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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 conflict in the Middle East has rattled financial markets and global energy prices have soared.
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Petrol, Diesel Price On March 4: Check City-Wise Rates Across India Including In Delhi, Mumbai and Chennai.
Petrol, Diesel Prices On March 4.
Petrol and Diesel Prices on March 4, 2026: OMCs update petrol and diesel prices daily at 6 AM, aligning them with fluctuations in global crude oil prices and currency exchange rates. This daily revision promotes transparency and ensures consumers have access to the most up-to-date and accurate fuel prices.
Petrol Diesel Price Today In India
Check city-wise petrol and diesel prices on March 4:
| City | Petrol (₹/L) | Diesel (₹/L) |
|---|---|---|
| New Delhi | 94.72 | 87.62 |
| Mumbai | 104.21 | 92.15 |
| Kolkata | 103.94 | 90.76 |
| Chennai | 100.75 | 92.34 |
| Ahmedabad | 94.49 | 90.17 |
| Bengaluru | 102.92 | 89.02 |
| Hyderabad | 107.46 | 95.70 |
| Jaipur | 104.72 | 90.21 |
| Lucknow | 94.69 | 87.80 |
| Pune | 104.04 | 90.57 |
| Chandigarh | 94.30 | 82.45 |
| Indore | 106.48 | 91.88 |
| Patna | 105.58 | 93.80 |
| Surat | 95.00 | 89.00 |
| Nashik | 95.50 | 89.50 |
Key Factors Behind Petrol and Diesel Rates
Petrol and diesel prices in India have remained unchanged since May 2022, following tax reductions by the central and several state governments.
Oil Marketing Companies (OMCs) update fuel prices daily at 6 am, adjusting for fluctuations in global crude oil markets. While these rates are technically market-linked, they are also influenced by regulatory measures such as excise duties, base pricing frameworks, and informal price caps.
Key Factors Influencing Fuel Prices in India
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Crude Oil Prices: Global crude oil prices are a primary driver of fuel prices, as crude is the main input in petrol and diesel production.
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Exchange Rate: Since India relies heavily on crude oil imports, the value of the Indian rupee against the US dollar significantly affects fuel costs. A weaker rupee typically translates to higher prices.
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Taxes: Central and state-level taxes constitute a major portion of retail fuel prices. Tax rates vary across states, leading to regional price differences.
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Refining Costs: The cost of processing crude oil into usable fuel impacts retail prices. These costs can fluctuate depending on crude quality and refinery efficiency.
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Demand-Supply Dynamics: Market demand also influences fuel pricing. Higher demand can push prices up as supply adjusts to consumption trends.
How to Check Petrol and Diesel Prices via SMS
You can easily check the latest petrol and diesel prices in your city through SMS. For Indian Oil customers, text the city code followed by “RSP” to 9224992249. BPCL customers can send “RSP” to 9223112222, and HPCL customers can text “HP Price” to 9222201122 to receive the current fuel prices.
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March 04, 2026, 07:33 IST
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Gold slumped more than 5%, ending a four-day rally on Tuesday. The metal was weighed down by a stronger dollar and fading prospects of an interest rate cut as inflation concerns intensified against the backdrop of a potentially prolonged conflict in West Asia. Spot gold was down 5.6% at $5,029.59 an ounce whereas prices had hit an over four-week high in the previous session. US gold futures lost 5.1% to $5,041.50.The US dollar, a competing safe-haven asset, rose to an over one-month peak, making dollar-priced bullion less affordable for holders of other currencies. US Treasury yields rose for a second consecutive session.Indian bullion traders and associations are speculating that gold could attain Rs 2 lakh per 10 gm and silver may well scale Rs 3.5 lakh per kg if the conflict does not abate swiftly.Spot silver fell 11.2% to $79.42 an ounce after climbing to a more than four-week high on Monday. As the Iran conflict entered its fourth day, crude oil benchmarks jumped over 8% in response.
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