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The Evolution of Tax Return Preparer Schemes : Clause 264 of the Income Tax Bill, 2025 Vs. Section 1...
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Clause 264 empowers the Central Board of Direct Taxes to notify a Tax Return Preparer scheme allowing specified non corporate, non audited persons to have returns prepared and furnished through authorised TRPs. The clause retains exclusions for audit required entities and certain disqualified persons, mandates scheme notification as per the statutory procedure, and delegates operational details-qualifications, authorisation period, code of conduct, duties, withdrawal and disciplinary mechanisms-to subordinate legislation, increasing administrative flexibility while placing emphasis on oversight, transparency, and transitional arrangements.
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Inspection Powers of Tax Authorities over Company Registers : Clause 255 of Income Tax Bill, 2025 an...
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Inspection of company registers enables tax units to verify ownership and financial interests under faceless assessment reforms.
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The Transformation of Information-Gathering Powers : Clause 259 of the Income Tax Bill, 2025 Vs. Sec...
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Power to call for information: targeted verification notices enable centralized processing while raising data privacy and procedural safeguard concerns.
Clause 259 empowers a prescribed income tax authority to issue notices to any person to furnish information useful for or relevant to verifying information already in the authority's possession, requiring specification of form, manner and time. Sub clause (2) permits processing and utilisation of received information under a scheme to be notified under section 260, indicating standardized, centralized data handling while leaving procedural safeguards, definition of "proceeding," and privacy protections to the forthcoming scheme.
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Statutory Powers to Collect Information in Tax Administration : Clause 254 of the Income Tax Bill, 2...
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Power to collect information: authorised tax officers may require prescribed business records during business hours with non-removal safeguards.
Clause 254 empowers designated income-tax officers to enter premises where a business or profession is carried on during business hours and require proprietors, employees or other persons to furnish prescribed information, while expressly prohibiting removal of books, documents, cash, stock or valuable articles. The power is linked to subordinate rules that prescribe the form and content of information, limits activity to collection (not search or seizure), and includes specified ranks and authorised inspectors subject to delegation and procedural safeguards.
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Transformation of Income-tax Survey Provisions in India : Clause 253 of the Income Tax Bill, 2025 Vs...
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Survey powers modernisation expands access to digital records while preserving timing limits and prior approval safeguards.
Clause 253 expands survey powers to include computer systems, electronic media and virtual digital space, permits entry to any place where business is carried on or where records are kept, and obliges persons present to provide access and technical assistance. It limits entry hours, restricts removal of assets, authorises marking, extracts, oath-recorded statements, time limited impounding with recorded reasons and inventories, mandates prior senior approval for surveys and allows enforcement measures for non-cooperation.
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Powers to Call for Information under the Income Tax Law : Clause 252 of the Income Tax Bill, 2025 Vs...
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Power to call for information enables tax authorities to require verified data from wide categories to support tax enquiries.
Clause 252 confers an expansive authority on specified income-tax officers to require verified information, accounts, and returns from a wide range of persons and intermediaries - including banks, firms, HUFs, trustees, assessees in relation to specified payments, and dealers/brokers/exchanges - to support enquiries, assessments, investigations and international information-exchange, while prescribing approval safeguards where no proceedings are pending and authorising prescribed forms and verification.
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Balancing Revenue Recovery and Taxpayer Rights : Clause 250 of the Income Tax Bill, 2025 Vs. Section...
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Application of seized assets: statute permits AO to appropriate assets for tax recovery while preserving release safeguards.
Clause 250 authorises the Assessing Officer to apply assets seized or requisitioned towards tax, penalty and interest liabilities (excluding advance tax), covering liabilities under the new Act, the Income tax Act and the Black Money Act. It preserves application of money first, permits appropriation and sale of non monetary assets as prescribed, and allows other recovery modes. Assets may be released on application within thirty days subject to AO satisfaction and senior officer approval and must be released within 120 days; excess assets must be returned and interest is payable on prolonged retention under a specified formula.
Act Rules Bills
Balancing Tax Enforcement and Procedural Fairness in the Search and Seizure : Clause 249 of the Inco...
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Non-disclosure of reason to believe or suspect limits appellate access while preserving investigative secrecy in tax searches.
