Transitional income-tax rules revised for refunds, defaults, deemed income, and tax credit under the amended framework.

Amends section 536 of the Income-tax Act by revising transitional rules for tax years beginning before 1 April 2026. The changes cover interest on refunds and defaults, treatment of sums that become taxable in a later year after breach of conditions, and credit for tax paid under the repealed Act. The substituted provisions align interest rates with the corresponding provisions of the new Act, deem certain sums as income of the subsequent tax year, and preserve credit entitlement where the applicable conditions continue to be satisfied.

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