Income Tax News

Tax Benefits for Senior Citizens in FY 2026-27: Deductions, TDS Relief and ITR Exemptions

14 August 2026 at 09:27

Know the tax benefits available to senior and super senior citizens under the Income-tax Act, 2025. Check deductions up to Rs. 1 lakh, TDS relief, interest income benefits, ITR exemptions and advance tax rules.

Posted in Income Tax | 2 comments | 50139 Views

CBDT Releases Guidance Note on Crypto-Asset Reporting Obligations under Income Tax Act 2025

14 August 2026 at 09:21

CBDT has released a Guidance Note on Crypto-Asset Reporting Obligations under the Income Tax Act, 2025.

Posted in Income Tax | 1 comments | 2778 Views

Taxpayers Beware: PIB Exposes Fake Income Tax Notice Asking for Rs 6000 Payment

13 August 2026 at 09:34

PIB Fact Check has warned taxpayers about a fake Income Tax notice demanding ₹6,000. The government has confirmed it is a phishing scam and urged citizens to stay alert.

Posted in Income Tax | 1 comments | 2613 Views

ITR-7 Online Utility Enabled on Income Tax Portal for AY 2026-27

13 August 2026 at 09:16

The Income Tax Department has enabled the online utility for ITR-7 for AY 2026-27. Eligible trusts, institutions, and exempt entities can now file returns on the e-Filing portal.

Posted in Income Tax | 1 comments | 630 Views

Direct Tax Collections Jump 23% to Rs 8.11 Lakh Crore as on 10th Aug 2026

12 August 2026 at 09:27

India's net direct tax collections rose 23.09% to ₹8.11 lakh crore as on August 10, 2026. Strong growth in non-corporate taxes boosted overall revenue.

Posted in Income Tax | 1 comments | 2070 Views

CBDT Approves Sir Ganga Ram Trust Society for Scientific Research Tax Benefits Under IT Act, 2025

11 August 2026 at 09:25

CBDT has approved Sir Ganga Ram Trust Society, Delhi, for Scientific Research under the Income-tax Act, 2025. The approval is valid from Tax Year 2026-27 to 2030-31, enabling eligible donors to claim tax benefits subject to prescribed conditions.

Posted in Income Tax | 1 comments | 483 Views

UPI Transactions May Attract Charges in Future as Lok Sabha Passes Taxation Amendment Bill

08 August 2026 at 09:29

The Lok Sabha has approved amendments to the Payment and Settlement Systems Act, giving the government flexibility to allow MDR or charges on UPI and other electronic payments.

Posted in Income Tax | 1 comments | 3957 Views

Income Tax Department Releases ITR-6 Excel Utility, JSON Schema and Validation Rules for AY 2026-27

07 August 2026 at 09:40

Income Tax Department releases ITR-6 Excel Utility, JSON Schema and Validation Rules for AY 2026-27. Companies can now begin preparing and filing returns using the latest offline utility.

Posted in Income Tax | 1 comments | 1044 Views

FM Sitharaman Introduces Appropriation (No. 3) Bill, 2026 in Lok Sabha

05 August 2026 at 09:22

Finance Minister Nirmala Sitharaman introduced the Appropriation (No. 3) Bill, 2026 in Lok Sabha to authorize excess expenditure incurred during FY 2022-23 through appropriations from the Consolidated Fund of India.

Posted in Income Tax | 1 comments | 4581 Views

CBDT Releases FAQs on Taxation and Other Laws (Amendment) Bill, 2026

04 August 2026 at 15:45

CBDT has released detailed FAQs on the Taxation and Other Laws (Amendment) Bill, 2026 introduced in Lok Sabha. Know the key tax proposals on data centres, electronics manufacturing, foreign investment funds, rough diamonds and business trusts.

Posted in Income Tax | 1 comments | 9783 Views