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News GST
Bill-To Ship-To E-Way Bill Compliance, Portal Closure and Transit Controls: GST E-Way Bills: Rule 13...
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E-way bill compliance strengthens traceability through Ship-To GSTIN capture, voluntary closure, and disciplined transit controls.
Rule 138 and Rule 138A require pre-movement e-way bill generation, carriage of the prescribed invoice or challan documents, and distance-based validity, with cancellation confined to cases where goods are not transported as declared. The portal advisory adds mandatory Ship-To GSTIN capture in Bill-To/Ship-To transactions and a voluntary post-delivery closure facility, while circular guidance treats transporter godowns as an additional place of business when declared by the recipient. Enforcement under Section 129 and Section 130 distinguishes detention for transit contravention from confiscation linked to intent to evade tax, and minor e-way bill defects are described as technical lapses rather than automatic proof of evasion.
News Bill
Rates of income-tax in respect of income liable to tax for the assessment year 2026-27 for the purpo...
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Income-tax rates for assessment year 2026-27 remain unchanged; schedule placement for advance tax and salary TDS is preserved.
Tax rates for assessment year 2026-27 remain unchanged and continue to be prescribed either in specific sections of the Income-tax Act (including concessional regimes for domestic companies, cooperative societies and the alternate individual regime) or in the First Schedule. Rates formerly listed in Part III of the First Schedule to the Finance Act, 2025 - used for advance tax computation, TDS from salaries and charging tax payable in certain cases - are reclassified as Part I of the First Schedule for AY 2026-27.
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Tax rates under section 115BAC of the Income-tax Act, 1961
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Tax rates under section 115BAC prescribe slab rates up to 30% with surcharge tiers and caps on dividend and capital gains.
Section 115BAC(1A) sets default slab rates for certain resident taxpayers ranging from nil up to 30% above Rs.24,00,000; these apply unless an option under section 115BAC(6) is exercised. Income-tax under clause (1A)(iii) is subject to surcharge tiers (10%, 15%, 25%) based on total-income thresholds, with the surcharge on dividend income and specified capital gains capped at 15% and a 15% cap also for associations of persons consisting only of companies. Marginal relief is available.
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Individual tax rates set in the Finance Bill 2026: progressive slabs with higher nil thresholds for senior residents.
The Finance Bill 2026 prescribes progressive income-tax slabs for individuals, HUFs, associations of persons, bodies of individuals and artificial juridical persons: nil up to Rs. 2,50,000; 5% on Rs. 2,50,001-5,00,000; 20% on Rs. 5,00,001-10,00,000; 30% above Rs. 10,00,000; with higher nil thresholds for resident senior citizens (Rs. 3,00,000 for 60-79 years; Rs. 5,00,000 for 80+), and states these rates mirror the prior year.
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Co-operative societies: the Finance Bill preserves the existing three-band income-tax rate structure (10%, 20%, 30%).
Specified income-tax rates for co-operative societies are set out in Paragraph B of Part I-A of the First Schedule to the Finance Bill. The Bill retains the existing three-band structure: 10% on income up to the first band, 20% on the middle band, and 30% on income above the top band, thereby preserving the prior rate structure for co-operative societies.
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The Finance Bill specifies the income-tax rate for firms in Paragraph C of Part I A of the First Schedule, maintaining the rate at 30%.
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The Finance Bill specifies the income-tax rate for local authorities in Paragraph D of Part I-A of the First Schedule, fixing the rate at 30% and maintaining continuity for that taxpayer category.
