Income tax changes: revised rates, clarified assessment timelines, decriminalisation of many tax offences and foreign assets disclosure. The Bill amends income tax laws to set 2026 27 rates and TDS/advance tax rules; clarifies limitation periods and Assessing Officer identity for transfer pricing, faceless assessments and Dispute Resolution Panel procedures; revises due dates, revised/updated return windows and additional tax for updated returns; substantially reforms penalties by decriminalising or reducing imprisonment for many tax offences and creating fees for defaults; introduces a Foreign Assets Disclosure Scheme with immunity and payment rules; modifies MAT, cooperative and dividend treatment; and enacts customs and GST technical changes, with many provisions effective from 1 April 2026 or specified retrospective dates.
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Income tax changes: revised rates, clarified assessment timelines, decriminalisation of many tax offences and foreign assets disclosure.
The Bill amends income tax laws to set 2026 27 rates and TDS/advance tax rules; clarifies limitation periods and Assessing Officer identity for transfer pricing, faceless assessments and Dispute Resolution Panel procedures; revises due dates, revised/updated return windows and additional tax for updated returns; substantially reforms penalties by decriminalising or reducing imprisonment for many tax offences and creating fees for defaults; introduces a Foreign Assets Disclosure Scheme with immunity and payment rules; modifies MAT, cooperative and dividend treatment; and enacts customs and GST technical changes, with many provisions effective from 1 April 2026 or specified retrospective dates.
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