The Income Tax Department conducted searches at the Mumbai offices of Prime Focus Ltd on Wednesday, October 7, bringing the company associated with Ramayana producer Namit Malhotra under scrutiny. According to CNBC-TV18, sources said the action concerned foreign remittances and also covered premises linked to certain individuals associated with the company. Details of the transactions being examined were not immediately available. The development attracted atte

Vivek Ramaswamy’s Ohio tax plan is becoming a central issue in the race for governor, with proposals to phase out income tax, reduce property tax burdens and intensify Medicaid fraud enforcement as he competes against Democrat Amy Acton ahead of the November 3 election. Income Tax Republican nominee Vivek Ramaswamy has pledged to make Ohio a zero-income-tax state if elected governor. His plan would phase out the individual income tax o

Indian parents can financially support a Canada study permit application by documenting income, savings and their relationship to the student. The application should include a clear support letter, bank records, tax returns and a realistic plan for tuition and living costs. Parent funding is permitted Indian parents may fund a child’s Canadian education, but this is financial support rather t

For taxpayers whose applicable due date is July 31, Friday is the final day to file the Income Tax Return for Financial Year 2025-26, corresponding to Assessment Year 2026-27. The deadline differs by taxpayer category, so filers should confirm the correct form and due date before submission. ITR Filing Form And Personal Details Need A Final Review Choosing the correct ITR form is the first essential check. Salaried individuals, investors,

Taxpayers whose applicable ITR deadline is July 31, 2026, should organise their income, investment and tax records before starting the filing process. Keeping seven essential sets of documents ready can prevent incorrect disclosures, delayed refunds, missed deductions and possible tax notices. ITR Deadline Nears For Eligible Taxpayers With the July 31, 2026, income tax return deadline approaching for eligible taxpayers, individuals sh

Crypto investors should review transaction records, TDS credits, AIS, Form 26AS and Schedule VDA details before the July 31, 2026, ITR deadline. Accurate reporting of every crypto trade can help avoid mismatches, missed tax credits, excess tax payments and possible income tax notices. Crypto Records Must Cover Every Exchange And Wallet Cryptocurrency investors preparing their income tax returns should first download their complete tra

Finance Minister Nirmala Sitharaman urged Income Tax officials to stop making citizens chase departments for services they are legally entitled to receive. Sitharaman Tells Tax Officers to Serve Citizens Without Delay Finance Minister Nirmala Sitharaman has asked Income Tax Department officials to ensure that taxpayers and ordinary citizens are not forced to move repeatedly between government offices for routine services and benefits that

The government says the Income Tax e-filing portal can manage the July 31 rush after infrastructure upgrades, although occasional delays may occur during peak traffic. ITR Filing Rush Intensifies Before July 31 The Income Tax Department’s e-filing portal is seeing rapidly rising traffic as the July 31, 2026 deadline approaches for many salaried employees, pensioners and individuals filing ITR-1 or ITR-2 for Assessment Year 2026-27. The g

This guide explains NRE, NRO and FCNR accounts in plain English, compares tax and repatriation rules, shows where overseas and Indian income should go, and gives realistic account combinations for salaried NRIs, landlords, investors and families. Last reviewed: July 18, 2026 The first banking question most new NRIs ask sounds simple: “Which Indian account should I use now?”

The Centre has listed five new bills and two previously introduced measures for the Monsoon Session 2026 beginning Monday, July 20. However, the Delimitation Bill and Public Office Disqualification Bill are absent, fuelling speculation over whether they could be introduced later. Monsoon Session Bills Leave Delimitation Question Open The Union government has outlined its legislative agenda for the Monsoon Session 2026, listing five new bil

A US-based NRI won relief in an NRI cash deposit tax case in India after the Delhi bench of the Income Tax Appellate Tribunal accepted that ₹11.18 lakh deposited during demonetisation came from earlier overseas remittances intended to support his parents. In an order pronounced on Wednesday, April 8, 2026, in Arun Bussi v. ACIT, the tribunal directed the deletion of the tax addition for assessment year 2017-18. The

MS Dhoni Leads Taxpayer List In Jharkhand-Bihar MS Dhoni has emerged as the highest individual taxpayer from the Jharkhand-Bihar region as income tax collection touched around ₹20,000 crore in FY26, officials said. The Income Tax Department’s collection from Jharkhand and Bihar during the 2025–26 financial year marks a strong revenue signal from eastern India, a region often overshadowed by larger metro-driven tax zones. ₹20,00

