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.
Category: Income Tax
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Clause 107 of Finance Bill 2026 amends section 536 to clarify when deductions or exclusions allowed under the repealed Income-tax Act, 1961 become taxable under the 2025 Act.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.
Finance Bill 2026: NPO ‘Specified Violations’ Provisions Rationalised
Clause 68 of Finance Bill 2026 amends section 351 to exclude certain commercial activity violations from “specified violations,” aligning NPO rules with the Income-tax Act, 1961.
Finance Bill 2026: NPO Registration Requirement Clarified for Certain Funds
Clause 66 of Finance Bill 2026 amends section 332 to exclude specified Schedule VII funds from mandatory NPO registration, aligning with the Income-tax Act, 1961.
Finance Bill 2026: Belated Return Filing for NPOs Enabled
Clause 67 of Finance Bill 2026 amends section 349 of the Income-tax Act, 2025 to permit belated return filing by registered non-profit organisations from 1 April 2026.
Finance Bill 2026: Deductions Against Dividend Income Withdrawn
Clause 36 of Finance Bill 2026 amends section 93 to disallow any expenditure deduction against dividend and mutual fund income, effective from 1 April 2026.
Finance Bill 2026: Provident Fund Rules Rationalised Under Schedule XI
Clause 111 of Finance Bill 2026 rationalises Schedule XI for recognised provident funds, aligning tax rules with the EPF Act and a uniform ₹7.5 lakh employer contribution cap.