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    NewsBill
    Extending the period of filing revised return
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    Revised income-tax returns: filing window extended to 12 months; fee proposed for revisions after nine months.
    The proposal increases the time limit for filing a revised income-tax return from nine to twelve months from the end of the relevant tax year to allow those who file belated returns late to still revise returns; a fee is proposed for revised returns filed after nine months, with corresponding amendments and staggered commencement dates across the two income-tax statutes applying to the relevant tax and assessment years.
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    Scope of filing of updated return in the case of reduction of losses – reg.
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    Updated tax returns may be allowed when a taxpayer reduces a previously claimed loss, per proposed Finance Bill changes.
    Section 263(6) permits an updated return within 48 months but bars updated returns that are returns of loss, limits reductions in tax liability or increases in refund, and restricts filing during or after assessment, reassessment, search, survey or prosecution. The Finance Bill, 2026 proposes to amend section 263(6) to allow filing an updated return where the taxpayer reduces the amount of loss claimed in a duly filed return of loss, and to make parallel amendments to the Income-tax Act, 1961.
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    Allowing the filing of updated return after issuance of notice of reassessment
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    Updated tax returns allowed in response to reassessment notices, with extra tax payable and penalty exclusion for that income.
    Permits furnishing an updated return in response to a reassessment notice within the notice period, precludes alternative filing in response to that notice, maintains existing restrictions on updated returns, and requires payment of prescribed additional income tax; where filed in pursuance of the notice an extra 10% of aggregate tax and interest is payable and that income will not form the basis for penalty.
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    Foreign Assets of Small Taxpayers - Disclosure Scheme, 2026 (FAST-DS 2026)
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    Foreign asset disclosure scheme for small taxpayers offers a time-bound window with tax/fee and limited immunity.
    The proposed FAST-DS 2026 provides a time bound window for small taxpayers to declare undisclosed foreign assets and foreign sourced income, requires payment of tax or a fee based on nature and source of acquisition, and grants limited immunity from penalty and prosecution under the Black Money Act for matters covered by the declaration, while excluding cases involving prosecution or proceeds of crime; the scheme is included in the Finance Bill, 2026 (Clauses 114-128) and will commence from a date notified by the Central Government.
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    Relaxation of conditions for prosecution under the Black Money Act
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    Relaxation of prosecution under the Black Money Act excludes small-value foreign assets from sections 49 and 50.
    The Finance Bill proposes that sections 49 and 50 of the Black Money Act will not apply to foreign assets (other than immovable property) where the aggregate value does not exceed twenty lakh rupees, thereby excluding prosecution for minor or inadvertent nondisclosures and aligning prosecution exposure with the Act's penalty framework; the amendment is to have retrospective effect from 1 October 2024.
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    Union Budget 2026 27 proposes decriminalisation of tax offences, replacing rigorous terms with graded simple imprisonment and fines.
    Amendments to sections 473-485 and 494 recast many penalties from rigorous to simple imprisonment, cap most maximum terms at two years (with lower terms for subsequent offences), introduce fines in lieu of or alongside imprisonment, and adopt a tiered penalty structure tied to amounts of tax evaded-higher tiers permitting up to two years' simple imprisonment, intermediate tiers up to six months, and lower tiers limited to fines-while fully decriminalising selected offences and creating specific carve outs for certain TDS/TCS categories.
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    Rationalizing the period of block in case of other persons
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    Union Budget change limits block assessment period for third parties when undisclosed income pertains to a single tax year.
    Section 295 currently requires that seized material relating to undisclosed income of a person other than the specified person be handed to that person's AO and that the other person undergo block assessment with the same block period; the Finance Bill proposes amending Section 295(2) to limit the period of block for such third parties, particularly where the undisclosed income pertains to a single tax year, with effect for searches or requisitions initiated on or after 1 April 2026.
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    Referencing the time limit to complete block assessment to the initiation of search or requisition
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    Union Budget 2026-27 proposes using initiation of search as the trigger for block assessment and extending the period to eighteen months.
    The amendment replaces the last search authorization date with the initiation of search (or requisition) as the reference for computing the block-assessment limitation period and increases that period from twelve months to eighteen months, effective for searches or requisitions initiated on or after 1 April 2026.
    NewsBill
    Rationalisation of Penalties into Fee
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    Penalties for certain compliance failures converted into graded fees with specified caps, effective April 1, 2026.
    Select penalties for technical compliance failures are converted into prescribed graded fees: audit-reporting failures replaced by fees of Rs. 75,000 and Rs. 1,50,000 depending on delay; failure to furnish accountant reports for international or specified domestic transactions replaced by fees of Rs. 50,000 and Rs. 1,00,000; and failure to furnish statements of financial transactions or reportable accounts is converted into a fee with an introduced upper limit of Rs. 1,00,000 for the post-notice daily levy. The amendments take effect from the tax year beginning 1 April, 2026.
    NewsBill
    Imposition of penalty for under-reporting or misreporting of income within Assessment Order
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    Union Budget changes penalty process: under-reporting penalties imposed within assessment order; interest charged post-appeal, effective April 2027.
    Penalties for under-reporting or misreporting are to be imposed within the assessment order to avoid multiple proceedings; consequential amendments align penalty, dispute resolution and recovery provisions. Interest under the tax recovery provision will be charged only after an appellate order by the first appellate authority or tribunal in appeals from dispute resolution forum orders.
