Income Tax News

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 | 624 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 | 2067 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 | 480 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 | 3927 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 | 1023 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 | 4578 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 | 9753 Views

India's Rs 100 Crore Income Filers Jump 4X in 5 Years, Reach 576 in AY 2025-26

28 July 2026 at 10:37

The number of Indians reporting income above Rs 100 crore rose from 142 to 576 in five years. Here's what the latest government data reveals about wealth creation in India.

Posted in Income Tax | 1 comments | 2403 Views

No Change in MSME Payment Compliance: Government Defends Section 43B(h) in Parliament

28 July 2026 at 09:37

The Finance Ministry has clarified in Rajya Sabha that Section 43B(h) links tax deduction claims to timely payments made to micro and small enterprises, aiming to improve MSME cash flow and working capital availability.

Posted in Income Tax | 1 comments | 4161 Views

CBDT Extends Tax Exemption Benefits to Maharashtra Fees Regulating Authority Under Section 10(46)

28 July 2026 at 09:29

CBDT has notified Maharashtra's Fees Regulating Authority under Section 10(46), exempting specified income including processing fees, government grants, and interest income for AY 2022-23 to AY 2026-27, subject to prescribed conditions.

Posted in Income Tax | 1 comments | 507 Views