Business
US tax filing: IRS releases income tax brackets and standard deductions for 2026; here’s what has changed – The Times of India
The US Internal Revenue Service (IRS) has announced the new federal income tax brackets and standard deductions for 2026, offering some relief to Americans as they prepare for next year’s tax returns.The IRS usually makes these adjustments in October or November to prevent what’s known as “bracket creep.” This occurs when inflation pushes taxpayers into higher income brackets, which can result in them paying more in taxes the following April, though the actual purchasing power has not improved.What’s changing in 2026For the 2026 tax year, which will be filed in 2027, the top federal income tax rate of 37% will apply to individuals with taxable income above $640,600 and married couples filing jointly with income over $768,700. The agency has also raised thresholds for long-term capital gains, estate and gift tax exemptions, and eligibility for the earned income tax credit, ET reported citing CNBC.The standard deduction is also increasing:
- Married couples filing jointly will be able to claim $32,200, up from $31,500 in 2025
- Single taxpayers can claim $16,100, up from $15,750.
- Heads of households will have a deduction of $24,150, according to CBS News.
Seniors could benefit from an extra tax break under the One Big Beautiful Bill Act. Individuals aged 65 and above may claim a temporary deduction of up to $6,000, available until the end of 2028, for those earning $75,000 or less, or couples earning $150,000 or less.IRS operations amid shutdownThe IRS has warned that an agency-wide furlough will start in October due to a lapse in federal funding caused by the government shutdown. Despite this, taxpayers with an extension deadline of October 15 should continue filing as usual.“Taxpayers should continue to file, deposit, and pay federal income taxes as they normally would; the lapse in appropriations does not change Federal Income Tax responsibilities,” an IRS spokesperson told CBS News.Understanding your taxIn the US, taxation is progressive, meaning that they increase as the income rises. They come in 7 brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. To see how the changes affect you, consider a married couple earning $150,000. Subtracting the 2026 standard deduction of $32,200 leaves $117,800 in taxable income. They fall into the 22% marginal tax bracket, but their effective tax rate is lower:
- $24,800 taxed at 10% = $2,480
- $24,800–$100,800 taxed at 12% = $9,120
- $100,800–$117,800 taxed at 22% = $3,740
This totals $15,340 in federal income tax, resulting in an effective rate of 13%.
The government on Thursday kept petrol and high-speed diesel (HSD) prices unchanged at Rs253.17 per litre and Rs257.08 per litre respectively, for the coming fortnight, starting from January 16.
This decision was notified in a press release issued by the Petroleum Division.
Earlier, it was expected that the prices of all petroleum products would go down by up to Rs4.50 per litre (over 1pc each) today in view of variation in the international market.
Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.
Meanwhile, most of the transport sector runs on HSD. Its price is considered inflationary, as it is mostly used in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, and particularly adds to the prices of vegetables and other eatables.
The government is currently charging about Rs100 per litre on petrol and about Rs97 per litre on diesel.
Business
Gold price today: How much 22K, 24K gold cost in Delhi, Patna & other cities – Check rates – The Times of India
Gold prices climbed to a fresh lifetime high in the domestic market on Thursday amid sustained buying by jewellers and stockists, according to the All India Sarafa Association.Gold advanced by Rs 800 to hit a new peak of Rs 1,47,300 per 10 grams (inclusive of all taxes), extending gains for the fifth consecutive session. The yellow metal had closed at Rs 1,46,500 per 10 grams in the previous session.Since the start of 2026, gold prices have surged Rs 9,600, or around 7 per cent, supported by persistent demand in the physical market. In overseas trade, spot gold slipped USD 12.22, or 0.26 per cent, to USD 4,614.45 per ounce, after having touched a record high of USD 4,643.06 per ounce in the previous session.Here is how much gold costs in major Indian cities today:
Gold price in Delhi today
The price of 22K gold in Delhi is Rs 13,140 per gram, down Rs 75, while 24K gold is priced at Rs 14,333 per gram, lower by Rs 82.
Gold price in Chennai today
In Chennai, 22K gold costs Rs 13,290 per gram, up Rs 10, while 24K gold is priced at Rs 14,498 per gram, higher by Rs 10.
Gold price in Mumbai today
Mumbai markets see 22K gold priced at Rs 13,125 per gram, down Rs 75, while 24K gold stands at Rs 14,318 per gram, lower by Rs 82.
Gold price in Ahmedabad today
In Ahmedabad, 22K gold is priced at Rs 13,130 per gram, down Rs 75, while 24K gold costs Rs 14,323 per gram, lower by Rs 82.
Gold price in Kolkata today
Kolkata markets price 22K gold at Rs 13,125 per gram, down Rs 75, while 24K gold stands at Rs 14,318 per gram, lower by Rs 82.
Gold price in Jaipur today
In Jaipur, 22K gold costs Rs 13,140 per gram, down Rs 75, while 24K gold is priced at Rs 14,333 per gram, lower by Rs 82.
Gold price in Hyderabad today
Hyderabad sees 22K gold at Rs 13,125 per gram, down Rs 75, while 24K gold is priced at Rs 14,318 per gram, lower by Rs 82.
Gold price in Bhubaneswar today
Bhubaneswar markets see 22K gold priced at Rs 13,125 per gram, down Rs 75, while 24K gold costs Rs 14,318 per gram, lower by Rs 82.
Gold price in Patna today
In Patna, 22K gold costs Rs 13,130 per gram, down Rs 75, while 24K gold is priced at Rs 14,323 per gram, lower by Rs 82.
Gold price in Lucknow today
Lucknow markets see 22K gold priced at Rs 13,140 per gram, down Rs 75, while 24K gold costs Rs 14,333 per gram, lower by Rs 82.
One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.
Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.
He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.
He will be sentenced next month.
District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.
He pleaded guilty to 76 offences on Thursday.
It came after he was convicted in his absence of 36 charges at a previous hearing.
During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.
They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.
But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.
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