Tariffs

U.S. tax residents of Indian origin must report all global income, including rental earnings and capital gains from abroad. Failure to disclose foreign bank accounts (FBAR) or investments in foreign mutual funds (PFIC) can lead to significant penalties. This article outlines the specific forms and deadlines required for 2026 tax filings regarding assets in India, Dubai, and beyond.

The Nov. 28–Dec. 1 holiday shopping period brings immigrants face-to-face with U.S. sales tax—commonly 6%–10%. Refunds are rare; online sales are taxed by delivery address. Save receipts for business deductions and verify local rates and return rules before major purchases.

The tariffs can disrupt supply chains, hurt U.S. workers, raise consumer prices, and weaken U.S.–India economic and security ties, which could affect the cost of everyday goods for Indian professionals and NRIs in the U.S.

The tax means increased costs, extra paperwork, delays, and uncertainty in financial planning for these individuals.

India, Canada, and the U.S. will tighten cross-border tax enforcement coordination in 2025, increasing automated notices for those who fail to file departure/exit returns.