Self-employed? An S-Corp election could slash your self-employment taxes in 2026, and here's what smart business owners are doing today

Economic Times - Oct 2, 2026

For self-employed owners, the biggest 2026 tax decision may not be another deduction. It could be how the business is structured. An S-Corp can let eligible owners split income between wages and distributions, potentially reducing self-employment taxes. The catch is that the rules require reasonable compensation, proper payroll and careful planning before year-end.

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Gujarat approves 50% vehicle tax concession for scrapping
Oct 2, 2026
Gujarat approves 50% vehicle tax concession for scrapping

As per the notification recently issued by the Ports and Transport Department regarding this decision, transport and non-transport vehicles manufactured as per Mass Emission Standards Bharat Stage-I (BS-I) and earlier standards have been covered under this provision. In addition, a concession has also been provided for all medium and heavy goods motor vehicles as well as all medium and heavy passenger motor vehicles manufactured as per BS-II standards.

Gujarat approves 50% vehicle tax concession for scrapping
Oct 2, 2026
Gujarat approves 50% vehicle tax concession for scrapping

As per the notification recently issued by the Ports and Transport Department regarding this decision, transport and non-transport vehicles manufactured as per Mass Emission Standards Bharat Stage-I (BS-I) and earlier standards have been covered under this provision. In addition, a concession has also been provided for all medium and heavy goods motor vehicles as well as all medium and heavy passenger motor vehicles manufactured as per BS-II standards.

PMEGP may get 5-year extension till 2030-31 with Rs 15,000 crore outlay; govt weighs easier norms
Oct 2, 2026
PMEGP may get 5-year extension till 2030-31 with Rs 15,000 crore outlay; govt weighs easier norms

The government is considering extending the Prime Minister's Employment Generation Programme until 2030-31 with an estimated Rs 15,000 crore outlay, while easing access for vulnerable, rural and first-time entrepreneurs. Proposed changes include less documentation and no collateral requirements, as the scheme has sanctioned Rs 91,000 crore in loans so far.

Piyush Goyal at G20: India has no ‘structural excess capacity’, rejects dumping concerns based on broad country-wide assumptions
Oct 2, 2026
Piyush Goyal at G20: India has no ‘structural excess capacity’, rejects dumping concerns based on broad country-wide assumptions

India does not have structural excess manufacturing capacity in sectors flagged by the G20 presidency, Commerce Minister Piyush Goyal said, rejecting broad assumptions that could trigger trade measures. He called for border action to rely on specific, verifiable evidence and comply with WTO rules, while defending India’s manufacturing expansion.

Piyush Goyal at G20: India has no ‘structural excess capacity’, rejects dumping concerns based on broad country-wide assumptions
Oct 2, 2026
Piyush Goyal at G20: India has no ‘structural excess capacity’, rejects dumping concerns based on broad country-wide assumptions

India does not have structural excess manufacturing capacity in sectors flagged by the G20 presidency, Commerce Minister Piyush Goyal said, rejecting broad assumptions that could trigger trade measures. He called for border action to rely on specific, verifiable evidence and comply with WTO rules, while defending India’s manufacturing expansion.

Who is on the ballot in the 2026 midterms? All 435 U.S. House seats are up for election on November 3, plus Senate and Governor races too
Oct 2, 2026
Who is on the ballot in the 2026 midterms? All 435 U.S. House seats are up for election on November 3, plus Senate and Governor races too

The 2026 midterm elections will take place on November 3, involving all 435 House seats and multiple Senate races. Several prominent senators, including Mitch McConnell, will be retiring, creating open-seat contests across states. Key battlegrounds include Kentucky, Iowa, North Carolina, and Michigan for the Senate races. Numerous House races are also closely contested in Arizona, Colorado, New Mexico, and Michigan.

Gujarat notifies UCC, mandates live-in relation registration
Oct 2, 2026
Gujarat notifies UCC, mandates live-in relation registration

The Gujarat Uniform Civil Code, 2026, will "govern and regulate the laws relating to marriage and divorce, succession, live-in relationships and matters related thereto" in the state, the government said in a gazette notification published on Thursday. The legislation received President Droupadi Murmu's assent on September 17, the notification said.

Gujarat notifies UCC, mandates live-in relation registration
Oct 2, 2026
Gujarat notifies UCC, mandates live-in relation registration

The Gujarat Uniform Civil Code, 2026, will "govern and regulate the laws relating to marriage and divorce, succession, live-in relationships and matters related thereto" in the state, the government said in a gazette notification published on Thursday. The legislation received President Droupadi Murmu's assent on September 17, the notification said.

Bangladesh vs Sri Lanka, Asian Games 2026 Bronze Medal Match: Live streaming, Playing 11, weather, pitch report and more
Oct 2, 2026
Bangladesh vs Sri Lanka, Asian Games 2026 Bronze Medal Match: Live streaming, Playing 11, weather, pitch report and more

Bangladesh vs Sri Lanka Bronze Medal Match Playing 11: Bangladesh and Sri Lanka are set to compete for the bronze medal in the Asian Games 2026. Both teams are aiming to conclude their campaigns positively following disappointing semi-final exits. Bangladesh reached the semi-finals and are seeking a repeat of their previous bronze medal success. Sri Lanka looks to recover from a significant batting collapse in their last match.

GST relief for gaming companies raises hopes across the sector
Oct 2, 2026
GST relief for gaming companies raises hopes across the sector

Tax authorities have taken a softer approach towards gaming companies in the first four final GST orders issued after the Supreme Court ruling on real-money gaming.

"Will pay a very heavy price": Netanyahu on 'indoctrinated Islamist' co-pilot of flydubai cockpit attack
Oct 2, 2026
"Will pay a very heavy price": Netanyahu on 'indoctrinated Islamist' co-pilot of flydubai cockpit attack

Netanyahu reiterated his claim that the attacker co-pilot, underwent Islamist radicalisation and attempted to crash the plane, but his plan was foiled due to the heroic efforts of Captain Machchhar and other passengers.

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