Union Budget & Policy News
Capital Gains Exemption on Sovereign Gold Bonds Tightened from AY 2026-27
06 February 2026 at 07:11The government has amended the capital gains exemption on Sovereign Gold Bonds to apply only when bonds are subscribed at original issue and held till maturity. Effective from AY 2026-27.
Interest Deduction on Dividend Income to Be Disallowed Under IT Act 2025 from April 2026
06 February 2026 at 07:10Interest expenditure will no longer be allowed as a deduction against dividend and mutual fund income under Section 93 from April 2026.
Belated Return Filing Now Allowed for Registered NPOs from AY 2026-27
06 February 2026 at 07:10Amendment to Section 349 of the Income-tax Act, 2025 allows registered NPOs to file belated returns from AY 2026-27, restoring relief available under the old law.
Section 536 Amendment: Past Deductions to Be Treated as Income from AY 2026-27
05 February 2026 at 07:23Section 536 of the Income-tax Act, 2025 is proposed to be amended to tax deductions or excluded income allowed under the repealed Income-tax Act, 1961, even without violation of conditions, from AY 2026-27.
TDS/TCS Guidelines to Become Binding on Tax Authorities and Deductors from April 2026
05 February 2026 at 07:23TDS and TCS guidelines issued under section 400(2) to be made binding on tax authorities and deductors from 1 April 2026.
Penalty of Rs 200 per day for Non-Reporting of Crypto Transactions From April 2026
05 February 2026 at 07:23Penalty proposed for non-furnishing or inaccurate reporting of crypto-asset transaction statements. Rs 200 per day and Rs 50,000 penalty from April 2026.
Clarification on 60-Day Limit for TPO Orders to Reduce Litigation
05 February 2026 at 07:23Clarification proposed on computation of 60 days for passing TPO orders under section 92CA. Amendment to apply retrospectively from June 2007.
TCS Rate Changes from AY 2026-27
05 February 2026 at 07:22New TCS rates proposed under Section 394 include a flat 2% TCS on overseas tour packages without threshold and reduced rates for education and medical remittances under LRS from April 2026.
Big Change in MAT Rules: No New MAT Credit, Rate Reduced to 14% From AY 2026-27
04 February 2026 at 08:26Minimum Alternate Tax provisions are rationalised from AY 2026-27 with MAT rate cut to 14%, MAT becoming final tax in old regime and limited credit in new regime.
Penalty for Under-Reporting of Income to Be Imposed in Assessment Order From AY 2027-28
04 February 2026 at 08:25Proposed amendments to Sections 270A, 274 and 220 seek to merge assessment and penalty proceedings and defer interest till appeal disposal.
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