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    Act Rules Income Tax
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Act Rules Income Tax
Comparison of section 266 "Self-assessment." between the Income-Tax Act, 2025 (as passed) and the In...
Show AI Summary
Self-assessment requirement: pre-payment of tax, interest and fee before filing specified income-tax returns, with proof attached.
The clause requires payment of tax, interest and fee before filing specified income-tax returns where tax remains payable after deducting advance tax, source deductions, specified foreign tax reliefs and tax credits; returns must be accompanied by proof of payment, interest under the Act is computed on declared tax reduced by those credits, and a defined "assessed tax" serves as the base for interest on advance tax shortfall.
Act Rules Income Tax
Comparison of section 263 "Return of income." between the Income-Tax Act, 2025 (as passed) and the I...
Show AI Summary
Mandatory filing duties and updated return limits reshape corrective filing eligibility and compliance obligations.
Section 263 imposes mandatory filing duties for enumerated classes, prescribes due dates by category, empowers the Board to prescribe forms and particulars, and allows the Central Government to exempt classes. It distinguishes late returns, revised returns (both within nine months or before assessment completion), and an updated return remedy within a multi year window that is barred where updated filings would claim losses, reduce tax, produce refunds, duplicate updates, or where assessments, possession of information, international or internal information exchange, prosecutions, searches, surveys, requisitions or specified notices have intervened. Assessing Officers may treat unrectified defective returns as invalid after a short cure period.
Act Rules Income Tax
Comparison of section 261 "Interpretation." between the Income-Tax Act, 2025 (as passed) and the Inc...
Show AI Summary
Digital evidence parity: seized electronic backups treated as books of account, extending tax search powers into virtual spaces.
Clause 261 defines terms governing Chapter XIV search, seizure and requisition powers, treating material seized to include books of account, documents, digital data storage devices, computer systems and specialised programme backups and directing that such material be construed as books of account. It broadly defines computer system and virtual digital space to include cloud and remote servers, social media, online financial platforms and application platforms. The clause identifies the classes of approving, authorised and competent officers and ties the operative date for search or requisition to the last panchnama entry or the actual receipt of books, documents, computer systems or assets.
Act Rules Income Tax
Comparison of section 259 "Power to call for information by prescribed income-tax authority." betwee...
Show AI Summary
Power to call for information: tax authority may require relevant records for verification, subject to defined scope of proceeding.
A prescribed income tax authority may issue notices requiring persons to furnish information for verification of information in the authority's possession that is useful for, or relevant to, any inquiry or proceeding under the Act; the authority may specify form, manner and time for compliance and may process and utilise such information under a scheme notified under section 260. The enacted Section 259 adds subsection (3) linking the term "proceeding" to the meaning in section 253, clarifying the definitional scope of notices.
Act Rules Income Tax
Comparison of section 257 "Proceedings before income-tax authorities to be judicial proceedings." be...
Show AI Summary
Judicial character of tax proceedings clarified; civil court deeming limited and excludes a specified statutory chapter.
Section 257 deems proceedings before income-tax authorities to be judicial proceedings for specified provisions of the Bharatiya Nyaya Sanhita, 2023, and deems income-tax authorities to be Civil Courts for the purposes of section 215 of the Bharatiya Nagarik Suraksha Sanhita, 2023, but expressly excludes application of that deeming for the purposes of Chapter XXVIII of the Bharatiya Nagarik Suraksha Sanhita, 2023.
Act Rules Income Tax
Comparison of section 256 "Power of certain income-tax authorities." between the Income-Tax Act, 202...
Show AI Summary
Enquiry powers: specified senior income-tax officers authorised to exercise Assessing Officer powers for statutory enquiries.
Section 256 vests enquiry authority in specifically listed senior officers - Principal Director General/Director General, Principal Director/Director, Principal Chief Commissioner/Chief Commissioner, Principal Commissioner/Commissioner and Joint Commissioner - and grants them Assessing Officer-like powers to make enquiries under the Act, including summons and document requisition, while the clause contains no procedural provisos or territorial limits and therefore relies on other statutory or subordinate provisions for operational safeguards and delegation mechanics.
Act Rules Income Tax
Comparison of section 253 "Powers of survey." between the Income-Tax Act, 2025 (as passed) and the I...
Show AI Summary
Survey powers over electronic records and premises enable inspection, technical access and limited impoundment for tax compliance verification.
Survey powers authorise entry into premises where business, profession or charitable activities are carried on to inspect books, documents, electronic media and computer systems and to require necessary technical and other assistance including access codes; officers may verify assets and stock, make extracts or copies, record statements on oath, prepare inventories and impound or retain records or computer systems after recording reasons, with retention beyond the initial statutory period requiring prior approval and temporal limits on entry applicable to business and other premises.
