Author: Vinod Arora
Clause 90 of the Finance Bill, 2026 enhances the maximum penalty under section 466 of the Income-tax Act, 2025 from ₹1,000 to ₹25,000 for failure to comply with information-collection …
Finance Bill 2026 reduces tax on unexplained income to 30% and subsumes penalties under misreporting provisions, effective from tax year 2026-27.
Finance Bill 2026 expands immunity under section 440 to misreporting and unexplained income cases, subject to payment of additional tax and interest.
Finance Bill 2026 expands immunity under section 270AA to misreporting cases, subject to tax, interest and additional tax payment.
Finance Bill 2026 expands section 149 deductions for co-operative societies by including cotton seeds and cattle feed and extending dividend deduction to the new tax regime with conditions.
Clause 27 of Finance Bill 2026 amends section 2(32) of the Income-tax Act, 2025 to expressly include co-operative societies registered under the Multi-State Co-operative Societies Act, 2002.
Clause 45 of Finance Bill 2026 amends section 169 to allow associated enterprises affected by an Advance Pricing Agreement to file original or modified returns for covered tax years.
Clause 112 of Finance Bill 2026 amends Schedule XII to allow deferred deduction under section 51 for expenditure on prospecting and exploration of critical minerals from AY 2026-27.
Clause 109 of Finance Bill 2026 amends Schedule IV to exempt specified income of foreign companies and non-resident individuals, including contract manufacturing, notified schemes and data centre services.
Clauses 38 and 51 of Finance Bill 2026 extend the tax holiday for IFSC units and OBUs to 20 years, tighten eligibility conditions, and clarify taxation in the post-holiday …