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Union Budget corporate tax: 25% for smaller domestic firms, 30% generally, 35% for non-domestic, plus surcharge and 4% cess.
Domestic companies with turnover or gross receipts up to Rs. 400 crore are taxed at 25%; other domestic companies at 30%; non-domestic companies at 35% on income other than that chargeable at special rates. Surcharge rates are unchanged, with the surcharge not applying to income of a specified fund and with a 25% cap on surcharge for persons under the referenced preferential regime for income above Rs. 5 crore (excluding dividend income and certain capital gains). Marginal relief is provided where surcharge applies. A 4% Health and Education Cess applies on income-tax inclusive of surcharge, with no marginal relief for the cess.
News Bill
Rates of income-tax in respect of income liable to tax for the tax year 2026-27 for the purposes of ...
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Income-tax rates for 2026-27 remain unchanged across specified sections and Part I-B of the First Schedule.
Income-tax rates for the tax year 2026-27 remain unchanged: rate provisions in the Act for domestic companies, individuals/HUFs/AOPs/BOIs/AJPs and cooperative societies and the rates set out in Part I-B of the First Schedule to the Bill are not amended and the existing rate structures continue to apply.
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Tax rates under section 202 set default slabs with surcharge bands, surcharge caps for specified cases, and marginal relief.
Tax rates under section 202 set graded default income-tax slabs for specified taxpayers for 2026-27, subject to an option to elect an alternative regime; a surcharge applies to higher total income bands (with inclusion rules for dividend income and capital gains), surcharge caps where alternative provisions apply and for certain associations of persons, and marginal relief to alleviate threshold impacts.
News Bill
Individual, HUF, association of persons, body of individuals, artificial juridical person.
Show AI Summary
Income-tax 2026-27: new slab rates, optional Part I-B age-based slabs, and revised surcharge caps and relief.
Section 202 prescribes progressive income-tax slabs for 2026-27 for individuals, HUFs, AOPs, BOIs and specified artificial juridical persons, while preserving an option under section 202(4) to adopt the Part I-B rates. Part I-B provides alternative slabs including age-based thresholds for senior and super senior residents. Computed tax (including specified dividend and capital gains) attracts a graduated surcharge with provisos capping surcharge on dividend/capital gains at 15%, limiting surcharge for company-only AOPs to 15%, and reducing the 37% surcharge to 25% for persons taxed under section 202; marginal relief applies.
News Bill
Co-operative Societies
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Co-operative societies: unchanged tax rates, tiered surcharge with marginal relief, and optional lower-rate tax regime with reduced surcharge.
Co-operative societies are taxed under Paragraph B of Part I B of the First Schedule with rates unchanged from the prior year. Surcharge applies in tiers according to total income, with marginal relief available to reduce surcharge impact where appropriate. A resident co-operative society that satisfies prescribed conditions may elect an alternative lower-rate tax regime; when elected, a specified lower surcharge percentage applies to that tax.
News Bill
Firms
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Firms: income-tax rate unchanged; 12% surcharge over one crore rupees with a cap limiting additional tax.
Firms continue to pay the same specified rate of income-tax as in the prior year. A 12% surcharge applies where a firm's total income exceeds one crore rupees, but the total tax plus surcharge on income exceeding one crore rupees is limited so it does not exceed the tax on one crore rupees by more than the excess income.
News Bill
Local authorities
