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

You might be receiving the same CTC as before, but a closer look at your bank account could reveal that your take-home pay has dropped. This change is likely due to the new 50% wage rule, which has been introduced under India's revised Labour Codes. While the Cost to Company (CTC) remains unchanged, this rule is quietly reshaping how salaries are structured, particularly the proportion allocated to basic pay, dearness allowance, and retaining allowance. Under the new rule, basic pay

The average tax refund for U.S. filers has increased by roughly $350 during the 2026 tax season, according to the latest data released by the Internal Revenue Service on Friday, March 27, 2026. The IRS reported that the average refund reached $3,521 as of that date, compared with $3,170 during the same period in 2025, reflecting a noticeable rise in payouts to taxpayers. The data shows that approximately 88.4 million individual tax returns had been received by Friday, March 27, 2026,

A young Indian professional’s experience reflects a broader reality faced by many Indians working abroad, especially in countries like the UK. After spending several years building a career overseas, many Indian workers hope to transition into long-term roles. However, visa restrictions often become a major hurdle. As work visas near expiration, professionals must secure jobs that offer sponsorship—something that is not always easy to find. Many companies are hesitant to sponsor for

Chicago residents purchasing alcohol from local liquor stores will see a new tax added to their bills starting Sunday, as the city implements a revised taxation system on retail liquor sales. The Chicago Department of Finance confirmed that a 1.5 percent liquor tax will officially take effect after a two-month delay that was granted to allow retailers additional time to update billing systems and prepare for the change. The new Chicago liquor tax replaces the previous structure that

San Jose officials are calling on state regulators to withdraw newly approved gambling regulations that they say could significantly disrupt the city’s finances and threaten more than 1,000 local jobs. In a letter dated Feb. 19 and addressed to Attorney General Rob Bonta, city leaders warned that the new rules governing California’s card rooms would dramatically reduce tax revenue generated by the city’s two licensed casinos, Casino M8trix and Bay 101. According to city offici

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

Ohio lawmakers are advancing a proposal that would allow residents to claim state income tax deductions for qualifying church donations, arguing the move would bring Ohio policy in line with federal tax law while strengthening faith-based services across local communities. House Bill 444, also known as the Tithing Protection Act, was introduced last fall by Republican Rep. Josh Williams of Sylvania Township and Democratic Rep. Dontavius Jarrells of Columbus. The measure received its first he

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

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

A 37-year-old Indian-origin information technology professional was killed after unidentified assailants opened fire on the vehicle he was travelling in at a shopping centre parking lot in Toronto, according to Canadian police officials. The victim, identified as Chandan Kumar, hailed from Bengaluru Rural district in Karnataka and had been living in Canada for the past six years while working with a private technology company. The incident occurred on Saturday, February 7, when poli

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

United States President Donald Trump and his two sons have filed a $10 billion civil lawsuit against the Internal Revenue Service and the US Treasury Department, alleging systemic failures that allowed the unlawful disclosure of their confidential tax information. The lawsuit was filed in federal court in Miami and accuses federal authorities of negligence in preventing internal misconduct that resulted in the release of sensitive financial records. According to the court filing, Tr

Family members, friends, and the wider sports community are mourning the sudden and tragic loss of 35-year-old Arun K. Sandram, who was killed in a late-night crash on Interstate 40 in Raleigh. The incident occurred on Sunday evening along the eastbound lanes of I-40, just before the interchange with I-440, leaving loved ones struggling to come to terms with the unexpected loss of a man they describe as kind, energetic, and deeply passionate about sports. The news of his death has sent shockwave

Retirement is often seen as a reward for years of hard work, offering time, freedom, and flexibility. However, it also brings a significant change in how income is earned and taxed. Instead of a single salary slip, retirees begin receiving income from multiple sources such as pension, bank interest, fixed deposits, rental income, and investment withdrawals. This sudden shift creates confusion, and even small tax oversights during the first year of retirement can quietly reduce lifetime saving

Bank of India’s Mumbai North Zone recently organised an NRI Meet titled “Pravasi Sampark” as part of its ongoing efforts to deepen engagement with Non-Resident Indian customers and better understand their evolving banking, investment, and remittance requirements. The initiative reflects the bank’s focus on strengthening long-term relationships with the global Indian diaspora by offering customer-centric and technology-driven financial solutions. The event was attended by sen

The Internal Revenue Service has announced that the 2026 tax filing season will officially begin on Monday, Jan. 26, giving taxpayers the green light to submit their 2025 individual income tax returns. The agency expects to process approximately 164 million returns during the upcoming season, with the vast majority filed electronically. Officials say new tax law provisions could lower tax liabilities for some filers and potentially increase refund amounts, while operational changes may alter