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News Bill
Non-allowability of Interest as a deduction against Dividend Income
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Dividend income: interest deductions disallowed for earning dividend or mutual fund unit income from April 1, 2026.
The Finance Bill amends the law to disallow any deduction for interest expenditure incurred in earning dividend income or income from units of mutual funds, removing the earlier deduction that had been permitted up to a twenty per cent ceiling of gross dividend or mutual fund income; the change applies prospectively from the Bill's implementation date and affects income taxed under Income from other sources.
News Bill
Rationalisation of Schedule XI relating to Provident Funds
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Provident fund tax rules are realigned to the EPF framework, removing legacy contribution limits and investment cap.
Align recognised provident fund tax provisions with the EPF framework by omitting parity and percentage-based restrictions that duplicate the Rs.7.5 lakh unified employer contribution cap, restrict recognition to funds exempt under section 17 of the EPF Act, remove the fifty per cent statutory limit on Government securities investment, and retain regulatory oversight via subordinate EPF instruments; effective 1 April 2026 for tax year 2026-27 onward.
News Bill
Exemption for Sovereign Gold Bond
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Sovereign Gold Bond exemption limited to original subscribers who hold until maturity, effective for tax year 2026-27 onward.
The capital gains exemption for Sovereign Gold Bonds is confined to bonds subscribed at original issue and held continuously until redemption on maturity, to ensure uniform application across all Reserve Bank of India issuances.
News Bill
Increase in tax rates of Securities Transaction Tax
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Securities Transaction Tax rates for options and futures increased; revised rates apply to transactions on or after April 1, 2026.
A calibrated revision raises STT on derivatives: sale of an option in securities from 0.1% to 0.15% of the premium; sale of an exercised option from 0.125% to 0.15% of the intrinsic price; and sale of a future in securities from 0.02% to 0.05% of the traded price. The changes aim to curb disproportionate speculation in futures and options trading, take effect from 1 April 2026, and apply to transactions in options and futures entered into on or after that date.
News Bill
Taxation of buyback of shares
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Taxation of share buybacks reclassified as capital gains; higher tax rates apply to promoters and promoter companies.
Consideration received on buy-back of shares is recharacterised from dividend income to taxable capital gains, with cost of acquisition of extinguished shares remaining separately recognised. Promoters will face an effective tax liability of thirty per cent on buy-back gains (tax at applicable rates plus an additional tax) and promoter companies will face an effective tax liability of twenty-two per cent. These amendments apply from the first day of the relevant financial year and to the tax year 2026-27 and subsequent years.
News Bill
No tax to de deducted at source in respect of interest income credited or paid to any co-operative s...
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Interest paid to co operative societies carrying on banking exempt from TDS under Finance Bill amendment effective April 1, 2026.
The Act is amended to align with the Income tax Act, 1961 by providing that deduction of tax at source shall not be made on interest income (other than interest on securities) credited or paid to any co operative society engaged in carrying on the business of banking, including a co operative land mortgage bank; the amendment takes effect from 1 April 2026.
News Bill
AMENDMENT TO THE CUSTOMS ACT, 1962
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Indian-flagged fishing vessels beyond territorial waters get specific customs rules, including duty-free landing and entry procedures.
Amendments extend Customs Act jurisdiction for fishing activities beyond territorial waters, define Indian-flagged fishing vessel, and insert section 56A to permit duty free importation of fish harvested beyond territorial waters and to treat fish landed at foreign ports as exports while authorising rules on entry, declaration, custody, examination, assessment, clearance, transit and transhipment. Other amendments deem certain penalties a charge for non payment of duty, fix advance rulings' validity at five years with transitional extensions, allow removal of warehoused goods between warehouses without prior officer permission, and enable regulations for custody of imported or export bound goods.
News Bill
AMENDMENTS TO THE CUSTOMS TARIFF ACT, 1975
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Customs tariff amendments adjust basic customs duty rates, create new tariff lines, and reclassify import items effective Feb-May 2026.
The First Schedule to the Customs Tariff Act, 1975 is amended to change Basic Customs Duty rates and to create new tariff items: immediate BCD increases effective 02.02.2026 (via provisional declaration), targeted BCD decreases effective 01.04.2026, and a comprehensive reclassification and rate migration from exemption notifications into the Tariff Act effective 01.05.2026, preserving applied duty levels while enabling better product identification and monitoring.
News Bill
AMENDMENT TO RULES UNDER CUSTOMS ACT, 1962
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Baggage rules updated; deferred import duty payments shifted to monthly for eligible importers, creating a new eligibility class.
The baggage regime is replaced by Baggage Rules, 2026 to clarify temporary carriage of goods, avoid unnecessary detention, and restructure Transfer of Residence benefits by duration of stay, effective 02.02.2026; deferred import duty payment frequency is changed from 15 days to monthly and a new class of eligible importers is created by amending the Deferred Payment of Import Duty Rules, 2016.
News Bill
OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN NOTIFICATIONS
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Basic Customs Duty changes: several commodities moved to nil duty while potassium hydroxide sees a 7.5% levy increase.
Amendments to Basic Customs Duty effective 2 February 2026 alter duty incidence for specified imports: monazite, sodium antimonate for solar glass, nuclear power generation goods and control/burnable absorber rods, and specified microwave-oven manufacture components are moved to nil duty, while potassium hydroxide is newly subject to a 7.5% basic customs duty; consult the notification for full descriptions.
News Bill
OTHER CHANGES PROPOSED IN THE CUSTOM NOTIFICATIONS
