Income Tax India (Twitter) · 15 July 2026
The Income Tax Department is reminding taxpayers to check their Annual Information Statement (AIS) for a complete view of their financial transactions like bank interest and dividends. Over 5 crore taxpayers have already used this tool. It's crucial to reconcile your AIS with your records and report any mistakes before filing your Income Tax Returns (ITR) 1 & 2 for Assessment Year 2026-27.
Income Tax India (Twitter) · 14 July 2026
The Income Tax Department has released the latest figures for direct tax collections, refunds, and net collections for the financial year 2026-27, as of July 13, 2026. This data provides an overview of the country's tax performance so far. You can view the full details on the Income Tax Department's official website.
CBIC India (Twitter) · 14 July 2026
Government officials and industry experts met in Kolkata to discuss ways to improve customs processes and procedures. This meeting aimed to address various issues faced by businesses dealing with customs. While no specific new rules were announced, these discussions can lead to future changes that might affect how you import or export goods.
Income Tax India (Twitter) · 13 July 2026
The Income Tax Department recently held a workshop in Delhi to train officers on the new Standard Operating Procedures (SOPs) for the Verification Unit. This training aims to improve how tax verifications are handled. While this update focuses on internal tax department procedures, it signifies a push for greater efficiency in tax administration.
Income Tax Department · 11 July 2026
Over 1.7 crore taxpayers have already filed their ITR for Assessment Year 2026-27. If you have not filed yet, July 31st is the deadline for ITR-1 and ITR-2. Filing late means a penalty of ₹5,000 (₹1,000 if income below ₹5 lakh), plus interest on any tax due. File now to avoid last-minute server rush.
Income Tax India (Twitter) · 11 July 2026
The Income Tax Department is urging taxpayers to file their Income Tax Returns (ITRs) for Assessment Year 2026-27 before the July 31, 2026 deadline. Over 1.7 crore taxpayers have already filed, with a significant number filing yesterday. If you haven't filed your ITR 1 or ITR 2 yet, it's time to act to avoid last-minute rush and potential issues.
Income Tax India (Twitter) · 10 July 2026
The Income Tax Department has released the Excel utility for filing Income Tax Returns (ITR-7) for the Assessment Year 2026-27. This means taxpayers who need to file ITR-7 can now prepare and submit their returns. You can download the utility from the official Income Tax e-Filing portal.
Income Tax India (Twitter) · 10 July 2026
If you are an Indian resident with foreign assets or income, you must file your Income Tax Return (ITR) — even if your income is below the basic exemption limit. This is a legal requirement, not optional. Ensure you use the correct ITR form and accurately fill out Schedule FA and Schedule FSI. File before the July 31st deadline.
ICAI (Twitter) · 9 July 2026
The Institute of Chartered Accountants of India (ICAI) is hosting the World Accounting and Finance Congress (WOFA 2026) in Visakhapatnam from December 16–18, 2026. Global accounting leaders will discuss the future of the profession, AI in finance, sustainability reporting, and regulatory changes. Early registration is open.
MCA India (Twitter) · 9 July 2026
The Ministry of Corporate Affairs has released the official list of Limited Liability Partnerships (LLPs) struck off the register in June 2026 under Section 75 of the LLP Act. If your firm or a client is an LLP, verify their compliance status on the MCA portal. A struck-off LLP cannot legally do business until restored.
Ministry of Corporate Affairs · 8 July 2026
The Ministry of Corporate Affairs has extended the Companies Compliance Facilitation Scheme 2026 (CCFS-2026) deadline to August 31st, 2026. Under this scheme, companies can file overdue documents with reduced or waived additional fees. If your company has pending annual filings, board resolutions, or charge documents, this is the window to clear them without heavy penalties.
Income Tax India (Twitter) · 8 July 2026
The Income Tax Act, 2025 has replaced the old 1961 Act. A key change is in TDS (Tax Deducted at Source) rules and updated forms for Statement of Financial Transactions (SFT). If you are a CA or accountant handling TDS filings, review the updated provisions. New rules for Virtual Digital Assets (crypto, NFT) reporting are also included.
Income Tax India (Twitter) · 8 July 2026
The Income Tax department has released the Excel utility for filing ITR-5 for Assessment Year 2026-27. ITR-5 is for firms, LLPs, AOPs, and BOIs. Download from the official e-Filing portal and use it to prepare your return before the deadline.
ICAI (Twitter) · 8 July 2026
The government and ICAI met to discuss how chartered accountants can play a bigger role in supporting India's Free Trade Agreements (FTAs) and cross-border investments. This signals that CAs may be involved more formally in advising on trade structure and international compliance. Watch for updated ICAI guidelines on cross-border engagements.
MCA India (Twitter) · 8 July 2026
MCA held an open house on July 10th to address compliance challenges faced by foreign companies operating in India. Key issues discussed: Form FC-1 resubmission problems, DSC registration for foreign directors, and post-registration compliance requirements. If your firm handles foreign company compliance, review MCA's updated guidance.
Income Tax India (Twitter) · 4 July 2026
The Income-tax Act, 2025 has officially replaced the six-decade-old 1961 Act. The new law uses simpler language and reorganises sections but keeps the same structure for most provisions. Key areas with actual changes: TDS section numbering, deduction eligibility conditions, and reporting for foreign income. Review your Tally TDS masters.
Income Tax India (Twitter) · 29 June 2026
The Income Tax Department has issued updated rules for Statement of Financial Transactions (SFT) compliance under the new Income Tax Act, 2025. Banks, mutual funds, and businesses above a threshold must report more transactions. A new schedule for Virtual Digital Assets (crypto, NFTs) is also mandatory from AY 2026-27 onwards.
CBIC GST Portal · 1 June 2026
If your business sells both taxable and exempt goods or services — like a hospital that also runs a pharmacy — you cannot claim 100% of your GST input tax credit. CBIC has now issued a circular with a clear formula to calculate exactly how much ITC you must reverse at the end of each financial year. This removes the earlier confusion about different methods used by different CAs.
Income Tax Department · 15 May 2026
The Annual Information Statement (AIS) on the income tax portal now shows transaction data pulled directly from banks — including cash deposits above ₹10 lakh, credit card payments above ₹1 lakh, and FD openings. If your books and the AIS data don't match, the IT department can automatically flag your return for scrutiny. Check before filing.
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