Income tax amendment narrows allowable tax credits for advance tax deferment to specified set off provisions, effective April 2026. Substitution of clause (f) in section 425(5) specifies that any tax credit allowable to be set off shall be those under sections 206(2)(e)-(h) and 206(3) and (4), aligning interest for deferment of advance tax with the revised minimum alternate tax references; effective 1 April 2026 and applicable to tax year 2026-2027 onward.
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Provisions expressly mentioned in the judgment/order text.
Income tax amendment narrows allowable tax credits for advance tax deferment to specified set off provisions, effective April 2026.
Substitution of clause (f) in section 425(5) specifies that any tax credit allowable to be set off shall be those under sections 206(2)(e)-(h) and 206(3) and (4), aligning interest for deferment of advance tax with the revised minimum alternate tax references; effective 1 April 2026 and applicable to tax year 2026-2027 onward.
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