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Customs BCD exemptions extended to BESS, aircraft parts, nuclear projects, specified drugs and select critical minerals.
BCD exemptions are expanded to cover capital goods for Battery Energy Storage Systems and to extend relief for aircraft raw materials and components (including engines) for manufacture or maintenance when imported by defence Public Sector Units, subject to the IGCRS Rules, 2022 and an end use certificate from a Joint Secretary level officer. Exemptions for goods for specified Nuclear Power Projects are broadened irrespective of capacity and extended through 30.09.2035. Lists in the customs notification are updated to add medicines and rare diseases for personal import exemptions, and select critical mineral entries are being consolidated into the tariff with the prior notification to be rescinded.
News Bill
REVIEW OF CUSTOMS DUTY EXEMPTIONS
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Customs duty exemptions: 102 conditional entries extended, 22 allowed to lapse, and select unconditional exemptions omitted.
A review of notification No. 45/2025 Customs extends validity of 102 conditional exemption/concessional BCD entries to 31.03.2028, allows 22 conditional entries to lapse on 31.03.2026, and omits specified unconditional exemptions effective 02.02.2026 so applicable BCD rates will apply from the First Schedule. The review also removes or prescribes sunset clauses, modifies certain entries (including mergers, description changes, and extended time limits), and incorporates some rates into the Tariff.
News Bill
Review of exemptions prescribed by other notifications.
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Budget changes extend BCD exemptions for listed goods to March 31, 2028 and omit redundant notification entries.
Extension of certain BCD exemptions to 31.03.2028 is prescribed for specified notifications covering precious stones on approval/return basis, goods imported for execution of export orders for jobbing, copper products from reverts, and gold/silver from copper anode slime exported for toll smelting. One standalone exemption for castor oil cake manufactured in SEZs and brought to DTA lapses on 31.03.2026, and a notification exempting works of art and antiques for public exhibition is given a sunset date of 31.03.2028. Selected exemption entries in notification No. 36/2024-Customs are omitted effective 02.02.2026 as redundant, with BCD rates to operate via the First Schedule of the Customs Tariff Act, 1975.
News Bill
SOCIAL WELFARE SURCHARGE (SWS)
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Social Welfare Surcharge changes extend specific customs exemptions, add SWS on personal-use imports, and exempt electronic toys.
Amendments to notification No. 11/2018-Customs consolidate and preserve SWS exemptions for specified graphite, quartz, silicon dioxide and related items; reassign concessional BCD for sub heading 2106 90 to the First Schedule while retaining SWS incidence; modify the spent catalyst/ash exemption description to remove a lapsed cross reference without altering exemption; impose SWS on all dutiable personal use imports under heading 9804; and exempt parts and goods under heading 9503 (electronic toys) from SWS.
News Bill
AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS (AIDC)
Show AI Summary
New aircraft rubber pneumatic tyres continue to attract 0.5% agriculture infrastructure and development cess from 02.02.2026.
New pneumatic tyres of rubber used on aircraft under tariff item 4011 30 00 will continue to attract a 0.5% Agriculture Infrastructure and Development Cess. The notification entry is amended to omit reference to a removed exemption entry with effect from 02.02.2026, without changing the 0.5% AIDC rate for these goods (other than those with nil basic customs duty).
News Bill
AMENDMENT TO SEVENTH SCHEDULE TO THE FINANCE ACT, 2001
Show AI Summary
Chewing and related tobacco NCCD schedule rates raised to 60% from May 1, 2026, while effective rate stays 25%.
Seventh Schedule to the Finance Act, 2001 is amended to raise NCCD rates from 25% to 60% for HS 2403 99 10 (chewing tobacco), HS 2403 99 30 (jarda scented tobacco) and HS 2403 99 90 (other tobacco products including gutkha) effective 01.05.2026, while a notification will maintain the applied effective rate at 25%.
News Bill
EXEMPTION FROM CENTRAL EXCISE DUTY ON VALUE OF BIOGAS/COMPRESSED BIOGAS (CBG) CONTAINED IN BLENDED C...
Show AI Summary
Biogas/CBG in blended CNG: value and related taxes excluded from transaction value for central excise from 02.02.2026.
The value of Biogas/Compressed Biogas (CBG) contained in blended CNG, and the central, state, union territory or integrated taxes paid on that Biogas/CBG, are excluded from the transaction value for computing central excise duty on blended CNG; the exclusion is effected by amending the existing notification framework and takes effect from 02.02.2026, with the prior GST-only relief rescinded.
News Bill
DEFERMENT OF DATE OF IMPLEMENTATION OF HIGHER EXCISE DUTY ON SALE OF UNBLENDED DIESEL
Show AI Summary
Unblended diesel additional excise duty implementation deferred until 31.03.2028 by amendment to existing notification effective immediately.
The additional excise duty of Rs.2 per litre on unblended diesel is deferred until 31.03.2028 by amendment of Notification No. 11/2017 Central Excise through Notification No. 02/2026 Central Excise (01.02.2026), thereby postponing the levy of the higher duty on unblended diesel.
News Bill
AMENDMENTS IN THE CGST ACT, 2017
Show AI Summary
Goods and Services Tax: amendments remove discount-agreement link, expand refund scope, and allow interim appellate authorities.
Amendments remove the requirement that a post-sale discount be linked to an agreement and prescribe issuance of a credit note under section 34 when input tax credit is reversed; section 34 is amended to reference section 15. Section 54 is amended to extend provisional refunds to inverted duty structure claims and to remove the sanction threshold for refunds on exported goods with tax paid. Section 101A gains sub-section (1A) allowing the Central Government to notify an existing authority or tribunal to hear appeals under section 101B pending the National Appellate Authority, with sub-sections (2)-(13) not applying where such empowerment occurs, effective 01.04.2026.
News Bill
AMENDMENTS IN THE IGST ACT, 2017
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Place of supply for intermediary services will follow the IGST Act default provision after omission of the specific clause.
The amendment omits clause (b) of sub section (8) of section 13 of the Integrated Goods and Services Tax Act, 2017 so that the place of supply for intermediary services will be determined by the default provision in section 13(2) of the IGST Act, aligning intermediary services with the Act's general place of supply framework.

