Monthly Archives: February 2026

Exclusion of specified business of Non-residents which are under presumptive taxation from the applicability of Minimum Alternate Tax Certain foreign companies are excluded from the application of Minimum Alternate Tax (MAT) under the present provisions. The income of non-residents derived from certain business who opt for presumptive rate of taxation under section 61 of the… Read More »

Exemption to a foreign company on income arising on account of providing capital equipment etc. to an electronic goods manufacturer located in a custom bonded area The existing provisions of section 11 read with Schedule IV of the Income-tax Act specifies the eligible income, which shall not be included in the total income of the… Read More »

Allowing expenditure on prospecting of critical minerals as deduction Section 51 of the Act provides for tax deductibility of expenses incurred by an Indian company or resident taxpayers (other than companies) engaged in any operations relating to prospecting or extraction or production of the minerals mentioned in Part A and Part B of the Schedule… Read More »

F. ATTRACTING GLOBAL BUSINESS AND INVESTMENT Exemption to a foreign company on any income arising in India by way of procuring data centre services from a specified data centre. The existing provisions of section 11 read with Schedule IV of the Act specifies the eligible income, which shall not be included in the total income… Read More »

E. SUPPORTING IT SECTOR AS INDIA’S GROWTH ENGINE Amendment of section 169 of the Income-tax Act, 2025 relating to providing effect to advance pricing agreements The existing provisions of section 168(1) allow filing of a modified return of income only by the person who has entered into advance pricing agreement (APA) with the Board. The… Read More »

Inclusion of Cooperatives registered under Multi-State Cooperative Societies Act, 2002 in the definition of co-operative society’ A ‘co-operative society’ is defined as a co-operative society registered under the Co operative Societies Act, 1912, or under any other law in force in any State or Union territory for the registration of co-operative societies under the existing… Read More »

Widening scope of deduction under section 149 by including ancilliary activities of cattle feed and cotton seeds The existing provisions under section 149(2)(b) of the Act provide for deduction of whole of the amount of profits and gains of business in the case of a co-operative society, being a primary society engaged in supplying milk,… Read More »

D. COOPERATIVES Deductions in respect of dividends received and distributed by certain cooperative societies The provisions of section 149(2)(d) of the Act provide for deduction on the income of a cooperative society that is received as interest or dividend from any other co-operative society. This deduction is allowed only in the old tax regime. The… Read More »

DRAFT INCOME-TAX RULES, 2026   1. NOTE – DRAFT INCOME-TAX RULES & FORMS, 2026 2. NAVIGATOR – INCOME-TAX RULES, 2026 3. DRAFT – INCOME-TAX RULES, 2026

Expanding the scope of immunity from imposition of penalty or prosecution under section 270AA- Section 270AA of the Act, provides, inter-alia, procedure of granting immunity by the Assessing Officer from imposition of penalty or prosecution, if assessee fulfils the following conditions, namely: – (a) the tax and interest payable as per Assessment order, has been… Read More »