Karl Marx’s Influence on Workers’ Rights and Labor Movements Karl Marx continues to influence modern society through his revolutionary ideas about capitalism, workers’ rights, labor movements, and economic inequality. His theories on social justice and worker exploitation remain highly relevant in today’s world, especially in discussions about wealth distribution, labor laws, cor

A major cash seizure was reported in Perambalur, where authorities recovered nearly ₹2.5 crore in unaccounted money during a late-night vehicle inspection. The operation was part of routine checks amid heightened vigilance in the region. Officials intercepted a car during the inspection and discovered a substantial amount of cash concealed inside. T

Married couples across the United States face an important decision each tax season: whether to file taxes jointly or separately. That choice could have new implications for the 2025 tax year following recent policy changes introduced under former President Donald Trump’s legislation. In most cases, the tax system favors married filing jointly, which allows couples to combine income, deductions, and credits into a single return. This approach typically results in lower overall incom

Salaried employees often claim House Rent Allowance (HRA) for rent paid to family members, such as parents or spouses, under the current tax regime. However, under the proposed draft Income-tax Rules, 2026, such arrangements may soon undergo closer scrutiny, especially if the rent exceeds Rs 1 lakh in a financial year. The new rules, if implemented, would require taxpayers to disclose their relationship with the landlord along with other details like the landlord’s name, address, and PAN nu

Eligible U.S. taxpayers will be able to deduct up to $10,000 in auto loan interest for the 2025 tax year under a temporary tax provision created through President Donald Trump’s One Big Beautiful Bill Act, but financial analysts say the actual benefit for most car buyers will be far smaller than the headline figure suggests. While the deduction may appear generous at first glance, typical loan structures and interest payments mean that most borrowers are unlikely to approach the maximum all

A proposal to create a new income tax bracket for Virginia’s highest earners is advancing through the General Assembly, with supporters arguing that the measure could generate significant new revenue for public schools, child care programs and affordable housing initiatives across the state. House Bill 188, introduced by Del. Kelly Convirs-Fowler, who represents Virginia Beach’s 96th House District, would establish a higher tax rate beginning in the 2026 tax year. Under the proposal, individuals earning more than $1 million annually would pay a 10 percent tax on income exceeding that threshold. Lawmakers backing the bill say the change would modernize Virginia’s tax structure and target additional contributions from the state’s wealthiest residents. Currently, Virginia uses a relatively flat income tax system in which all income above $17,000 is taxed at a rate of 5.75 percent. Advocates for the legislation contend that the structure places a proportionally heavier burden on middle-income families while allowing top earners to pay the same marginal rate. By creating a new bracket, they argue, the state can make its tax policy more progressive while securing funds for critical public needs. The bill specifies how revenue from the higher tax rate would be distributed. Half of the additional funds would go toward increased basic aid for public schools, a move intended to help districts address teacher shortages, classroom resources and rising operational costs. Thirty percent of the new revenue would be directed to the Child Care Subsidy Program, which assists working families with the cost of care and aims to expand access for low- and moderate-income households. The remaining 20 percent would be allocated to the Virginia Housing Trust Fund to support affordable housing development and homelessness prevention efforts. Supporters say the targeted investments could strengthen education, improve workforce participation and address housing shortages that have affected communities statewide. Critics, however, have raised concerns about potential impacts on business competitiveness and the possibility that higher-income residents could relocate, affecting overall tax collections. Those debates are expected to continue as the measure moves through committee review. In addition to the new tax bracket, HB 188 includes several technical amendments intended to align existing statutes with the proposed changes. The bill remains under consideration in committee, where lawmakers will determine whether it advances to a full vote in the House and Senate. If approved, the policy would mark one of the most significant adjustments to Virginia’s income tax system in decades and could reshape how the state funds key services tied to education, child care and housing.

Many taxpayers are facing a frustrating wait for their tax refunds as nearly 24 lakh income tax returns (ITRs) for the Assessment Year 2025–26 have been pending for more than 90 days. According to the Minister of State for Finance, Pankaj Chaudhary, as of February 4, 2026, out of 8.79 crore ITRs filed, approximately 24.64 lakh were yet to be processed, leaving millions of individuals waiting for their refunds. The large backlog has triggered concerns, especially for senior citizen

In a significant legal blow to actor Vijay, the Madras High Court has upheld a Rs 1.5 crore tax penalty imposed by the Income Tax Department and dismissed his appeal challenging the levy. The penalty is linked to the alleged non-disclosure of additional income derived from the 2015 film Puli. According to the Income Tax Department, during tax searches conducted in 2015, it was revealed that of Vijay’s total remuneration of around Rs 15 crore, nearly Rs 5 crore was paid in cash and