The Finance Bill, 2026 extends section 149 deductions to profits from cattle feed and cotton seed supply by primary cooperatives. This brings allied agricultural activities at par with existing eligible supplies.
Cooperatives registered under the Multi-State Cooperative Societies Act, 2002 are formally included in the Income-tax Act definition. The change aligns taxation with the existing cooperative regulatory framework.
The Finance Bill proposes sweeping changes to reduce criminal liability in tax offences. Punishments are restructured to be proportionate to the amount of tax involved.
The reference point for limitation will shift from last authorisation to search initiation. This ensures uniform deadlines in group search cases.
Interest on compensation awarded to individuals will no longer attract TDS. The change ensures accident victims receive full interest amounts without deduction.
Taxpayers will be able to apply online for lower or nil TDS certificates. The move simplifies compliance and reduces dependency on physical interface.
The notification substitutes tariff value tables but keeps all existing values unchanged. Importers continue to apply the same benchmark values for duty calculation from 3 February 2026.
This session breaks down the major income tax amendments announced in the Union Budget 2026 in a clear and practical manner. It highlights what has changed and the immediate impact on taxpayers and businesses.
The Finance Bill, 2026 converts key penalties for audit and reporting delays into mandatory fees. The shift aims to reduce disputes by replacing discretionary penalties with predictable, capped charges.
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.
