Lok Sabha passes Finance Bill 2026 with 32 amendments after FM Nirmala Sitharaman's reply. Key bills introduced in Rajya Sabha; Budget Session may end early due to upcoming state elections.
Union Budget 2026-27 pegs total expenditure at Rs 53.47 lakh crore with capital expenditure of Rs 12.2 lakh crore and fiscal deficit target at 4.3% of GDP. FM Nirmala Sitharaman emphasizes growth with fiscal discipline.
Proposed tax amendment allows investors to file no-TDS declarations through depositories for dividends, interest and mutual fund income, reducing multiple compliance filings.
Minister of State Harsh Malhotra hailed Union Budget 2026-27 as a roadmap for Viksit Bharat 2047, highlighting infrastructure expansion, high-speed rail, expressways, skilling, AI and inclusive growth.
Finance Bill 2026 amends section 332(1)(f) to exempt certain funds from mandatory NPO registration, effective from April 1, 2026.
Finance Bill 2026 removes commercial activity by NPOs from the list of specified violations under section 351, reducing the risk of registration cancellation.
New Section 354A under Finance Bill 2026 clarifies tax treatment on accreted income for mergers of registered non-profit organisations with similar objects.
Budget 2026 proposes no TDS on interest paid to co-operative banking societies, aligning Section 393(4) with the Income-tax Act, effective April 2026.
Schedule XI of the Income-tax Act is being rationalised to remove outdated PF provisions and align with EPF laws. Know the major changes applicable from AY 2026-27.
From FY 2026-27, consideration received on buyback of shares will be taxed as capital gains, replacing dividend taxation and introducing higher tax liability for promoters.
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