state and local tax deduction

FIFA is poised to secure federal tax exemptions for teams at the 2026 World Cup in the United States, easing a major financial concern for participating nations. However, uneven state and city taxes still leave disparities, particularly affecting smaller associations, meaning the tournament’s financial landscape remains complex despite progress in negotiations with US authorities.

India and Nepal resolved key issues concerning the Kosi and Gandak projects during their joint committee meeting. Nepal will halt taxes on Kosi project vehicles, while India will address waterlogging and improve drainage. Both nations agreed on measures to maintain the river's main channel and remove encroachments, fostering better project management and cooperation.

Salaried taxpayers claiming House Rent Allowance (HRA) will face stricter disclosure norms from April 1, 2026, with the introduction of Form 124. Under this new format, employees are required to declare their relationship with the landlord to curb bogus claims within families. Genuine rental arrangements with relatives remain valid if supported by proper documentation and income declaration.

The 2026 FIFA World Cup faces an unexpected financial divide as US tax laws and uneven international treaties mean teams will be taxed differently on tournament earnings. While FIFA holds tax-exempt status, many federations do not, leaving non-European nations particularly exposed. With varying state taxes and limited exemptions, the expanded 48-team format risks creating major economic disparities between participants.

Twenty-one American companies are donating millions towards a new White House ballroom, estimated at $400 million. President Trump insists taxpayer funds are not used for the structure, only security. The project aims to enhance security following a recent incident, with the Justice Department urging a lawsuit's dismissal.

Multi-Lane Free Flow system, set to be implemented from today, will allow vehicles to cruise through toll plazas, promising faster travel and lower congestion. TOI takes a test drive

Delhi's Mundka toll plaza is testing Multi-Lane Free Flow (MLFF) tolling, allowing vehicles to pass without stopping. This barrierless system, set to go live nationwide, deducts tolls automatically via FASTag, eliminating congestion and saving time and fuel for commuters.

The Kentucky Derby 2026 purse reached $5 million, with winner Golden Tempo earning $3.1 million. The payout structure rewards the top five finishers, with owners receiving the largest share while trainers and jockeys take 10 percent each. Jockey earnings are reduced after fees, but are still significant. The race not only delivered a thrilling finish but also highlighted the financial scale and team effort behind one of horse racing’s biggest events.

In a significant move to address absenteeism, the Bihar government has imposed a Rs 1,000 deduction from the salaries of over 600 revenue and circle officers who have been absent en masse since February. This protest stems from frustrations over stalled promotional opportunities, directly impacting the crucial Census 2027 efforts.