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    NewsBill
    Amendment in the definition of the specified fund
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    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.
    NewsBill
    Amendment in the provision relating to merger of non-profit organisations (NPOs)
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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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    Amendment in the provisions relating to the violations by a registered NPO
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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.
    NewsBill
    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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    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.
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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.
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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.
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    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.
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    Taxation of buyback of shares
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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.
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    AMENDMENT TO THE CUSTOMS ACT, 1962
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    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.
    NewsBill
    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.
    NewsBill
    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.
    Show AI Summary
    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)
    Show AI Summary
    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.
    NewsBill
    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

      Review of exemptions prescribed by other notifications.

      1 February, 2026

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      Union Budget 2026-27 - Finance Bill, 2026

      (a) The validity of the BCD exemption for the goods covered under the following notifications is being extended for two years, i.e. upto 31.03.2028:

      Sl.No.

      Notification No.

      Brief Description

      End date

      1.

      248-Customs dated 2nd August 1976

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

      31.03.2028

      2.

      32/1997- Customs dated 1st April 1997

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

      31.03.2028

      3.

      24/2001- Customs dated 1st March 2001

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

      31.03.2028

      4.

      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

      31.03.2028

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

      (b) The following standalone notification is being allowed to lapse on the 31.03.2026:

      Sl. No.

      Notification No.

      Brief Description

      End date

      1.

      113/2003- Customs dated 22nd 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

       31.03.2026

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

      (c) For the following standalone notification, a sunset date of 31.03.2028 is being prescribed:

      Sl. No.

      Notification No.

      Brief Description

      End date prescribed

      1.

      29/2025- Customs dated 9th May, 2025

      Exemption to works of art and antiques intended for public exhibition

       31.03.2028

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

      (d) The following exemption entries of notification No. 36/2024-Customs are being omitted with effect from 02.02.2026 as these are redundant. The effective BCD rate would remain the same and will operate through the First Schedule of the Customs Tariff Act, 1975. The details are as under:

      Sl. No.

      S. No. of notification No. 36/2024-Customs

      Description

      1.

      5

      Copper ores and concentrates

      2.

      6

      Cobalt ores and concentrates

      3.

      7

      Tin ores and concentrates

      4.

      8

      Tungsten ores and concentrates

      5.

      9

      Molybdenum ores and concentrates

      6.

      10

      Zirconium ores and concentrates

      7.

      12

      Vanadium ores and concentrates

      8.

      13

      Niobium or tantalum ores and concentrates

      9.

      14

      Antimony ores and concentrates

      10.

      42

      Unwrought Tin

      11.

      43

      Unwrought tungsten, including bars and Rods obtained simply by sintering

      12.

      44

      Unwrought molybdenum, including bars and rods obtained simply by sintering

      13.

      45

      Unwrought tantalum, including bars and rods obtained by sintering, powders

      14.

      46

      Cobalt, unwrought

      15.

      47

      Bismuth, unwrought

      16.

      48

      Unwrought zirconium, powders, containing less than 1 part hafnium to 500 parts zirconium by weight

      17.

      49

      Unwrought antimony, powders

      18.

      50

      Beryllium unwrought, powders

      19.

      51

      Hafnium unwrought, waste and scrap, powders

      20.

      52

      Rhenium unwrought

      21.

      53

      Cadmium unwrought, Powders

      22.

      54

      Cadmium, wrought

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

       

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      Union Budget 2026-27 - Finance Bill, 2026

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