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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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    Exclusion of specified business of Non-residents which are under presumptive taxation from the appli...
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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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    IFSC units and OBUs will get a longer 100% deduction period and post-expiry income taxed at 15%.
    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.
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    Rationalisation of certain terms for treasury centres in IFSC
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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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    Rationalization of Minimum Alternate Tax provisions
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    MAT in the old corporate tax regime will be treated as final tax and no new MAT credit will be allowed; the MAT rate is reduced to 14%. Existing MAT credit set off is limited: domestic companies may set off MAT credit only in the new regime up to 25% of annual tax liability, while foreign companies may set off to the extent normal tax exceeds MAT in the relevant year. These amendments apply from 1 April 2026 for tax year 2026 27 and subsequent years.
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    Rationalisation of TCS rates
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    TCS rates on select receipts revised, including LRS and overseas tour packages, effective April 1, 2026.
    Proposed rationalisation of TCS rates sets uniform rates and adjusts specific receipts: alcoholic liquor, scrap, and certain minerals rise from 1% to 2%; tendu leaves fall from 5% to 2%. Under the Liberalised Remittance Scheme, TCS for education or medical remittances over the prior threshold is reduced from 5% to 2% (20% unchanged for other purposes). TCS on sale of an overseas tour programme package is set at a flat 2% with the threshold removed. The amendment is effective 1 April 2026.
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    Guidelines for TDS/TCS will be binding on persons required to deduct or collect tax from April 1, 2026.
    The amendment expressly makes guidelines issued to remove difficulties in giving effect to the TDS/TCS chapter binding on income-tax authorities and on the person liable to deduct or collect income-tax, correcting an omission and aligning the provision with the intent of existing law; the amendment takes effect from 1 April 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.
    Amendment to section 536(2)(h) provides that sums allowed as deductions or not included under the repealed Income-tax Act, 1961 will be deemed income under the Income-tax Act, 2025 if they would have been includible under the 1961 Act, even without any violation of prior conditions, effective 1 April 2026 for tax year 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 99(1)(a)(i) of the Act provides that income of individual to include income of spouse by way of salary, commission etc., from a concern in which the individual has a substantial interest.

      2. Section 99(1)(a)(ii) provides that income of individual to include income arising to the spouse from assets transferred.

      3. Section 99(2) deals with proportion of income to be included in the hands of individual where asset is transferred. However, in sec. 99(2) inadvertently reference of 99(1)(a)(i) has been given instead of 99(1)(a)(ii).

      4. To correct the aforesaid referencing error, it is proposed to correct section 99(2) to give correct reference of 99(1)(a)(ii).56

      5. It is proposed to amend section 402(27) of the Income-tax Act, 2025.

      6. This amendment will take effect from 1st April, 2026.

      [Clause 37]

       

      Full Text:

      Union Budget 2026-27 - Finance Bill, 2026

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