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LatestIncome Tax 8 July 2026

India Tax Updates

The Indian tax authorities have been actively addressing various tax-related issues, including GST classification and liability, TDS on EPFO higher pension arrears, and ITR filings. The Directorate General of GST Intelligence has issued show cause notices, while experts have been explaining the implications of the new tax regime and the deadlines for ITR filings. Additionally, the government has announced a 7.1% interest on the Special Deposit Scheme and has removed over 160,000 accounts for hosting and sharing suspicious content.

The Indian tax landscape has been witnessing significant developments.
- The Directorate General of GST Intelligence has issued show cause notices to companies like Gameskraft Technologies Pvt Ltd over GST classification and liability.
- Experts have been discussing the implications of the new tax regime and the deadlines for ITR filings, with some warning against assuming an extension of the deadline.
- The government has announced a 7.1% interest on the Special Deposit Scheme until September 30.
- Senior citizens can claim a deduction of ₹50,000 even without health insurance.
- The auto component industry has grown 12.7%, with the ACMA looking to adopt lessons from China and banking on the India-US deal.

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