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    NewsBill
    Exemption to a foreign company on income arising on account of providing capital equipment etc. to a...
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    Exemption for foreign companies' income from supplying capital equipment to contract manufacturers in custom bonded areas.
    An exemption is introduced for income of a foreign company from providing capital goods, equipment or tooling to an Indian-resident contract manufacturer located in a custom bonded area that manufactures electronic goods for the foreign company for consideration; the time-limited exemption applies up to the tax year 2030-2031 and takes effect from 1 April 2026, applying to the tax year 2026-27 and subsequent years within the stated period.
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    Non-resident cruise operations and electronics manufacturing services excluded from MAT when using presumptive taxation.
    Amendment excludes certain specified non-resident businesses that opt for presumptive taxation from the scope of Minimum Alternate Tax, adding cruise ship operations and services or technology for establishing electronics manufacturing facilities for resident companies to the excluded categories, with prospective application to subsequent tax years.
    NewsBill
    ​​​​​​​Exemption to non-residents for rendering services u...
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    Non-resident service providers: five-year exemption for foreign income when rendering services under notified Indian schemes.
    An individual who has been a non-resident for five consecutive tax years immediately preceding their first visit to India to render services under a Scheme notified by the Central Government may be exempt, for five consecutive tax years commencing with that first tax year, from tax on income that accrues or arises outside India and is not deemed to accrue or arise in India, subject to prescribed conditions.
    NewsBill
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    Proposed amendments extend the 100% deduction under section 147 for IFSC units from 10 consecutive years out of 15 to 20 consecutive years out of 25, and for OBUs from 10 consecutive years to 20 consecutive years; business income from IFSC after the deduction period will be taxed at 15%. The amendments apply from 1 April 2026 to the tax year 2026-27 and subsequent years.
    NewsBill
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    Treasury centre dividend exclusion limited to cross border group loans in notified jurisdictions with parent listed abroad.
    Amendment restricts the dividend exclusion for inter group advances or loans involving a Finance company or Finance unit by requiring the other group entity to be located in a notified jurisdiction outside India and the group's parent or principal entity to be listed abroad; the Central Government will notify eligible jurisdictions. It also defines "group entity" by reference to the IFSCA (Payment Services) Regulations, 2024, and defines "parent/principal entity" by voting power and board control tests; the changes apply from 1 April 2026 for tax year 2026 27 onward.
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    TCS rates on select receipts revised, including LRS and overseas tour packages, effective April 1, 2026.
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    Tax treatment: previously allowed deductions or excluded amounts will be treated as income under the new Act from 2026 27 onward.
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      Correction of referencing error

      1 February, 2026

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      Union Budget 2026-27 - Finance Bill, 2026

      Section 393(1) [Table: Sl. No. 3(i)], provides for TDS on sale of immovable property. Note 3 of the said section provides that in such cases TDS is to be done where sale consideration or stamp duty value is equal to or greater than fifty lakh rupees. Note 3 has erroneously made a reference to [Table Sr. No. 3(iii)], (which is related to compulsory acquisition) instead of [Table Sr. No. 3(i)].

      2. To correct the aforesaid referencing error, it is proposed to correct Note 3 of section 393(1) [Table: Sl. No. 3(i)] to convey correct intent of the Act.

      3. It is proposed to amend Note 3 of section 393(1) [Table: Sl. No. 3(i)] of the Act.

      4. This amendment will take effect from 1st April, 2026. [Clause 72]

       

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      Union Budget 2026-27 - Finance Bill, 2026

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