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Union Budget 2026-27 - Finance Bill, 2026
Existing section 349 inter alia provides furnishing of return by a registered non-profit organisation within the time limit allowed under section 263(1)(c).
In order to enable furnishing of belated return by registered non-profit organisation as was there in the Income-tax Act, 1961, it is proposed to amend the provisions of section 349 to provide reference of section 263(4) in the said section.
These amendments will take effect from the 1st day of April, 2026 and shall accordingly, apply to the tax year 2026-27 and subsequent tax years.
[Clause 67]
Full Text:
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. of Press 'Enter' after typing page number.
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