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Act Rules Income Tax
Comparison of Section 208 "Tax on income from units purchased in foreign currency or capital gains a...
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Preferential tax regime for offshore fund income from foreign currency purchased units, segregating specified incomes and limiting deductions.
Section 208 creates a separate tax regime for overseas financial organisations investing in specified Indian units: income from units purchased in foreign currency and long term capital gains on transfer of such units are taxed at fixed rates while remaining income is taxed ordinarily. The provision restricts deductions when gross total income consists solely of those specified incomes and requires segregation of specified incomes so Chapter VIII deductions apply only to the residual income. Eligibility depends on arrangements with specified Indian entities and SEBI approval.
Act Rules Income Tax
Comparison of Section 207 "Tax on dividends, royalty and fees for technical service in case of forei...
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Head specific tax rates for cross border dividends, royalties and technical fees, with restricted deductions and targeted concessions.
A head specific source taxation regime imposes fixed tax rates on dividends, specified interest, distributed income, unit income, royalties and fees for technical services for non residents and foreign companies, aggregates tax as the sum of prescribed head rates plus tax on residual income, prescribes targeted preferential rates for certain investment vehicles, and restricts deductions in specified scenarios while relying on cross references to other provisions for definitions and exclusions.
Act Rules Income Tax
Comparison of Section 206 "Special provision for minimum alternate tax and alternate minimum tax." b...
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Minimum tax regime deeming book profit/adjusted income taxable when regular tax is below prescribed minimum, imposing MAT/AMT.
Section 206 creates a minimum tax regime whereby, if tax under general provisions is less than a prescribed percentage of book profit (for companies) or adjusted total income (for others), that book profit/adjusted total income is deemed total income and taxed at the prescribed rate. The provision prescribes formulaic add backs and reductions to compute book profit, addresses IND AS transition adjustments, specifies exclusions and carve outs, mandates an accountant's certificate in prescribed form, and provides carry forward and credit rules for excess MAT/AMT paid.
Act Rules Income Tax
Comparison of Section 205 "Conditions for tax on income of certain companies and co-operative societ...
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Concessional tax computation limited by eligibility rules, asset provenance constraints, and AO power to recharacterise excess profits.
Clause 205 sets that, for specified concessional provisions, total income must be computed without certain listed deductions or exemptions, conditions eligibility on the origin and nature of the business and on limits for previously used plant, and empowers the Board (with Central Government approval) to issue guidelines subject to parliamentary laying. The Assessing Officer may determine and attribute profits reasonably deemed in excess of ordinary profits where arrangements inflate returns, applying the arm's length principle for specified domestic transactions.
Act Rules Income Tax
Comparison of Section 201 "New tax regime for individuals, Hindu undivided family and others." betwe...
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Optional simplified tax regime limits specified deductions and restricts loss set-off, with timing and IFSC carve-outs.
The provision creates an optional simplified tax regime for specified persons applying preset slab rates while disallowing a defined list of exemptions, deductions and specified loss set offs; it operates irrespective of other provisions except where expressly carved out, contains deeming rules treating certain losses and depreciation as finally given effect to, provides limited exceptions for IFSC units, and requires taxpayers to elect or withdraw the option within prescribed timelines subject to procedural rules.
Act Rules Income Tax
Comparison of Section 201 "Tax on income of new manufacturing domestic companies." between the Incom...
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Concessional tax regime for new manufacturing companies: elective, time limited option with fixed-rate treatments and strict eligibility.
An elective concessional tax regime permits domestic manufacturing companies to compute tax under a standalone scheme with fixed tax treatments for defined income categories and specified exclusions. Eligibility hinges on incorporation/registration and commencement temporal thresholds, timely exercise of the option which, once exercised, is irrevocable and continues for subsequent years. Failure to meet conditions invalidates the option prospectively. Computation is constrained by sub-section rules that exclude certain deductions and bar set-off of losses or unabsorbed depreciation attributable to excluded deductions, while cross-references determine treatment of capital gains and deemed incomes.
Act Rules Income Tax
Comparison of Section 200 "Tax on income of certain domestic companies." between the Income-Tax Act,...
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Optional concessional tax regime: companies forgo specified deductions to access a lower flat tax rate, with strict irrevocable election rules.
An optional concessional tax regime permits a domestic company to elect a lower flat rate if it forgoes specified deductions and certain carry-forward reliefs; losses and unabsorbed depreciation attributable to excluded deductions cannot be set off and are deemed given full effect. The election must be made in a prescribed manner by the return due date, is irrevocable and applies to subsequent years, with failure to meet requirements invalidating the option. IFSC Units receive a limited modification preserving certain deductions subject to that provision's conditions.
Act Rules Income Tax
Comparison of Section 199 "Tax on income of certain manufacturing domestic companies." between the I...
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Concessional tax rate for qualifying manufacturing companies restricted by disallowed deductions and binding election requirement.
An elective regime permits a domestic company incorporated on or after 1 March 2016 and engaged solely in manufacture/production (including related research and distribution) to compute tax at a flat 25% rate if it validly exercises the option in the prescribed manner. The option excludes specified deductions (notably sections 45(2), 47(1)(b), most of Chapter VIII-C except section 146, and sections in section 205(1)(a)-(g)) and bars set-off of earlier losses attributable to those deductions; the provision contains a non-obstante clause while preserving interplay with specified Parts and sections.
Act Rules Income Tax
Comparison of Section 197 "Tax on long-term capital gains." between the Income-Tax Act, 2025 (as pas...
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Long-term capital gains tax restructured: LTCG segregated and taxed separately while preserving basic exemption and transitional relief.
Clause 197 prescribes segregation of long-term capital gains from other income, taxing non-LTCG income under the normal progressive regime while subjecting LTCG to a separate rate; resident individuals/HUFs may reduce LTCG to preserve the basic exemption to the extent reduced total income falls short of that threshold. A transitional relief for resident individual/HUF transfers of land or building acquired before a specified cutoff requires dual computation-new LTCG method versus an indexed-cost prior-rate computation-and ignores any excess new-regime tax up to the calculated difference. The enacted Act adds a carve-out for non-resident/foreign-company disposals of unlisted or private-company shares excluding section 72(6) set-off.
Act Rules Income Tax
Comparison of Section 193 "Tax on income from Global Depository Receipts purchased in foreign curren...
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Tax on GDR income segregates dividend and long term gain streams, taxes them at specified concessional rates.
The provision creates a special tax regime for resident employees of specified knowledge based companies (or their subsidiaries) who receive GDR linked income acquired in foreign currency: dividends on qualifying GDRs are taxed at a prescribed concessional rate, long term capital gains on transfer of such GDRs are taxed at a separate prescribed concessional rate, and the balance of the individual's income is taxed at prevailing rates. GDR income is excluded from gross total income for computing deductions, sole GDR dividend income precludes other deductions, and section 72(6) does not apply to these LTCG computations.
