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THE FINANCE BILL, 2026 - 30.03.2026
AS PASSED BY LOK SABHA ON 25.03.2026
Income-tax rate changes and procedural reforms reshape reassessment, penalties, tax credits, and indirect tax schedules in the finance bill. Finance Bill, 2026 gives effect to the Central Government's financial proposals for the financial year 2026-2027 and operates as the Finance Act, 2026 with specified commencement dates. It revises income-tax rates, surcharge structures and health and education cess, and makes extensive amendments to the Income-tax Act, 1961 and the Income-tax Act, 2025 covering reassessment, return filing, assessment timelines, interest, penalty, waiver, immunity, tax credits, deductions, and related procedural rules. The Bill also updates indirect tax provisions, including customs, customs tariff and GST-linked schedule entries, by substituting, inserting and omitting specified rates and classifications.
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