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Union Budget 2026-27 - Finance Bill, 2026
Section 402(27) of the Act provides for definition of “person responsible for paying”. In case of payment to non-resident, for transfer of foreign exchange asset, “authorised person” is the person responsible for paying. The term “authorised person” has been defined in the Income-tax Act, 1961, however, it is not defined in the Income-tax Act, 2025.
2. To align with the provisions of Income-tax Act, 1961, it is proposed to provide definition of “authorized person” as has been provided in the said Act.
3. It is proposed to amend section 402(27) of the Income-tax Act, 2025.
4. This amendment will take effect from 1st April, 2026.
[Clause 78]
Full Text:
Definition of authorised person clarified as the payor for non resident payments for foreign exchange asset transfers. Adds a statutory definition of authorised person to identify the person responsible for paying when consideration is paid to a non resident for transfer of a foreign exchange asset, aligning the 2025 Act with earlier income tax law and amending the provision governing the person responsible for paying to clarify payor identification and related withholding and reporting obligations. of Press 'Enter' after typing page number.
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