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Union Budget 2026-27 - Finance Bill, 2026
DIRECT TAXES
A. Rates of tax for financial year 2026-2027
A. RATES OF INCOME-TAX
In respect of income of all categories of assessees liable to tax for the assessment year 2026-27, the rates of income-tax have either been specified in specific sections of the Income-tax Act, 1961 (like section 115BAA or 115BAB for domestic companies, section 115BAC for individual/Hindu undivided family (HUF)/Associations of Persons (AOP) (other than a co-operative society)/Body of Individuals (BOI)/Artificial Juridical Person (AJP) and section 115BAD or 115BAE for cooperative societies) or have been specified in Part I-A of the First Schedule to the Bill. There is no change proposed in tax rates either in these specific sections or in the First Schedule. The rates provided in sections 115BAA or 115BAB or 115BAC or 115BAD or 115BAE of the Act for the assessment year 2026-27 would be same as already enacted. Similarly, rates laid down in Part III of the First Schedule to the Finance Act, 2025, for the purposes of computation of “advance tax”, deduction of tax at source from “Salaries” and charging of tax payable in certain cases for the financial year 2025-26 would now become Part I of the First Schedule.
Full Text:
Income-tax rates for assessment year 2026-27 remain unchanged; schedule placement for advance tax and salary TDS is preserved. Tax rates for assessment year 2026-27 remain unchanged and continue to be prescribed either in specific sections of the Income-tax Act (including concessional regimes for domestic companies, cooperative societies and the alternate individual regime) or in the First Schedule. Rates formerly listed in Part III of the First Schedule to the Finance Act, 2025 - used for advance tax computation, TDS from salaries and charging tax payable in certain cases - are reclassified as Part I of the First Schedule for AY 2026-27. of Press 'Enter' after typing page number.
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