Clause 249 bars disclosure of the reason to believe or reason to suspect recorded by income-tax authorities under sections 247 and 248 to any person, authority, or the Appellate Tribunal, thereby insulating the subjective satisfaction that authorises search, seizure, or requisition from appellate scrutiny while leaving constitutional courts able to review reasons in appropriate proceedings.
Act Rules Bills
Evolution and Implications of Requisition Powers in Indian Income Tax Law : Clause 248 of the Income...
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Requisition powers enable tax authorities to obtain material held by other agencies for tax proceedings.
Clause 248 authorises a senior approving authority, on forming a reason to believe that summoned books, documents, electronic records or assets are in another authority's custody or will not be produced, to empower specified officers to requisition such material; on delivery the material is treated as if seized, invoking seizure related procedural safeguards while allowing the original authority to retain material until it is no longer necessary for its own proceedings.
Act Rules Bills
Procedural Safeguards and Retention of Seized Materials during search and seizure operations : Claus...
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Retention limits on seized materials ensure time-bound return and supervised copying rights under the proposed income tax clause.
Clause 251 governs copying, extraction, retention and release of seized books, documents and electronic records, requiring transfer to the jurisdictional Assessing Officer where necessary, preserving a supervised right to make copies or extracts on application, and imposing a default retention period with extensions only on recorded reasons and higher approval; an absolute cap prohibits retention beyond thirty days after completion of all proceedings, and affected persons may object to continued retention before the Board which must hear them.
Act Rules Bills
Non-Disclosure of Reasons in Income Tax Search and Seizure : Clause 249 of the Income Tax Bill, 2025...
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Non-disclosure of reasons protects search and seizure confidentiality while limiting appellate access and focusing review on procedural defects.
Clause 249 creates an absolute statutory bar on disclosure of the "reason to believe" or "reason to suspect" recorded for authorising searches and seizures, preventing disclosure to any person, authority, or the Appellate Tribunal. It preserves the requirement to record reasons and follow procedures but confines challenges to procedural defects, manifest arbitrariness, or jurisdictional absence; constitutional courts may still examine reasons in camera in exceptional cases of mala fides or lack of jurisdiction.
Act Rules Bills
Evolution of Tax Enforcement : Clause 247 of Income Tax Bill, 2025 Vs. Section 132, Income-tax Act, ...
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Search and seizure powers modernized to encompass electronic records, provisional attachment, and expanded evidentiary presumptions.
Clause 247 modernises search and seizure for income tax enforcement by explicitly covering electronic records and undisclosed foreign assets, authorising entry, search, extraction, seizure or prohibitory orders, requisitioning technical assistance, and provisional attachment subject to prior approval and recorded reasons, while retaining the reason to believe standard and rebuttable statutory presumptions regarding ownership and authenticity of seized material.
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Quasi-Judicial Powers of Income-tax Authorities : Clause 246 of the Income Tax Bill, 2025 Vs. Sectio...
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Quasi judicial powers enable tax authorities to compel discovery, attendance, and document production with procedural safeguards.
Clause 246 vests specified income tax authorities with civil court-equivalent powers for discovery, inspection, compulsory attendance, production of books and documents, examination on oath, and issuance of commissions; permits exercise of those powers in the absence of pending proceedings where there is a reason to suspect or by Board notification; authorises impounding of produced documents subject to recorded reasons, a limited retention period excluding holidays, and sanctioned extensions.

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Deductions in respect of dividends received and distributed by certain cooperative societies

1 February, 2026

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Union Budget 2026-27 - Finance Bill, 2026

D. COOPERATIVES

The provisions of section 149(2)(d) of the Act provide for deduction on the income of a cooperative society that is received as interest or dividend from any other co-operative society. This deduction is allowed only in the old tax regime. The dividends received by a cooperative society from a company are taxed in the hands of the cooperative society.

It is proposed to allow deduction on dividends received by cooperative societies from other cooperative societies, to the extent such dividends are distributed to its members, in the new tax regime.

It is also proposed to allow deduction for dividends received by notified federal cooperatives from companies for 3 years, i.e. till tax year 2028-29 under both the old and new tax regimes. This deduction is proposed to be allowed only to the dividends arising out of investments made by the federal cooperative till 31.01.2026 and which are further distributed by it to its members.

This amendment is proposed to take effect from 1 st April, 2026 and will, accordingly, apply in relation to the tax year 2026-27 and subsequent tax years.

[Clauses 39, 40, 48 and 49]

 

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Union Budget 2026-27 - Finance Bill, 2026

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Acts Income Tax
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