Category: Budget
Clause 108 of Finance Bill 2026 provides statutory income-tax exemption for disability pension of armed forces and paramilitary personnel invalided out of service due to disability.
Finance Bill 2026 rationalises Income Tax Return due dates, revised return timelines and late fees. Read the meaning, changes and implications for taxpayers.
Finance Bill 2026 proposes FAST-DS 2026, a time-bound disclosure scheme allowing small taxpayers to declare undisclosed foreign assets or income with tax payment and limited immunity under the Black …
Clause 144 of Finance Bill 2026 relaxes prosecution under the Black Money Act for non-disclosure of foreign assets (other than immovable property) up to ₹20 lakh, effective retrospectively from …
Finance Bill 2026 reforms tax prosecution by replacing rigorous imprisonment with graded penalties, fines and limited simple imprisonment under Income-tax Acts, 1961 and 2025.
Clauses 64 and 65 of Finance Bill 2026 amend sections 295 and 296 to restrict block periods for third parties and extend assessment timelines to 18 months from search …
Finance Bill 2026 rationalises tax compliance by converting penalties into fixed fees for delayed returns, audit reports and statements under sections 427, 428 and 454, effective from AY 2026–27.
Finance Bill 2026 amends sections 220, 245MA and 270A to allow penalty for under-reporting to be imposed in the assessment order, defer interest during appeals, and grant immunity on …
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.