start-ups. Sources confirmed to that the new policy will reduce the MSME registration time from 30 days to just three days, streamlining the process significantly. In addition, a proposal for automated GST refunds for

The Indian government has introduced the Promotion and Regulation of Online Gaming Bill, 2025 in response to the growing concerns over the online gaming industry, particularly its gambling and betting segments. According to government sources, an estimated 45 crore people in India lose around Rs 20,000 crore annually through online games, including betting and gambling. The issue has become a "major pro

The state of New Jersey will begin mailing letters on August 13, 2025, to eligible residents outlining details of the 2025 Anchor tax benefits. This annual program provides property tax relief to both homeowners and renters in the state who meet specific eligibility requirements related to residency, income, and age for the year 2024. The Anchor program, which stands for Affordable New Jersey Communities for Homeowners and Renters, began in 2022 as an expansion

The Income Tax (No 2) Bill, aimed at replacing the six-decade-old Income Tax Act of 1961, has been passed in the Lok Sabha, introducing a ‘S.I.M.P.L.E’ framework Streamlined structure and language, Integrated and concise, Minimised litigation, Practical and transparent, Learn and adapt, and Efficient tax reforms. Presented by Finance Minister Nirmala Sitharaman, the bill has been reworked based on 285 recommendations from a select committee led by

A high-stakes contest is unfolding in Santa Clara County as candidates scramble to replace longtime Assessor Larry Stone in a special election scheduled for November 4. With the nomination period closing on Friday, a growing roster of hopefuls has already raised hundreds of thousands of dollars in what is shaping up to be a fiercely competitive race. The victor will temporarily fill Stone’s seat until December 2026, with a formal reelection campaign required in 2025 for a full term.

Santa Clara County officials are preparing to propose a sales tax increase to voters in an effort to safeguard the county’s public hospital system from severe federal revenue losses. The Board of Supervisors is expected to convene a special meeting around August 7 to decide whether to place the measure on the November 4 ballot. The proposed five-eighths cent sales tax would raise the current rate from 9.125% and is seen as a crucial step to help offset billions in anticipated funding cu

Texas shoppers will soon enjoy a break on sales tax during one of the state’s most anticipated retail events of the year—the annual tax-free weekend. From Friday, August 8, through midnight on Sunday, August 10, 2025, qualifying purchases of certain items will be exempt from state and local sales tax. This initiative, created to help families during the back-to-school season, provides relief on a range of essentials, including clothing, footwear, backpacks, and school supplies, provi

For Non-Resident Indians (NRIs) juggling financial commitments in both India and the United States, tax filing often becomes a yearly stress point. Each country has distinct regulations, reporting formats, and deadlines. The slightest oversight can lead to penalties or double taxation. That’s where Artificial Intelligence (AI) is proving to be a game-changer. Today, AI-powered tax tools are helping NRIs simplify,

A Columbus resident has spent the last eight years mowing and caring for a vacant lot next to his home, unaware that the property did not belong to him. The man, an 80-year-old U.S. Army veteran, believed the lot was part of his rental home in the Hilltop neighborhood. He paid $1,300 a month in rent and assumed the adjoining land was included in the space he was responsible for. Over the years, he took full responsibility for keeping the property in shape, cutting down weeds, trim

In a significant legal ruling, the Income Tax Appellate Tribunal (ITAT) has dismissed the Congress party's appeal against an income tax demand of Rs 199 crore for the financial year 2018-19. The tax demand relates to party funds and stems from allegations of late filing of income tax returns and violations of cash donation limits. The ITAT ruled that the Congress party's return filed on February 2, 2019, was

The Sukanya Samriddhi Yojana (SSY), launched under the Beti Bachao, Beti Padhao initiative in January 2015, is one of India's most popular government-backed savings schemes for daughters. The scheme is designed to provide parents with an excellent way to save for their daughter's higher education and marriage, ensuring a secure financial future. By making regular contributions, parents can accumulate a significant amount by th

The Prime Minister’s Office (PMO) has approved a significant overhaul of India’s Goods and Services Tax (GST) system, paving the way for major reforms to simplify the tax structure. The proposal is set to be discussed in the upcoming GST Council meeting in August. The finance ministry has already initiated discussions on the changes, which are expected to streamline the GST system and ease compliance for businesses and consumers alike.

Many errors occur when taxpayers fail to complete all parts of the Excel utility properly. According to Mihir Tanna, Associate Director at S.K Patodia LLP, a common mistake is forgetting to fill in the last row of the Capital Gains schedule row F. It’s essential to enter the quarter-wise details and click the ‘Validate’ button at the top of the sheet. Without this step, your tax details, including capital gains and taxes, may not show up cor

Paying income tax every year can be burdensome for many, but did you know that, under the new tax rules, you may qualify to pay zero tax? The latest updates in India’s tax policies provide an opportunity for taxpayers to reduce their tax liabilities, potentially to zero, with proper planning. Finance Minister Nirmala Sitharaman’s 2025 Budget announcement revealed a significant change in the tax system that could benefit many taxpayers. Here’s

If you’re wondering whether filing your Income Tax Return (ITR) early will help you get your tax refund faster, the answer is generally yes as long as your return is correct, complete, and verified on time. Filing early ensures that your return is processed smoothly, especially during the less congested period before the September 15, 2025 deadline. Why Early Filing Increases Your Chances of a Quicker R

A Bay Area couple is facing stress and frustration after a costly mistake nearly caused them to overpay $30,000 to the Internal Revenue Service. The error, made while attempting to submit their estimated 2025 tax payment early, has led to bounced checks, a financial penalty, and weeks of confusion with no clear resolution in sight. Joy and Kenneth Hays, residents of Livermore, California, were trying to make an early payment on their taxes, expecting to pay $3,360. But a simple mi

If you're a tenant paying more than ₹50,000 in monthly rent, you could be sitting on a potential tax penalty without realizing it. As per Section 194-IB of the Income Tax Act, even salaried individuals not just business entities are required to deduct 2% Tax Deducted at Source (TDS) from the rent and deposit it with the government. This provision applies to anyone paying high-value rent and is often overlooked, leading to costly mistakes.

Filing your income tax return (ITR) for the first time is a milestone in financial responsibility, but it also comes with its share of confusion and potential pitfalls. From choosing the correct form to verifying the return, a few missteps can delay refunds or even invite scrutiny from the Income Tax Department. With the ITR filing season for Financial Year 2024–25 now open, new taxpayers must stay alert and informed.