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Local authorities face the same income-tax rate with a 12% surcharge above one crore, subject to a cap.
Local authorities remain subject to the same income-tax rate as specified in Paragraph D of Part I-B of the First Schedule; a 12% surcharge on such income-tax applies where total income exceeds one crore rupees, but the combined income-tax and surcharge on income above one crore is limited so it does not exceed the income-tax on one crore rupees by more than the excess amount.
News Bill
Companies
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Company tax rates: domestic companies 25% or 30% with opt-in 22% regime; non-domestic companies 35%; specified surcharges apply.
The Finance Bill, 2026 sets company tax rates: domestic companies pay 25% if turnover/gross receipts for 2024-25 400 crore and under section 199, otherwise 30%; domestic companies may opt for section 200 at 22% with a 10% surcharge. Non-domestic companies are taxed at 35% on income not at special rates. Surcharges: domestic (excluding section 200/201 electors) 7% for income >1 crore 10 crore and 12% for income >10 crore; non-domestic 2% for >1 crore 10 crore and 5% for >10 crore. Marginal relief applies.
News Bill
Surcharge on income-tax
Show AI Summary
Surcharge on income-tax stays unchanged; specified fund income exempt and special-assessment persons face a 25% surcharge cap.
Surcharge rates remain unchanged from the prior assessment year. Surcharge does not apply to income-tax computed on income of a specified fund as noted in the tax schedule. For persons assessed under the special assessment procedure, the higher surcharge tier on income above the high-income threshold (excluding dividend income and capital gains) is not applied and the surcharge is restricted to 25%.
News Bill
Marginal Relief
Show AI Summary
Union Budget 2026-27: marginal relief applies where surcharge is imposed for affected taxpayers to mitigate additional tax burden.
The Finance Bill for the Union Budget 2026-27 provides marginal relief in all cases where a surcharge is proposed to be imposed, as a mitigation mechanism to prevent disproportionate increases in tax liability when surcharge thresholds are crossed and to preserve intended tax progression.
News Bill
Education Cess
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Health and Education Cess to be levied at 4% on income-tax inclusive of surcharge; no marginal relief.
Health and Education Cess is imposed at 4% on the amount of income-tax so computed, inclusive of any applicable surcharge, and no marginal relief is available; the cess is levied uniformly on the surcharge-inclusive tax liability.
News Bill
Rates for deduction of income-tax at source during the financial year (FY) 2026-27 from certain inco...
Show AI Summary
Rates for tax deduction at source for FY 2026-27 remain unchanged; 4% health and education cess applies to nonresidents.
Rates for deduction of income-tax at source from incomes other than salaries are specified in Part II of the First Schedule to the Finance Bill and are to be applied under the relevant sections of the Act. The rates and the Union surcharge remain the same as in the prior year, and a Health and Education Cess of 4% on income-tax including surcharge continues to apply to nonresidents and foreign companies.
News Bill
Individual, HUF, association of persons, body of individuals, artificial juridical person.
Show AI Summary
Union Budget 2026 27 sets new income tax and advance tax rates for individuals, senior citizen thresholds, and graduated surcharge bands.
Part III of the First Schedule sets FY 2026 27 tax deduction and advance tax rates: Section 202 rates use a seven bracket scale to 30% (above Rs. 24,00,000) with an option to adopt Part III rates. Paragraph A offers a four slab regime for individuals and similar entities with adjusted thresholds for senior citizens; capital gains under specified sections are included. Surcharge bands of 10%, 15%, 25% and 37% apply by income band, subject to caps and special restrictions for dividend/capital gains, associations of companies and persons taxed under section 202. Marginal relief is provided.