Act Rules Income Tax
Comparison of section 251 "Copying, extraction, retention and release of books of account and docume...
Show AI Summary
Retention limits for seized material clarified, with supervised copying rights and an administrative remedy to challenge extensions.
Clause 251 requires transfer of seized assets and material to the territorial Assessing Officer where the seizing authorised officer lacks jurisdiction, mandates supervised opportunity for the person to make copies or extracts, prescribes statutory retention limits tied to assessment or recomputation events with written reasons and approving authority approval for extensions, and preserves a right to apply to the Board against approvals for extended retention.
Act Rules Income Tax
Comparison of section 250 "Application of seized or requisitioned assets." between the Income-Tax Ac...
Show AI Summary
Application of seized assets: assets may be applied to recover tax liabilities, subject to explanation-based release and distraint.
The provision authorises recovery from assets seized or requisitioned under search or requisition to satisfy tax liabilities, including penalty and interest (excluding advance tax), aggregating liabilities arising before, during assessments consequent to the search, and those connected to settlement proceedings; the enacted text expressly includes block-period assessments under Part B of Chapter XVI. Release within the statutory period requires the Assessing Officer to be satisfied on the basis of the explanation furnished about nature and source, recovery of existing liabilities, and prior commissioner-level approval, while non-monetary assets are deemed under distraint and may be realised as prescribed.
Act Rules Income Tax
Comparison of section 248 "Powers to requisition." between the Income-Tax Act, 2025 (as passed) and ...
Show AI Summary
Power to requisition: tax officers may compel delivery of materials and electronic evidence held by other authorities.
Clause 248 empowers an approving authority to authorise specified tax officers to require delivery of assets, books, documents, electronic information or computer systems held by officers or authorities under other laws where persons served with summonses or notices fail to produce material, where material will be useful to tax proceedings and would not be returned, or where custody assets represent undisclosed income; post-delivery, designated procedural seizure, custody and preservation provisions apply with the requisitioning officer substituted for the authorised officer.
Act Rules Income Tax
Comparison of section 247 "Search and seizure." between the Income-Tax Act, 2025 (as passed) and the...
Show AI Summary
Search and seizure powers expanded to include virtual digital spaces, compelled access and evidentiary presumptions for tax investigations.
Clause 247 authorises income tax officers to enter and search physical premises and virtual digital spaces when records or assets relevant to tax proceedings or undisclosed income are believed to be present, including compelled technical assistance, overriding access codes, copying electronic data, inventory and seizure (excluding stock in trade), and deemed seizure where removal is impracticable; it cross references IT law, applies evidentiary presumptions to found material, and provides limited procedural timelines and approvals while leaving detailed safeguards and rules to be prescribed.
Act Rules Income Tax
Comparison of section 246 "Power regarding discovery, production of evidence, etc." between the Inco...
Show AI Summary
Discovery and production powers: tax authorities may compel evidence and attendance, subject to limited retention safeguards.
The provision confers court-like powers on enumerated income-tax authorities to compel discovery, attendance, examination on oath, production of books and issuance of commissions for tax purposes; it allows certain authorities to exercise these powers even absent pending proceedings, ties investigative authority for senior officers to a jurisdictional nexus and suspicion of concealment, and authorises impoundment and, in the Act, explicit custody and retention of documents subject to a fifteen-day initial limit, recorded reasons and prior sanction for extensions.
Act Rules Income Tax
Comparison of section 243 "Power to transfer cases." between the Income-Tax Act, 2025 (as passed) an...
Show AI Summary
Case transfer power: authorities may transfer tax cases with recorded reasons and limited hearing requirements, preserving continuity of proceedings.
A specified income-tax authority may transfer any case between Assessing Officers under its control or, where authorities differ, by agreement or by an order of the Board (or an authority the Board specifies by notification). The authority must record reasons and, "wherever it is possible to do so," afford the assessee a reasonable opportunity to be heard, except for transfers between officers in the same city/locality/place; transfers may occur at any stage and notices already issued need not be re issued. The enacted text consolidates the temporal definition of "case" and makes minor drafting refinements.
Act Rules Income Tax
Comparison of section 242 "Jurisdiction of Assessing Officers." between the Income-Tax Act, 2025 (as...
Show AI Summary
Assessing Officer jurisdiction defined by place of business or residence; intra departmental determination and strict time bars follow.
