The Finance Bill corrects an inadvertent drafting error in spouse income provisions. This clarification improves accuracy in applying clubbing rules.
The Finance Bill, 2026 fixes an incorrect reference in section 393 on TDS for property sales. The correction ensures the ₹50 lakh threshold applies to the correct provision.
The new rules enhance duty-free allowances and introduce digital declarations. The overhaul aims to speed up clearance and improve passenger experience.
The government outlined how GST 2.0 lowers tax burdens and simplifies compliance. The key takeaway is higher consumption, formalisation, and GDP growth.
The Government clarified that GST delays attract fees, not penalties. Late fee collections remained under ₹2,000 crore annually in recent years.
The Government said STT rate changes are reviewed annually during the Budget. No decision on increasing STT has been taken yet.
The Government outlined a phased reduction in corporate tax rates with parallel withdrawal of exemptions. The key takeaway is a shift towards lower rates with fewer incentives.
The Government confirmed that no sector-wise assessment of GST rate reductions has been conducted. Expected benefits are inferred from broader economic indicators rather than formal studies.
The Government detailed existing concessional and zero GST rates on assistive aids. Any further relief depends on GST Council approval.
Foreign companies procuring data centre services in India can claim income-tax exemption up to 2047. The relief is conditional on using Indian-owned, government-notified data centres and Indian resellers.
