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WEEKLY TAX UPDATES

Dear Reader,
Greetings for the day!!!
We are pleased to share the recent Tax notification and circulars.

Direct Tax
S.no Description
1
CBDT notifies Cost Inflation Index (CII) as 384 for TY 26-27
 
Notification-85-2026_dtd_15.7.26
2
CBDT notifies Protocol amending India–Sri Lanka DTAA for prevention of fiscal evasion w.r.t. taxes on income & with view to promote economic cooperation between two countries w.e.f. FY 27- 28.
 
Notification-88-2026_dtd_16.7.26
3
Foreign Assets Information is now enabled under AIS > Reports >> Foreign Assets Information for CY 2022, 2023 & 2024. Soon 2024 & 2025 data will be uploaded.
 
Foreign Assets Information in AIS
4
Demand Management Facilitation Centre to guide taxpayers on issues regarding outstanding demands & contacted through email taxdemand@cpc,incometax.gov.in, toll free no. 18003090131 & chargeable no. 08216671200
 
Guidance on outstanding demand
5
CBDT exempts TDS on specified payments made to eligible IFSC units claiming deduction u/s 147 of ITA 25, subject to conditions
 
Notification-80-2026_dtd_10.7.26
6
CBDT authorises Cooperation, Marketing & Textile Department, Govt. of Maharashtra u/s 258(1)(b) of ITA 25 for sharing taxpayer information under Farmer Loan Waiver Scheme, 2026
 
Notification-81-2026_dtd_10.7.26
7
CBDT grants exemption u/s 10(46) of ITA 61 to Baddi Barotiwala Nalagarh Development Authority (PAN: AAALB0528J) for specified income for AY 19-20 to AY 26-27, subject to conditions.
 
Notification-82-2026_dtd_10.7.26
Notification-83-2026_dtd_13.7.26
8
CBDT exempts Delhi Pollution Control Committee (PAN: AADAD2584N) for specified income u/s 10(46) of ITA 61 (AY 24-25 to AY 26-27) & u/s 11 of ITA 25 (TY 26-27 to TY 27-28), subject to conditions
 
Notification-86-2026_dtd_16.7.26
Notification-87-2026_dtd_16.7.26
9
CBDT notifies Ten Year Zero Coupon Bond (ZCB) of National Bank for Financing Infrastructure & Development as a ZCB u/s 2(112) of ITA 25
 
Notification-89-2026_dtd_17.7.26
10
CBDT recognizes “IIIT Dharwad” (PAN: AAAAI9526L) as Scientific Research u/s 45(3)(a)(i) of ITA 25 from TY 26-27 to TY 30-31, subject to conditions
 
Notification-90-2026_dtd_17.7.26
11
CBDT notifies transfer of capital assets from Nuclear Power Corporation of India Ltd. (NPCIL) to Anushakti Vidhyut Nigam Ltd. (ASHVINI) u/s 47(viiaf) of ITA 61 for AY 26-27
 
Notification-91-2026_dtd_17.7.26
 
We trust you will find this Journal informative as well as useful.
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Disclaimer: This insight is meant for informational purposes only and should not be considered as advice or opinion.

Best Regards!
Knowledge Updates Team
AKGVG & Associates (Chartered Accountants)

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