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Budget 2026 Expanded Immunity to Misreporting Cases Under Income Tax Law

February 2, 2026 2913 Views 0 comment Print

Taxpayers can now seek immunity even where under-reporting results from misreporting. Payment of full tax, interest, and additional tax replaces penalty and blocks prosecution. The move encourages faster dispute closure.

Dividend Deductions Extended to New Tax Regime for Cooperative Societies

February 2, 2026 1125 Views 0 comment Print

Federal cooperatives receive a temporary deduction for dividends earned from company investments made before 31 January 2026. This relief applies under both tax regimes but ends after tax year 2028–29.

Budget 2026 Expanded Tax Deduction to Cattle Feed & Cotton Seed Activities

February 2, 2026 897 Views 0 comment Print

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.

Finance Bill 2026 Brought Multi-State Cooperatives Within Income-Tax Definition

February 2, 2026 771 Views 0 comment Print

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.

Disability Pension to armed force personnel Exempt Only for Service-Related Invalidations

February 2, 2026 5781 Views 0 comment Print

The amendment grants tax exemption on disability pension only where personnel are invalided out due to service-attributable disability. Superannuation or other retirements are expressly excluded.

Finance Bill 2026 Allowed Updated Return to Reduce Earlier Declared Losses

February 2, 2026 1089 Views 0 comment Print

The amendment permits taxpayers to file an updated return to reduce overstated losses. This promotes accuracy while preserving restrictions against loss creation or refund enhancement.

Budget 2026 Allowed Updated Return After Reassessment Notice

February 2, 2026 1935 Views 0 comment Print

Taxpayers will be permitted to file an updated return even after a reassessment notice is issued. The move encourages voluntary disclosure while restricting parallel filing options.

Finance Bill 2026 Rationalises Jail Terms for TDS & Tax Evasion Offences

February 2, 2026 1290 Views 0 comment Print

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.

Finance Bill Revises Block Assessment Limitation Framework

February 2, 2026 630 Views 0 comment Print

The reference point for limitation will shift from last authorisation to search initiation. This ensures uniform deadlines in group search cases.

Interest on Motor Accident Compensation Made Fully Tax-Free: Budget 2026

February 2, 2026 1104 Views 0 comment Print

The amendment exempts interest awarded by Motor Accidents Claims Tribunals from tax for individuals and legal heirs. It treats such receipts as relief rather than taxable income.

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