The US Justice Department has dropped its criminal investigation into Federal Reserve Chair Jerome Powell, a move that reduces friction between the White House and the Fed. The decision, confirmed by DC’s top US attorney, shifts attention to the Fed’s Inspector General, now tasked with examining alleged multi-billion-dollar building cost overruns that taxpayers ultimately funded.
The Income Tax Department has released new ITR forms for Assessment Year 2026-27. The biggest update is a new secondary address field alongside the primary contact details. The process for representative assessees has also been simplified. Meanwhile, taxpayers no longer need to split capital gains based on transfers before or after July 23, 2024.
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