MAT will become a final tax in the old regime at 14%, replacing the earlier credit-based mechanism. The change simplifies compliance while nudging companies toward the new tax regime.
The Finance Bill, 2026 proposes a comprehensive rationalisation of Tax Collected at Source (TCS) rates under section 394(1) of the Income-tax Act, 2025, with the objective of simplifying compliance and providing relief to taxpayers where feasible. Multiple differential TCS rates are proposed to be aligned to a uniform rate of 2% across several categories.
The Finance Bill, 2026 clarifies who can issue notices under sections 148 and 148A. It confirms that only jurisdictional Assessing Officers, not faceless units, can conduct pre-notice inquiries.
The Finance Bill, 2026 proposes a clear income-tax exemption for compensation received on compulsory land acquisition. This aligns the tax law with the RFCTLARR Act and eliminates long-standing uncertainty.
The Finance Bill, 2026 proposes revised return-filing timelines to give taxpayers more preparation time. Non-audit business taxpayers gain an extended August deadline.
The Finance Bill, 2026 proposes extending the revised return filing window to twelve months. This gives taxpayers more time to correct mistakes, even after filing belated returns.
The scheme allows eligible taxpayers to declare undisclosed foreign income or assets with payment of prescribed dues and limited immunity under the Black Money law.
The Finance Bill, 2026 proposes immunity from prosecution for undisclosed foreign assets below ₹20 lakh, excluding immovable property. The key takeaway is reduced criminal exposure for minor and inadvertent lapses.
The amendment replaces the fund-specific due date with the return-filing deadline for claiming deductions. Employers gain greater compliance flexibility going forward.
The Finance Bill, 2026 continues the same tax slabs and rates as the previous year. Individuals, companies and other entities see no increase in income-tax burden.