    NewsBill
    ​​​​​​​Increase in maximum amount of penalty in section 46...
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    Increase in penalty for failing to comply with tax information requests from business premises to strengthen compliance.
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    NewsBill
    Rationalisation of tax rate under section 195 and penalty under section 443 in respect of certain In...
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    NewsBill
    Expanding the scope of immunity from penalty or prosecution under section 440 of the Act
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    Union Budget expands taxpayer immunity to misreporting cases, allowing settlement by paying additional tax in lieu of penalty.
    Section 440 is to be amended to allow immunity from penalty and prosecution where under reporting arises from misreporting, subject to existing eligibility and procedural conditions. Immunity requires payment of additional income tax equal to 100% of the tax on such income; for income determined as unexplained credits/investments/assets the additional tax payable for immunity is 120%. The amendment is effective 1 April 2026 for tax year 2026 27 onward.
    NewsBill
    ​​​​​​​Expanding the scope of immunity from imposition of ...
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    Amendment expands tax immunity to cover under reporting that results from misreporting, subject to existing procedural conditions.
    Amendment extends the existing immunity from penalty and prosecution to cases where under reporting of income results from misreporting, subject to existing conditions: payment of tax and interest within the demand period, no appeal against the assessment, timely filing of an immunity application within one month, and assessing officer decision on the application within three months.
    NewsBill
    Deductions in respect of dividends received and distributed by certain cooperative societies
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    Cooperative societies: deduction allowed on dividends from other cooperatives in new tax regime; limited federal cooperative relief.
    Deduction is extended to dividends received by cooperative societies from other cooperative societies in the new tax regime, limited to amounts distributed to members. Notified federal cooperatives may claim a temporary deduction for dividends from companies for three years, restricted to investments made by the federal cooperative on or before 31.01.2026 and distributed to members. The amendment is effective from 1 April 2026 and applies to the tax year 2026-27 and subsequent years.
    NewsBill
    Widening scope of deduction under section 149 by including ancilliary activities of cattle feed and ...
    Show AI Summary
    Union Budget expands deduction to include cattle feed and cotton seeds under section 149(2)(b) for primary co operative societies.
    Amendment expands section 149(2)(b) to permit full deduction of profits and gains of a primary co-operative society where members supply cattle feed and cotton seeds to a federal co-operative society, Government, local authority, Government company, or corporation engaged in the same business, applying from the tax year beginning 1 April 2026.
    NewsBill
    Inclusion of Cooperatives registered under Multi-State Cooperative Societies Act, 2002 in the defini...
    Show AI Summary
    Inclusion of multi-state co-operative societies in the co-operative society definition for tax purposes from April 2026.
    Amendment expands the statutory definition of co-operative society to expressly include societies registered under the Multi-State Cooperative Societies Act, 2002, thereby bringing multi state registered cooperatives within the legal category subject to provisions applicable to co-operative societies under the Act.
    NewsBill
    Amendment of section 169 of the Income-tax Act, 2025 relating to providing effect to advance pricing...
    Show AI Summary
    Advance pricing agreements now allow associated enterprises to file modified returns within three months for covered tax years.
    Where income is modified as a result of an advance pricing agreement entered into with any person, that person or any associated enterprise may furnish a return or modified return limited to the agreement, within three months from the end of the month in which the agreement was entered into, in respect of tax years covered by such agreement entered on or after 1 April 2026 for tax years beginning 1 April 2026 and subsequent tax years.
    NewsBill
    Exemption to a foreign company on any income arising in India by way of procuring data centre servic...
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    Exemption for foreign companies on income from procuring data centre services if routed through an Indian reseller.
    A foreign company is exempt from Indian tax on income arising from procuring data centre services from a specified data centre, provided services to India users are routed through an Indian reseller; a specified data centre must be set up under an approved scheme notified by the Ministry of Electronics and Information Technology and be owned and operated by an Indian company; the exemption applies from the tax year beginning 1 April 2026 through the tax year ending 31 March 2047.
    NewsBill
    Allowing expenditure on prospecting of critical minerals as deduction
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    Prospecting of critical minerals now qualifies for deferred tax deduction over ten years under expanded schedule provisions.
    The schedule is amended to add critical minerals so that expenditure on prospecting and exploration of those minerals qualifies for the statutory deferred deduction available to resident taxpayers, with such expenses deductible over ten years from the year of commercial production and covering costs incurred in that year and up to four preceding years.

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      Income Tax

      Suppose Mr. has paid premium of 25,000 for policy A taken on 30th June 2011 (sum assured 2,00,000) and 12,000 for policy B taken on 1st August 2013 (sum assured 1,00,000). Calculate the amount of deduction Mr. X can claim u/s 80C.

      13 August, 2015

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      Chapter No. 06 - Deduction u/s 80C

      Suppose Mr. has paid premium of 25,000 for policy A taken on 30th June 2011 (sum assured 2,00,000) and 12,000 for policy B taken on 1st August 2013 (sum assured 1,00,000). Calculate the amount of deduction Mr. X can claim u/s 80C.

       

      In case of Policy A ceiling limit for premium paid = 2,00,000 x 20% = 40,000

      Since premium paid is less than 40,000 (i.e. 25,000), whole amount qualifies for deduction.

       

      In case of Policy B ceiling limit for premium paid = 1,00,000 x 10% = 10,000

      Since premium paid is more than 10,000 (i.e. 12,000), only 10,000 qualifies for deduction.

      Also, the amount to be received from Policy B at the time of maturity will not be exempt from tax.

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