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TDS threshold rationalization TDS provisions have various thresholds of amount of payment or amount of income, beyond which tax is required be deducted. It is proposed to rationalize these thresholds as below

1 February, 2025

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Union Budget 2025-26 (Full) + Finance Bill, 2025

II. TDS threshold rationalization TDS provisions have various thresholds of amount of payment or amount of income, beyond which tax is required be deducted. It is proposed to rationalize these thresholds as below –

S. No

Section

Current threshold

Proposed threshold

1.

193 - Interest on securities

Nil

Rs. 10,000/-

2.

194A - Interest other than Interest on securities

 

(i) Rs. 50,000/- for senior citizen;

(ii) Rs. 40,000/- in case of others when payer is bank, cooperative society and post office

(iii) Rs. 5,000/- in other cases

 

(i) Rs. 1,00,000/- for senior citizen

(ii) Rs. 50,000/- in case of others when payer is bank, cooperative society and post office

(iii) Rs. 10,000/- in other cases

 

3.

194 - Dividend for an individual shareholder

Rs. 5,000/-

Rs. 10,000/-

 

4.

194K - Income in respect of units of a mutual fund or specified company or undertaking

Rs. 5,000/-

Rs. 10,000/-

 

5.

194B - Winnings from lottery, crossword puzzle, etc.

Aggregate of amounts exceeding Rs. 10,000/- during the financial year

Rs. 10,000/- in respect of a single transaction

6.

194BB - Winnings from horse race

7.

194D - Insurance commission

Rs. 15,000/-

Rs. 20,000/-

8.

194G - Income by way of commission, prize etc. on lottery tickets

Rs.15,000/-

Rs. 20,000/-

9.

194H - Commission or brokerage

Rs. 15,000/-

Rs. 20,000/-

10.

194-I Rent

Rs. 2,40,000/- during the financial year

Rs. 50,000/- per month or part of a month

11.

194J - Fee for professional or technical services

Rs. 30,000/-

Rs. 50,000/-

12.

194LA - Income by way of enhanced compensation

Rs. 2,50,000/-

Rs. 5,00,000/-

 

Full Text:

Union Budget 2025-26 (Full) + Finance Bill, 2025

Topics

Acts Income Tax
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