Finance Bill 2026: Tonnage Tax Scheme Aligned for Inland Vessels
Clauses 52 to 55 of the Finance Bill 2026 amends tonnage tax provisions to align them with the Inland Vessels Act, 2021 and the Inland Waterways Authority of India.
Category: Budget
Finance Bill 2026: Penalties Introduced for Crypto-Asset Reporting Failures
Clause 87 of Finance Bill 2026 substitutes section 446 to impose penalties for non-furnishing or inaccurate reporting of crypto-asset transactions under section 509.
Finance Bill 2026: Commodity Derivative Definition Introduced
Clause 33 of Finance Bill 2026 defines “commodity derivative” in section 66 of the Income-tax Act, 2025, aligning it with the Income-tax Act, 1961.
Finance Bill 2026: TDS Definitions Clarified Under Section 402
Clause 78 of Finance Bill 2026 clarifies the meaning of “authorised person” and includes manpower supply within “work” for TDS purposes under the Income-tax Act, 2025.
Finance Bill 2026: Clubbing of Income Cross-Reference Corrected
Clause 37 of Finance Bill 2026 corrects a cross-reference error in section 99 on clubbing of spouse’s income, ensuring accurate application from 1 April 2026.
Finance Bill 2026: House Property Tax and PAN Quoting Changes Explained
Finance Bill 2026 clarifies taxation of unsold house property, interest deduction limits, and expands CBDT’s power to mandate PAN quoting. Effective from 1 April 2026.
Finance Bill 2026: TDS and TCS Guidelines Made Binding
Clause 77 of Finance Bill 2026 amends section 400 to make TDS/TCS guidelines binding on tax authorities and persons liable to deduct or collect tax.
Finance Bill 2026: Repeal and Savings – Taxability of Past Deductions Clarified
Clause 107 of Finance Bill 2026 amends section 536 to clarify when deductions or exclusions allowed under the repealed Income-tax Act, 1961 become taxable under the 2025 Act.
Finance Bill 2026: Specified Fund Definition for IFSC Clarified
Clause 110 of Finance Bill 2026 aligns the definition of “specified fund” in Schedule VI of the Income-tax Act, 2025 with section 10(4D) of the Income-tax Act, 1961.
Finance Bill 2026: Tax Rules for Merger of Non-Profit Organisations
Clause 70 of Finance Bill 2026 inserts section 354A to exempt certain mergers of registered NPOs from accreted income tax, subject to same objects and prescribed conditions.