Computer-generated Document Identification Number: assessments not invalidated for DIN quoting mistakes if referenced in any manner.
Assessments and related proceedings under the Income-tax Act, 1961 shall not be invalid for mistakes, defects or omissions in quoting a computer-generated Document Identification Number (DIN) provided the assessment order or proceeding references that DIN in any manner; a reference to the DIN is sufficient compliance even if notices or summons contain minor defects.

Clarifying time-limit: section 144C timelines govern assessment finalisation; sections 153/153B govern draft order stage.
Timelines for finalisation of assessments under section 144C govern completion of assessment notwithstanding the time limits in section 153 and section 153B. Acceptance of a draft order requires completion within one month from the end of the month in which acceptance is received or the 30 day objection period expires; where objections go to the DRP, the DRP must direct within nine months and assessment must be completed within one month from the end of the month in which directions are received. Amendments will clarify this in the 1961 Act (with retrospective dates) and in the Income-tax Act, 2025.

Transfer Pricing order timeframe clarified to include the final limitation date and apply retrospectively to past cases
Clarifies that when computing the sixty-day timeframe for the Transfer Pricing Officer to pass an arm's length price order, the final limitation date is included in that sixty-day calculation; the amendment operates notwithstanding judicial decisions and is framed to apply retrospectively in the existing law and prospectively in the new tax code to ensure uniform interpretation and reduce litigation.

Tonnage tax scheme extended to inland vessels with registration, training, and tonnage computation changes effective April 2026.
Amendments to Chapter XIII-G clarify that tonnage computation uses a "valid certificate" and, for inland vessels, the "certificate of registration" under the Inland Vessels Act, 2021; extend core activity coverage to include inland vessel passenger activities; require compliance with minimum training guidelines issued by the Inland Waterways Authority of India where applicable and adjust the compliance-certificate requirement to refer to the designated authority for inland vessels; add IWAI consultation for average net tonnage computation; and provide a definition of IWAI. Amendments take effect 1 April 2026 and apply to tax year 2026-27 and subsequent years.

Crypto-asset transaction reporting now attracts Rs.200/day for non-filing and Rs.50,000 for inaccurate or uncorrected statements.
Prescribed reporting entities must furnish statements on crypto asset transactions; the Finance Bill introduces a penalty of Rs. 200 per day for non furnishing and a penalty of Rs. 50,000 for furnishing inaccurate particulars and failing to correct them by amending the statute governing penalty provisions.

Commodity derivative definition to be added to Income-tax Act, 2025 aligning with the 1961 Act, effective April 1, 2026.
Amend the Income-tax Act, 2025 to provide a statutory definition of commodity derivative matching the definition in the Income-tax Act, 1961 for use in the definition of specified derivative transaction. The amendment is contained in Clause 33 of the Finance Bill, 2026 and takes effect from 1 April 2026.

Definition of authorised person clarified as the payor for non resident payments for foreign exchange asset transfers.
Adds a statutory definition of authorised person to identify the person responsible for paying when consideration is paid to a non resident for transfer of a foreign exchange asset, aligning the 2025 Act with earlier income tax law and amending the provision governing the person responsible for paying to clarify payor identification and related withholding and reporting obligations.

Union Budget amendment corrects a cross reference to ensure spouse income from transferred assets is properly attributed.
Section 99(2) currently misreferences the provision governing spouse income from transferred assets by citing the clause on salary or commission, and the Finance Bill proposes to correct section 99(2) to cite the clause dealing with income arising from transferred assets; the Bill also proposes an amendment to section 402(27), both taking effect from 1 April 2026.

TDS on sale of immovable property reference corrected to Table 3(i); amendment effective 1st April 2026.
Note 3 to section 393(1) [Table: Sl. No. 3(i)]-which applies TDS on sale of immovable property where sale consideration or stamp duty value meets the prescribed threshold-erroneously referred to Table Sr. No. 3(iii). The Finance Bill, 2026 proposes to amend Note 3 to correct the reference to Table Sl. No. 3(i) so the TDS provision operates as intended; the amendment takes effect from 1st April, 2026 (Clause 72).

Income from house property and PAN rules amended to include prior-period interest and expand PAN quoting rules.
The amendments provide that annual value of property held as stock-in-trade is nil for up to two years after completion certificate; that the aggregate deduction ceiling for interest on borrowed capital for self-occupied property shall include prior-period interest; and that the tax board may make rules requiring PAN quoting in documents for transactions not related to business or profession, effective 1 April, 2026.

Guidelines for TDS/TCS will be binding on persons required to deduct or collect tax from April 1, 2026.
The amendment expressly makes guidelines issued to remove difficulties in giving effect to the TDS/TCS chapter binding on income-tax authorities and on the person liable to deduct or collect income-tax, correcting an omission and aligning the provision with the intent of existing law; the amendment takes effect from 1 April 2026.

Tax treatment: previously allowed deductions or excluded amounts will be treated as income under the new Act from 2026 27 onward.
Amendment to section 536(2)(h) provides that sums allowed as deductions or not included under the repealed Income-tax Act, 1961 will be deemed income under the Income-tax Act, 2025 if they would have been includible under the 1961 Act, even without any violation of prior conditions, effective 1 April 2026 for tax year 2026-27 onward.

Specified fund definition aligned with income tax provision, effective April 1, 2026 for tax year 2026 27 onward.
Amendment aligns the definition of specified fund in Note 1(g) to Schedule VI with the income tax provision definition, so that existing Sl. Nos. 1-4 of Schedule VI apply to any entity that meets the aligned specified fund definition; the amendment takes effect from 1 April 2026 and applies to the tax year 2026-27 and thereafter.

Merger of non-profit organisations exempt from accreted-income tax if same or similar objects and prescribed conditions are met.
A new provision exempts registered non-profit organisations from accreted-income tax on merger when the transferee and transferor are registered non-profit organisations with the same or similar objects and the merger meets prescribed conditions; the merger-liability rule is amended to make tax payable where the merging entity is non-registered, where a registered non-profit's merger fails to satisfy prescribed conditions despite similar objects, or where objects are not the same or similar.

Registered non-profit organisations: commercial activity for public utility no longer treated as a specified violation risking registration cancellation.
The amendment removes commercial activities by registered non-profit organisations carried out for advancement of General Public Utility from the category of specified violation in section 351, preventing such activity from triggering registration cancellation, and aligns the treatment with other violation provisions; effective 1 April 2026 for tax year 2026-27 and thereafter.

Registration requirement removed for certain Schedule VII funds to align exemption rules under the Income-tax regime.
Amendment excludes persons listed in Schedule VII (Table Sl. No. 10-16) from section 332(1)(f) of the Income-tax Act, 2025, removing their obligation to register under section 332 to claim income-tax exemption and aligning registration requirements with the Income-tax Act, 1961; effective 1 April 2026 for tax year 2026-27 onwards.

Belated filing by registered non-profit organisations is permitted under amended section 349 referencing belated-filing provision.
The amendment enables registered non-profit organisations to file belated income-tax returns by adding a cross-reference to the belated-filing provision within the statutory rule governing return filing by such organisations, restoring the belated-filing ability previously available and applying from 1 April 2026 to the 2026-27 tax year and thereafter.

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.

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.

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.