The Government reaffirmed that HUFs are assessable units solely for income tax purposes and lack corporate status. They cannot collect public money or operate as NBFCs or chit funds.
The 2026 notification revises the definition of startups, expanding eligibility to more entities while setting turnover and time limits. It clarifies innovation criteria and introduces updated compliance norms.
The order addresses an auditor’s omission to flag registered charges despite contrary financial disclosures. It confirms that such reporting lapses invite penalties under company law.
The Finance Bill, 2026 clarifies that section 144C timelines govern final assessment orders. Sections 153 and 153B apply only up to the draft order stage, ending years of controversy.
The Finance Bill, 2026 introduces a clear definition of “commodity derivative” in the Income-tax Act, 2025. This aligns the new law with existing tax provisions and removes ambiguity.
The Finance Bill, 2026 defines authorised person by linking it to FEMA provisions. This brings clarity on who is responsible for tax compliance in payments to non-residents.
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.
