Income Tax News

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 | 2262 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 | 540 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 | 2511 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 | 1572 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 | 4779 Views

CBDT Notifies TDS Exemption on Aircraft Lease Rentals Paid to IFSC Units Under Income Tax Act, 2025

04 July 2026 at 09:45

CBDT has notified that no TDS will be deducted on aircraft lease rent and supplemental lease rent paid to eligible IFSC units under the Income Tax Act, 2025. The exemption is effective from April 1, 2026, subject to specified conditions.

Posted in Income Tax | 3669 Views

CBDT Notifies TDS Exemption on Ship Lease Rentals Paid to IFSC Units Under Income Tax Act, 2025

04 July 2026 at 09:39

CBDT has notified that no TDS will be deducted on lease rent paid for ship leasing to eligible IFSC units claiming deduction under Section 147 of the Income-tax Act, 2025, subject to specified conditions.

Posted in Income Tax | 210 Views

CBDT Notifies University of Hyderabad and PHFI as Approved Scientific Research Institutions Under Income Tax Act, 2025

29 June 2026 at 09:24

CBDT has notified the University of Hyderabad and the Public Health Foundation of India as approved scientific research institutions under the Income-tax Act, 2025, for Tax Years 2026-27 to 2030-31.

Posted in Income Tax | 123 Views

Income Tax Department Enables Online Challan Correction Facility

25 June 2026 at 09:35

The Income Tax Department's online Challan Correction facility allows taxpayers to correct AY, Tax Year, Major Head and Minor Head errors. Check eligibility, timelines, FAQs, user manual steps and important restrictions

Posted in Income Tax | 3750 Views

ITR-3 Utility Released for AY 2026-27: Excel Utility, JSON Schema and Validation Files Now Available

20 June 2026 at 09:18

The Income Tax Department has released the ITR-3 Excel Utility for AY 2026-27. Check eligibility, utility details, filing deadlines, and what business taxpayers should do next.

Posted in Income Tax | 3234 Views