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Customs - Review of exemptions prescribed by other notifications:

24 July, 2024

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Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

(a) The BCD exemption for the goods covered under the following notifications are being extended upto 31st March, 2026.

S. No.

Notification No.

Brief Description

1.

30/2017-Customs dated 30 June 2017

Exemption to motion picture, music, gaming software for use in gaming console printed or recorded on media

2.

05/2017-Customs dated 2 February 2017

Exemption to machinery, components for setting up fuel cell based on waste to energy

3.

113/2003-Customs dated 22 July 2003

Exemption to castor oil cake and castor de-oiled cake manufactured from indigenous castor oil seeds on indigenous plant and machinery by unit in SEZ and brought to DTA

4.

81/2005-Customs dated 8 September 2005

Exemption to machinery/components for initial setting up of non-conventional power generation plants

5.

26/2011-Customs dated 1 March 2011

Exemption to work of art, antiques in museum or art gallery

6.

248/1976-Customs dated 2 August 1976

Exemption to precious stones imported by posts on 'approval or return' basis

7.

24/2001-Customs dated 1st March 2001

Exemption to copper cathodes, wire bars and wire rods produced out of copper reverts

8.

25/2001-Customs dated 1st March 2001

Exemption on gold and silver produced out of copper anode slime which were exported out of India for toll smelting and processing

9.

32/1997-Customs dated 1st April 1997

Exemption to goods imported for execution of an export order for jobbing

Note: Description of entries is indicative. Notification may be referred to for complete description.

(b) The BCD exemption for the goods covered under the following notifications are being extended upto 31st March, 2029.

S. No.

Notification No.

Brief Description

1.

16/1965-Customs dated 23 January 1965

Exemption to goods exported to foreign countries for display in show-rooms of Govt of India

2.

80/1970-Customs 29 August 1970

Goods supplied freely under warranty as replacement for defective ones in lieu of earlier imported goods.

3.

207/89-Customs dated 17 July 1989

Foodstuffs and provisions (excluding fruit products, tobacco, alcohol) by foreigners

4.

147/94-Customs dated 13 July 1994

Firearms and ammunition when imported for use by a renowned shooter

5.

148/94-Customs dated 13 July 1994

Specified gifts; goods gifted free under a bilateral agreement; goods imported by Indian Red cross Society, goods for the purposes of relief and rehabilitation

6.

152/94-Customs dated 13 July 1994

Appliance/aids for blind/handicapped imported by institution for blind & deaf; and other specified teaching aids imported by Govt Universities

7.

153/94-Customs dated 13 July 1994

Articles for foreign origin imported for repair and return, theatrical equipment and costumes, mountaineering expedition equipment, photographic, filming recording etc

8.

134/94-Customs dated 22 June 1994

Specified capital goods, and other ancillary items imported for repairs

9.

39/96-Customs dated 23 July 1996

Specified imports relating to Defence, internal security forces and Air Force.

10.

50/96-Customs dated 23 July 1996

Specified equipment, instruments, raw materials, components, pilot plant and computer software when imported for publicly funded R & D projects

11.

 51/96-Customs dated 23 July 1996

Scientific and technical instruments, apparatus, equipment, accessories etc when imported by publicly funded research institution

12.

25/1998-Customs dated 2 June 1998

Capital goods/machinery/ measuring instruments for manufacture of semiconductor wafers.

13.

23/2016-Customs dated 1 March 2016

Parts of aircraft when imported into India under the Standard Exchange Scheme

14.

32/2017-Customs dated 30 June 2017

Imports of artwork and antique books

15.

37/2017-Customs dated 30 June 2017

Imports in relation to defense and international security forces including medals, decorations, personal effects of Defense Personnel, bonafide gifts from foreign donors, stores and goods for trials, demonstration

16.

16/2017-Customs dated 20 April, 2017

Specified medicines from whole of the duty of customs, when imported for supply under Specified Patient Assistance Programme

17.

25/1999-Customs dated 28 February 1999

Capital goods/machinery used by the IT/Electronics industry, subject to actual user condition.

18.

25/2002-Customs dated 1 March 2002

Specified raw materials, inputs and parts for use in manufacture of specified electronic items

19.

35/2017-Customs dated 30th June 2017

Aviation Turbine Fuel in the tanks of the aircrafts of an Indian Airline or of the Indian Air Force

Note: Description of entries is indicative. Notification may be referred to for complete description.

(c) The end dates prescribed are being removed in the following notifications:

S. No.

Notification No.

Brief Description

1.

49/2017-Customs dated 30 June 2017

Exemption to special Additional Duty on specified goods of fourth schedule to Central Excise Act

2.

52/2017-Customs dated 30 June 2017

Effective rate of Additional duty for goods under Chapter 27

3.

29/2017-Customs dated 30 June 2017

Exemption to specimen, models, wall pictures and diagrams for instructional purposes

4.

46/1974-Customs dated 25 May 1974

Pedagogic material for educational or vocational training courses

Note: Description of entries is indicative. Notification may be referred to for complete description

Full Text:

Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

Topics

Acts Income Tax
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