Section 242 defines Assessing Officer jurisdiction vested by directions/orders under section 241(1)-(3): jurisdiction for businesses attaches to the place of business or principal place, and for others to residence. Jurisdictional disputes are to be determined by specified income tax authorities or, where those authorities disagree, by the Board or a Board designated authority. The section bars late challenges to jurisdiction by reference to specified notice periods and assessment completion events, requires AOs to refer unresolved timely challenges for departmental determination before assessing, and preserves AO powers over income within the vested area; the enacted text omits certain cross references present in the originating bill.
Act Rules Income Tax
Comparison of section 240 "Taxpayer's Charter." between the Income-Tax Act, 2025 (as passed) and the...
Show AI Summary
Taxpayer's Charter: Board empowered to adopt and direct administration, granting wide administrative discretion over implementation.
Section 240 obligates the Board to adopt and declare a Taxpayer's Charter and to issue orders, instructions, directions or guidelines to other income-tax authorities for its administration; the Board is not defined here and the phrase "as it considers fit" grants wide administrative discretion. The provision is enabling and administrative in character, lacks Charter content, enforcement mechanisms, timelines and definitions of affected authorities, and the practical effect depends on subsequent instruments implementing the Charter.
Act Rules Income Tax
Comparison of section 239 "Instructions to subordinate authorities." between the Income-Tax Act, 202...
Show AI Summary
Board power to issue binding administrative instructions, limited to avoid directing case outcomes and protecting appellate discretion.
The Board is empowered to issue binding orders, instructions and directions to subordinate income tax authorities for uniform administration while being expressly prohibited from directing a specific outcome in any particular case or interfering with appellate officers' discretion. The Board may issue general or special orders to set procedural guidelines, publish them for public guidance, authorise non appellate authorities to admit time barred claims to alleviate genuine hardship, and relax specified procedural requirements where non compliance was beyond the assessee's control, subject to reasons and parliamentary laying of such relaxation orders.
Act Rules Income Tax
Comparison of section 237 "Appointment of income-tax authorities." between the Income-Tax Act, 2025 ...
Show AI Summary
Appointment powers: Central Government may appoint and delegate tax authority appointments, subject to service rules and orders.
Section 237 vests plenary appointment power for income-tax authorities in the Central Government, allows delegation to the Board and specified senior tax officers to appoint officers below the rank of Deputy Commissioner or Assistant Commissioner, and permits Board authorised income-tax authorities to appoint necessary executive and ministerial staff; both delegation and staffing powers are expressly qualified "subject to the rules and its orders regulating the conditions of service of persons in public services and posts."
Act Rules Income Tax
Comparison of section 232 "Certain conditions for applicability of tonnage tax scheme." between the ...
Show AI Summary
Tonnage tax reserve requirement ties tax benefits to reinvestment and training; non compliance ends tonnage tax option.
Section 232 requires tonnage tax companies to credit a mandated proportion of book profit from qualifying shipping activities to a Tonnage Tax Reserve Account annually, permitting use of the reserve within a fixed period for acquisition of qualifying new ships or for operating qualifying ships while prohibiting distributions or offshore asset creation; misuse or non utilisation causes apportionment and taxation of the relevant shipping income, and repeated failures in reserve creation or in meeting training and charter in limits lead to cessation of the tonnage tax option. Reporting, separate books and prescribed certificates are required, and several operational details are left to delegated rules.
Act Rules Income Tax
Comparison of section 231 "Method of opting of tonnage tax scheme and validity." between the Income-...
Show AI Summary
Tonnage tax election: structured application, limited renewal and extended re entry bar on opting into the regime.
Tonnage tax election requires a qualifying company to apply to the Joint Commissioner in the prescribed form and manner within the statutory initial window; the Commissioner may request documents, must afford a reasonable opportunity to be heard before refusing, and must issue a written order within a fixed decision period. Approval makes the scheme applicable from the tax year of election and keeps the option in force for a defined multi year term; cessation events and a restricted renewal window are specified, and a prolonged bar prevents re entry after voluntary opt out, default, or exclusion.
Act Rules Income Tax
Comparison of section 230 "Exclusion of deduction, loss, set off, etc." between the Income-Tax Act, ...
Show AI Summary
Exclusion of deductions and losses: tonnage tax confines shipping losses within the tonnage regime, barring cross set off.
The tonnage tax regime confines tax treatment of qualifying shipping operations by treating general loss and deduction provisions as having been applied within each relevant tonnage tax year, prohibiting carry forward or set off of specified losses relating to qualifying ships while under the scheme, and requiring depreciation and pre option loss treatment to reflect deductions as if claimed and allowed; any apportionment of pre option losses must be made on a reasonable basis.

