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LatestIncome Tax 14 July 2026

India Tax Updates

Recent changes in India's tax landscape include the introduction of new ITR filing rules, penalties for late filing, and updates to GST tax laws. Taxpayers must be aware of these changes to avoid notices, fines, and disputes with the tax department. The deadline for ITR filing has been extended, and taxpayers can use the Excel utility for ITR-5 and ITR-7. NRIs selling property in India must also be aware of TDS rules to avoid excess taxation.

Recent updates in India's tax landscape include the introduction of new ITR filing rules, with penalties for late filing ranging from Rs 5000 to 200% of the tax amount. The deadline for ITR filing has been extended, and taxpayers can use the Excel utility for ITR-5 and ITR-7. Key ITR filing errors to avoid include incorrect PAN details, mismatched TDS, and incomplete income disclosure.
- The Madras High Court has ruled that GST tax officers can allege fraud first and prove it later.
- NRIs selling property in India must be aware of TDS rules to avoid excess taxation.
- EPFO 3.0 enables members to withdraw up to 75% of their EPF balance via UPI, enhancing quick access to funds for various needs.

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