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LatestIncome Tax 22 July 2026

India Tax Updates

The Indian government has introduced new tax rules and regulations, including the requirement to disclose foreign assets in the ITR for AY 2026-2027. Taxpayers must also choose the right tax regime and avoid mistakes when filing their ITR. The ITAT has remanded a Rs 36.60 crore TP adjustment in the Veolia intra-group services case, and the Income Tax Department has uncovered a Rs 65.5 crore fake tax refund scam. India targets 10% share in goods exports by 2047 and has various duty exemption, tax refund, and rebate schemes to promote exports.

The Indian government has introduced new tax rules and regulations. Key points to consider include:
- Choosing the right *tax regime* when filing the ITR for AY 2026-2027.
- Disclosing foreign assets in Schedule FA of the ITR.
- Avoiding mistakes when filing the ITR to prevent penalties and legal issues.
Some notable cases and developments include:
- The ITAT remanding a Rs 36.60 crore TP adjustment in the Veolia intra-group services case.
- The Income Tax Department uncovering a Rs 65.5 crore fake tax refund scam involving bogus deduction claims under Section 80GGC.
To promote exports, India has maintained various duty exemption, tax refund, and rebate schemes, and targets a 10% share in goods exports by 2047.

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