Income Tax News

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 09:26

Net 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.

Posted in Income Tax | 1773 Views

Over 1.7 Crore Taxpayers Filed ITRs for AY 2026-27

13 July 2026 at 09:36

More 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.

Posted in Income Tax | 2379 Views

CBDT Notifies TDS Exemption for Specified Payments to IFSC Units Under Income Tax Act 2025

11 July 2026 at 09:34

CBDT 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.

Posted in Income Tax | 3132 Views

Income Tax Department Releases ITR-7 Excel Utility for AY 2026-27

11 July 2026 at 09:23

Income 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).

Posted in Income Tax | 204 Views

CBDT Authorises DGIT (Systems) to Upload Global Financial Information in AIS Under Income Tax Act, 2025

10 July 2026 at 09:29

CBDT 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.

Posted in Income Tax | 2760 Views

ICAI Invites Public Comments on Revised Guidance Note for Tax Audit under Section 44AB of IT Act 1961

10 July 2026 at 09:17

ICAI 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.

Posted in Income Tax | 2271 Views

ITR-5 Excel Utility for AY 2026-27 Released

09 July 2026 at 09:25

The 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.

Posted in Income Tax | 1 comments | 555 Views

PFMS Users Can Now Authenticate Using PAN or Bank Account Under Revised Aadhaar Rules

08 July 2026 at 09:35

Finance 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.

Posted in Income Tax | 2514 Views

CBDT Grants Tax Exemption to NCCL's Core Settlement Guarantee Fund Till AY 2026-27

08 July 2026 at 09:29

The Central Government has granted tax-exempt status to NCCL's Core Settlement Guarantee Fund under Section 10(23EE) for AY 2019-20 to 2026-27.

Posted in Income Tax | 1578 Views

CBDT Condones Delay in Filing Form 10AB for 80G Approval Applications Till 31st March 2026

04 July 2026 at 10:04

CBDT Circular No. 06/2026 condones delay in filing Form 10AB for renewal of Section 80G approval. Know eligibility, timelines, implications, and relief available to charitable institutions.

Posted in Income Tax | 4782 Views