Act Rules Income Tax
Comparison of Section 187 "Acceptance of payment through prescribed electronic modes." between the I...
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Electronic payment acceptance requirement mandates prescribed digital channels for businesses and professions exceeding the turnover threshold.
The Act mandates that every person carrying on business or profession whose total sales, turnover or gross receipts exceed the turnover threshold in the immediately preceding tax year shall provide facilities to accept payments through prescribed electronic modes in addition to any other electronic modes offered, with specific modes and operational details to be specified by subordinate legislation.
Act Rules Income Tax
Comparison of Section 175 "Avoidance of tax by certain transactions in securities." between the Inco...
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Deeming rule for dividends: economic owner taxed where transfers separate entitlement from legal receipt.
Section 175 deeming rule attributes interest and dividends to the original owner or beneficial holder when securities transactions separate economic entitlement from legal receipt, applies on day to day accrual where beneficial interest existed during a year, operates irrespective of other charging provisions, allows the Assessing Officer to require ownership details, and includes a business of dealing carve out and short term record date anti arbitrage rules that ignore specified losses and adjust cost of additional securities.
Act Rules Income Tax
Comparison of Section 166 "Reference to Transfer Pricing Officer." between the Income-Tax Act, 2025 ...
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Reference to Transfer Pricing Officer centralises arm's length price determination, binding assessments and enabling validated multi year application.
An Assessing Officer, with prior supervisory approval, may refer determination of the arm's length price for international or specified domestic transactions to a designated Transfer Pricing Officer who issues a written order after notice and hearing; that TPO order is binding on the Assessing Officer for computing total income, and an opt in permits validated application of the TPO's determination to the two immediately following tax years subject to prescribed conditions and recomputation procedures.
Act Rules Income Tax
Comparison of Section 165 "Determination of arm's length price." between the Income-Tax Act, 2025 (a...
Show AI Summary
Arm's length price determination allows limited acceptance of actual transaction price; AO may redetermine ALP after show-cause.
Arm's length price must be determined using specified transfer pricing methods or other Board prescribed methods, selecting the most appropriate method based on transaction nature, functions and prescribed factors. If a single method yields one price that price governs; a notified tolerance permits acceptance of the actual transaction price in specified cases. The Assessing Officer may determine the arm's length price during assessment where documentation, reliability, or compliance with notice requirements is deficient, but must first give the taxpayer a show cause notice before recomputing total income on that basis.
Act Rules Income Tax
Comparison of Section 164 "Meaning of specified domestic transaction." between the Income-Tax Act, 2...
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Specified domestic transaction definition narrows domestic related party scope and imposes an aggregate threshold triggering special anti avoidance rules.
Section 164 defines specified domestic transaction for the Chapter on avoidance of tax by enumerating categories of domestic dealings (cross referencing sections 122, 140(9), 140(13), Chapter VIII, section 144 and section 205(4)) and by permitting additional prescribed transactions; each item is subject to exclusion of international transactions and to an annual aggregate materiality threshold that determines applicability.
Act Rules Income Tax
Comparison of Section 162 "Meaning of associated enterprise." between the Income-Tax Act, 2025 (as p...
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Associated enterprise definition expands to objective participation and dependence tests, broadening related party compliance risks.
Clause 162 defines associated enterprise by a general participation test (direct, indirect or through intermediaries in management, control or capital, or common persons participating therein) and a non exhaustive deeming list operative at any time during the tax year that includes objective thresholds and indicia such as minimum shareholding, reciprocal holdings, loan exposure relative to book assets, guarantee exposure, appointment control, IP dependence, supply/purchase dependence, family/common control and a residual mutual interest relationship subject to prescription; for specified domestic transactions the definition is expanded to include other units of the assessee and cross referenced persons or enterprises.
Act Rules Income Tax
Comparison of Section 156 "Rebate of income-tax in case of certain individuals." between the Income-...
Show AI Summary
Tax rebate for resident individuals: post calculation reduction of tax up to capped amounts with special formula for higher incomes.
A deduction from income tax payable is available to resident individual assessees in specified income bands: tax is computed first and then reduced by a rebate subject to fixed monetary caps; for incomes above the higher threshold a formulaic reduction by the excess income is prescribed, and any deduction is capped so it does not exceed tax payable under the referenced computation provision.
Act Rules Income Tax
Comparison of Section 153 "Deduction for interest on deposits." between the Income-Tax Act, 2025 (as...
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Deduction for interest on deposits: account-type ceilings differ by seniority, with senior citizens' scope including time deposits.
Deduction for interest on deposits permits individuals (distinctly identifying senior citizens) and HUFs to claim limited deductions on interest from deposits with regulated banks, cooperative societies and Post Offices, subject to monetary ceilings and account-type limits: non-senior individuals and HUFs are restricted to interest from savings accounts excluding time deposits, senior citizens are allowed a broader deduction described as applying to savings accounts and expressly including time deposits, and no deduction is permitted where the deposit is held by or on behalf of a firm, association of persons or body of individuals; "time deposits" are defined as deposits repayable on expiry of fixed periods.
Act Rules Income Tax
Comparison of Section 150 "Interpretation for purposes of section 149." between the Income-Tax Act, ...
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Time bound deduction for Producer Companies allows full tax relief for profits from defined member related agricultural activities, subject to sequencing.
A time bound tax incentive allows Producer Companies, as defined in the Companies Act, to claim a full deduction for profits attributable to an eligible business (marketing members' agricultural produce; supplying members with agricultural inputs; processing members' agricultural produce), subject to a turnover ceiling and a sequencing rule that permits the deduction only after other Chapter deductions; the clause omits attribution, anti abuse and procedural rules, creating compliance uncertainty.
Act Rules Income Tax
Comparison of Section 149 "Deduction in respect of income of co-operative societies." between the In...
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Deduction for co-operative societies: specified cooperative income receives preferential tax deductions, subject to governance and computation rules.
Clause 149 permits targeted tax deductions for co operative societies by fully or partially deducting income attributable to enumerated cooperative activities (banking/credit to members, cottage industries, marketing of members' agricultural produce, supply of agricultural inputs, processing without power, collective disposal of members' labour, and fishing/allied activities), supplies by primary societies to federal cooperatives or government entities, inter cooperative investment income, and income from letting godowns; certain non specified activities qualify only up to capped amounts, governance restrictions on voting rights condition some deductions, and cooperative deductions are computed after reducing specified pre existing deductions.

