Income Tax News
Social Protection Fund Notified as Specified Person Under IT Act 2025 for Tax-Exempt Investments in India
16 July 2026 at 09:45CBDT has notified Oman’s Social Protection Fund as a specified person under the Income-tax Act, 2025, allowing tax exemption on eligible investments in India until 31 March 2030, subject to compliance conditions.
CBDT Notifies Cost Inflation Index (CII) for FY 2026-27 Under Income Tax Act, 2025
16 July 2026 at 09:38The Central Board of Direct Taxes (CBDT) has officially notified the Cost Inflation Index (CII) for the Financial Year 2026-27 at 384, providing clarity for taxpayers and professionals dealing with capital gains computations under the new Income-tax
Direct Tax Collections Rise 16.4% to Rs 6.51 Lakh Crore as on 13th July 2026 for FY 2026-27
15 July 2026 at 09:26Net direct tax collections for FY 2026-27 rose 16.4% to Rs 6.51 lakh crore as of July 13, 2026, while gross collections increased 16.1%, according to official data.
Over 1.7 Crore Taxpayers Filed ITRs for AY 2026-27
13 July 2026 at 09:36More than 1.7 crore taxpayers have already filed their ITRs for AY 2026-27, with over 10 lakh returns submitted in a single day. File your ITR-1 or ITR-2 before the July 31, 2026 deadline and avoid the last-minute rush.
CBDT Notifies TDS Exemption for Specified Payments to IFSC Units Under Income Tax Act 2025
11 July 2026 at 09:34CBDT notifies TDS exemption on specified payments made to eligible IFSC units under the Income Tax Act, 2025. The relief covers interest, commission, professional fees, dividends, and other notified incomes, effective from April 1, 2026.
Income Tax Department Releases ITR-7 Excel Utility for AY 2026-27
11 July 2026 at 09:23Income Tax Department releases ITR-7 Excel Utility Version 1.0 for AY 2026-27. Eligible trusts, institutions, political parties, and entities can now prepare and file returns under Sections 139(4A), 139(4B), 139(4C), and 139(4D).
CBDT Authorises DGIT (Systems) to Upload Global Financial Information in AIS Under Income Tax Act, 2025
10 July 2026 at 09:29CBDT has authorised the Director General of Income-tax (Systems) to upload information received under the Automatic Exchange of Information (AEOI) framework into the AIS through Form No. 168 under the Income-tax Act, 2025.
ICAI Invites Public Comments on Revised Guidance Note for Tax Audit under Section 44AB of IT Act 1961
10 July 2026 at 09:17ICAI has released the Exposure Draft of the revised Guidance Note on Tax Audit under Section 44AB and invited public comments. Submit suggestions by July 25.
ITR-5 Excel Utility for AY 2026-27 Released
09 July 2026 at 09:25The Income Tax Department has released the ITR-5 Excel Utility for AY 2026-27 on July 7, 2026. Eligible firms, LLPs, AOPs and other taxpayers can now download the utility, schema and validation files for return filing.
PFMS Users Can Now Authenticate Using PAN or Bank Account Under Revised Aadhaar Rules
08 July 2026 at 09:35Finance Ministry has revised the PFMS Aadhaar authentication notification, enabling verification through bank account or PAN-based OTP and extending coverage to both PFMS web and mobile applications.
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