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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
    Extension of period of deduction for units in IFSC and rationalization of tax rate
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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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    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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    Clarification regarding jurisdiction to issue notice u/s 148 where income has escaped assessment and...
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    ​​​​​​​Assessments not to be invalid on ground of any mist...
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    Computer-generated Document Identification Number: assessments not invalidated for DIN quoting mistakes if referenced in any manner.
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    Clarifying time-limit for completion of assessment under section 144C.
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    Timelines for finalisation of assessments under section 144C govern completion of assessment notwithstanding the time limits in section 153 and section 153B. Acceptance of a draft order requires completion within one month from the end of the month in which acceptance is received or the 30 day objection period expires; where objections go to the DRP, the DRP must direct within nine months and assessment must be completed within one month from the end of the month in which directions are received. Amendments will clarify this in the 1961 Act (with retrospective dates) and in the Income-tax Act, 2025.
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    Transfer Pricing order timeframe clarified to include the final limitation date and apply retrospectively to past cases
    Clarifies that when computing the sixty-day timeframe for the Transfer Pricing Officer to pass an arm's length price order, the final limitation date is included in that sixty-day calculation; the amendment operates notwithstanding judicial decisions and is framed to apply retrospectively in the existing law and prospectively in the new tax code to ensure uniform interpretation and reduce litigation.
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    Amendments in Chapter XIII -G for giving effect to extension of Tonnage tax scheme to Inland Vessels
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    Tonnage tax scheme extended to inland vessels with registration, training, and tonnage computation changes effective April 2026.
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    Providing definition of “commodity derivative”
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    Commodity derivative definition to be added to Income-tax Act, 2025 aligning with the 1961 Act, effective April 1, 2026.
    Amend the Income-tax Act, 2025 to provide a statutory definition of commodity derivative matching the definition in the Income-tax Act, 1961 for use in the definition of specified derivative transaction. The amendment is contained in Clause 33 of the Finance Bill, 2026 and takes effect from 1 April 2026.
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    Providing definition of “authorised person”
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    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.
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    TDS on sale of immovable property reference corrected to Table 3(i); amendment effective 1st April 2026.
    Note 3 to section 393(1) [Table: Sl. No. 3(i)]-which applies TDS on sale of immovable property where sale consideration or stamp duty value meets the prescribed threshold-erroneously referred to Table Sr. No. 3(iii). The Finance Bill, 2026 proposes to amend Note 3 to correct the reference to Table Sl. No. 3(i) so the TDS provision operates as intended; the amendment takes effect from 1st April, 2026 (Clause 72).
    NewsBill
    Correction in provisions relating to Income from House Property and Permanent Account Number
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    Income from house property and PAN rules amended to include prior-period interest and expand PAN quoting rules.
    The amendments provide that annual value of property held as stock-in-trade is nil for up to two years after completion certificate; that the aggregate deduction ceiling for interest on borrowed capital for self-occupied property shall include prior-period interest; and that the tax board may make rules requiring PAN quoting in documents for transactions not related to business or profession, 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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    Clarifying repeal and savings clause where amount allowed as deduction earlier is to be treated as i...
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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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      1 February, 2026

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      Union Budget 2026-27 - Finance Bill, 2026

      In the case of companies, the rates of income-tax have been specified in Paragraph E of Part I-A of the First Schedule to the Bill and remain unchanged vis-à-vis those for the AY 2025-26. In case of domestic company, the rate of income-tax shall be 25% of the total income, if the total turnover or gross receipts of the previous year 2023-24 does not exceed ₹ 400 crores and in all other cases the rate of income-tax shall be 30% of the total income.

      2. In the case of companies other than domestic companies, the rate of income-tax shall be 35%, on the total income other than income chargeable at special rates.

      (1) Surcharge on income-tax

      The rates of surcharge on the amount of income-tax for the purposes of the Union are specified in Paragraph F of Part I-A of the First Schedule and are the same as that specified for the AY 2025-26. The surcharge shall not apply on income-tax computed on income of specified fund (referred to in section 10(4D)[Explanation(c)]) that is chargeable under4 section 115AD(1)(a). Further, for person whose income is chargeable to tax under section 115BAC(1A) of the Act, the surcharge at the rate of 37% on the income or aggregate of income of such person (excluding the dividend income or capital gains under the provisions of section 111A, section 112 and section 112A of the Income-tax Act, 1961) exceeding five crore rupees is not applicable. In such cases the surcharge is restricted to 25%.

      (2) Marginal Relief—

      Marginal relief has also been provided in all cases where surcharge is proposed to be imposed.

      (3) Education Cess—

      For assessment year 2026-27, “Health and Education Cess on income-tax” is to be levied at the rate of 4% on the amount of income-tax so computed, inclusive of surcharge wherever applicable, in all cases. No marginal relief shall be available in respect of such cess.

       

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      Union Budget 2026-27 - Finance Bill, 2026

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