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    NewsBill
    Amendment in the definition of the specified fund
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    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.
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    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.
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    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.
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    Amendment of section 332(1)(f) of the Income-tax Act, 2025 to remove certain funds from the requirem...
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    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.
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    Amendment in section 349 of the Income-tax Act, 2025 to provide for filing of belated return by NPO
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    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.
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    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.
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    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.
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    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.
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    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.
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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.
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    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.
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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.
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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.
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    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.
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    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.
    NewsBill
    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.
    NewsBill
    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.
    NewsBill
    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.
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    AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS (AIDC)
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    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).

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      Bill

      SOCIAL WELFARE SURCHARGE (SWS)

      1 February, 2026

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      Union Budget 2026-27 - Finance Bill, 2026

      (a) Specified goods are exempted from SWS vide notification No. 11/2018-Customs. The following changes have been made in notification No. 11/2018-Customs, consequent to omission of certain entries from exemption notifications. The effective duty incidence is unchanged and the following goods continue to remain exempted from levy of Social Welfare Surcharge (SWS). The changes are technical in nature.

      (i) Sl. No. 1 of notification No. 11/2018-Customs is being amended to include natural graphite (heading 2504), quartz and quartzite (heading 2506), silicon dioxide (tariff item 2811 22 00), and artificial graphite (heading 3801). Presently, the said goods are exempted from SWS vide Sl. No. 1, 3, 20 and 41 of notification No. 36/2024-Customs91 dated 23.07.2024. Subsequent to the omission of these exemption entries from the notification No. 36/2024-Customs, the said goods will continue to remain exempt from SWS vide modified Sl. No. 1 of notification No. 11/2018-Customs. This change will come into effect from 01.05.2026.

      (ii) Presently, all goods under sub-heading 2106 90, excluding compound alcoholic preparations of a kind used for the manufacture of beverages, of an alcoholic strength by volume exceeding 0.5% vol., determined at a temperature of 20 degrees centigrade, attract concessional BCD rate of 50% vide S. No. 67 of TABLE I in notification No. 45/2025-Customs (along with SWS). The exemption entry is being omitted from notification No. 45/2025-Customs and the concessional BCD rate will be shifted to the First Schedule, with effect from 01.05.2026. As a part of consequential changes, Sl. No. 7 of notification No. 11/2018-Customs is being omitted and Sl. No. 1 of notification No. 11/2018-Customs is being amended to include tariff item 2106 90 51 covering compound alcoholic preparations. Incidence of SWS for goods under sub- heading 2106 90 will remain unchanged. This change will come into effect from 01.05.2026.

      (iii) Spent catalyst and ash containing precious metals falling under heading 7112 is exempt from SWS vide Sl. No. 54A of notification No. 11/2018-Customs. The description of the entry at Sl. No. 54A is being modified with effect from 01.04.2026 to omit the reference to S.No. 201 of TABLE I of notification No. 45/2025-Customs which is being lapsed on 31.03.2026. The exemption from SWS, vide modified Sl. No. 54A of notification No. 11/2018-Customs, will continue unchanged for spent catalyst or ash containing precious metals.

      (b) Social Welfare Surcharge (SWS) will be levied on all goods falling under heading 9804 (all dutiable goods imported for personal use) with effect from 01.04.2026.

      (c) Parts of electronic toys for manufacture of electronic toys under S.No. 396 of TABLE I in notification No. 45/2025-Customs are being exempted from SWS with effect from 02.02.2026. Henceforth, all goods under heading 9503 will be exempt from the levy of SWS.

       

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      Union Budget 2026-27 - Finance Bill, 2026

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