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LatestIncome Tax 12 July 2026

India Tax Updates

The Income Tax Department of India has seen significant developments recently, with over 1.7 crore taxpayers filing their income tax returns for the assessment year 2026-27 before the July 31 due date. This milestone showcases the growing adoption of digital tax filing in India. Additionally, the department has released the ITR-7 Excel Utility for AY 2026-27, enabling eligible taxpayers to begin filing their returns. The government has also made announcements regarding the new tax regime, with aims to double trade to ₹35,000 crore by 2030.

The Income Tax Department has been working towards improving the digital tax filing process in India. Some key points to note include:
- Over 1.7 crore taxpayers have filed their income tax returns for the assessment year 2026-27 before the July 31 due date.
- The Income Tax Department has released the ITR-7 Excel Utility for AY 2026-27, enabling eligible taxpayers to begin filing their returns.
- The government aims to double trade to ₹35,000 crore by 2030.
For more information, visit the original sources: https://www.livemint.com/money/personal-finance/over-1-7-cr-taxpayers-have-filed-itrs-for-ay-2026-27-have-you-what-happens-if-you-miss-the-deadline-11783787795946.html and https://www.caclubindia.com/news/income-tax-department-releases-itr-7-excel-utility-for-ay-2026-27-26653.asp

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India Tax Updates | Legal Suvidha