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LatestIncome Tax 19 July 2026

India Tax Updates

Recent developments in Indian tax law include the Bombay High Court quashing a section 148 reassessment notice for AY 2015-16 as time-barred, the launch of a foreign assets information report by the IT department, and the extension of airspace closure for Indian aircraft by Pakistan. The Income Tax Amendment Bill 2026 aims to replace an ordinance and formalize certain provisions. Taxpayers are advised to report FD interest correctly to avoid tax notices and penalties.

Recent tax updates in India include several key developments.
- The Bombay High Court has quashed a section 148 reassessment notice for AY 2015-16 as time-barred.
- The IT department has launched a foreign assets information report, which is now available under AIS.
- Taxpayers are advised to report FD interest correctly to avoid tax notices and penalties.
- The Income Tax Amendment Bill 2026 seeks to replace an ordinance and formalize certain provisions.
- Pakistan has extended airspace closure for Indian aircraft till August 23.
- The Indian government has launched several initiatives to improve regional air connectivity, including the UDAN scheme.
- Taxpayers can check their AIS and Form 26AS to claim eligible deductions and adjust TDS.

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