Quick Summary
The Government has introduced the Finance Bill, 2026 in the Lok Sabha to give effect to the financial proposals of the Union Budget 2026-27 , presented by Finance Minister Nirmala Sitharaman. The Bill proposes wide-ranging amendments across direct taxes, indirect taxes, GST, customs, securities tran
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FAQ :
The provisions of the Finance Bill, 2026 will largely come into force from 1 April 2026, though specific clauses may have different effective dates.
The Foreign Assets of Small Taxpayers Disclosure Scheme allows eligible taxpayers to declare undisclosed foreign income or assets (excluding immovable property) with immunity from penalties and prosecution, provided certain conditions are met.
Yes, the Bill proposes business-friendly GST reforms including simplified post-sale discounts, extended provisional refunds, removal of refund thresholds for exports paid with tax, and a temporary appellate mechanism.
The Finance Bill proposes an increase in STT rates, with options premium STT rising to 0.15% and futures STT increasing to 0.05%, effective from FY 2026-27.
Key direct tax proposals include operationalising the transition to the Income-tax Act, 2025, simplifying assessment validity, reducing criminal exposure for certain offences, clarifying transfer pricing timelines, rationalising dividend taxation, and expanding deductions for co-operative societies.
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