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Bill

OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN NOTIFICATIONS

1 February, 2026

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Union Budget 2026-27 - Finance Bill, 2026

Changes in Basic Customs Duty (to be effective from 02.02.2026)

Rates of Duty

Sl. No.

Chapter, Heading, sub- heading, tariff item

Commodity

From

To

1.

2612 20 00

Monazite

[vide insertion of S. No. 84A in TABLE I of notification No. 45/2025-Customs dated 24.10.2025]

2.5%

Nil

2.

2841 90 00

Sodium antimonate for use in manufacture of solar glass

[vide insertion of S. No. 110A in TABLE I of notification No. 45/2025-Customs dated 24.10.2025]

7.5%

Nil

3.

2815 20 00

Potassium hydroxide

[vide omission of S.No. 21 in notification No. 36/2024-Customs dated 23.07.2024]

Nil

7.5%

4.

8401 30 00

All goods for generation of nuclear power

[vide insertion of S.No. 227A in TABLE I of notification No. 45/2025-Customs dated 24.10.2025]

7.5%

Nil

5.

8401 40 00

Control and Protector Absorber Rods, and Burnable Absorber Rods, for generation of nuclear power

[vide insertion of S.No. 227B in TABLE I of notification No. 45/2025-Customs dated 24.10.2025]

7.5%

Nil

6.

8501 10 20, 8504 31 00, 8516 80 00, 8516 90 00

Specified goods for use in the manufacture of Microwave Ovens falling under tariff item 8516 50 00 [vide insertion of S.No. 278A in TABLE I of notification No. 45/2025-Customs dated 24.10.2025]

As applicable

Nil
           

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

 

Full Text:

Union Budget 2026-27 - Finance Bill, 2026

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Acts Income Tax
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