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Amendment in the provision relating to merger of non-profit organisations (NPOs)

1 February, 2026

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Union Budget 2026-27 - Finance Bill, 2026

Existing provisions of section 352(4) [Table: Sl. No. 8.B] inter alia provides that the specified person shall be liable to pay the tax on accreted income where it has merged with any other entity other than a registered non-profit organisation having the same or similar objects. However, the said provision does not capture the situation where a registered non- profit organisation has merged with any other registered non-profit organisation having same or similar objects as was provided under section 12AC of the Income-tax Act, 1961.

In order to provide for the provisions similar to section 12AC of the Income-tax Act, 1961 it is proposed to insert a new Section 354A in the Income-tax Act to provide that where any registered nonprofit organisation has merged with any other registered nonprofit organisation, the provisions of section 352 shall not apply if, —

(a) the other registered non-profit organisation has same or similar objects; and

(b) the said merger fulfils such conditions as may be prescribed.

Further, in order to align the existing provisions with the provisions of Income-tax Act, 1961 it is proposed to amend said serial number 8 of Table below section 352(4) so as to provide that the specified person shall be liable to pay the tax on accreted income where it has merged with, any other __

(a) entity other than a registered non-profit organisation;

(b) registered non-profit organisation having objects same or similar to it but the said merger does not fulfil such conditions, as may be prescribed; or

(c) registered non-profit organisation that does not have same or similar objects.

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.

[Clauses 69 and 70]

 

Full Text:

Union Budget 2026-27 - Finance Bill, 2026

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Acts Income Tax
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