Category: Income Tax

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.

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 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 …

Clause 73 of Finance Bill 2026 rationalises TCS rates under section 394 by introducing a largely uniform 2% rate and reducing high TCS on LRS remittances and overseas tours.