Income Tax Act Archives - Tax Heal

SECTION 10(46A) OF THE INCOME-TAX ACT, 1961

Ashwani Kumar — Mon, 17 Aug 2026 05:56:05 +0000

SECTION 10(46A) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/TRUST/COMMISSION – NOTIFIED BODY OR AUTHORITY

NOTIFICATION S.O. 3203(E) [NO. 114 /2025/F. NO. 196/23/2014-ITA-I(PT.1)], DATED 14-7-2025

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Baddi Barotiwala Nalagarh Development Authority’ (PAN AAALB0528J), an Authority constituted by the State Government of Himachal Pradesh, in respect of the following specified income arising to that Authority, namely:

(a)		Grants received from Central Government and State Government of Himachal Pradesh;
(b)		Revenue Receipts under HP Town and Planning Act, 1977; and
(c)		Interest on bank deposits.

2. This notification shall be effective subject to the conditions that Baddi Barotiwala Nalagarh Development Authority-

(a)		shall not engage in any commercial activity;
(b)		activities and the nature of the specified income shall remain unchanged throughout the financial years; and
(c)		shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

3. This notification shall be deemed to have been applied for assessment years 2014-2015, 2015-2016, 2016-2017, 2017-2018 and 2018-2019 relevant for the financial years 2013-2014, 2014-2015, 2015-2016, 2016-2017 and 2017-2018, respectively.

Meenakshi Singh

Deputy Secratary

SECTION 10(46A) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/TRUST/COMMISSION – NOTIFIED BODY OR AUTHORITY

NOTIFICATION S.O. 3204(E) [NO. 115/2025/F. NO. 300196/64/2018-ITA-I(PART-1)], DATED 14-7-2025

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘District Legal Service Authority’ as specified in the Schedule to this notification, constituted by Government of Haryana for every District in the State of Haryana in exercise of powers conferred by sub-section (1) of section 9 of the Legal Services Authorities Act, 1987 (Central Act No. 39 of 1987), as a ‘class of body’ in respect of the following specified income arising to that body, namely:—

(a)		Grants received from the Punjab and Haryana High Court, Central Authority i.e. National Legal Services Authority and State Authority i.e. Haryana State Legal Services Authority for the purposes of the Legal Services Authorities Act, 1987;
(b)		Grants or donation received from the Central Government or the State Government of Haryana for the purpose of the Legal Services Authorities Act, 1987;
(c)		Amount received under the order of the Court;
(d)		Fee received as recruitment application fee; and
(e)		Interest earned on bank deposits.

2. This notification shall be effective subject to the conditions that each of the District Legal Service Authority-

(a)		shall not engage in any commercial activity;
(b)		activities and the nature of the specified income shall remain unchanged throughout the financial years; and
(c)		shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

3. This notification shall be deemed to have been applied for assessment years 2024-2025 and shall apply with respect to the assessment years 2025-2026, 2026-2027, 2027-2028 and 2028-2029.

SCHEDULE

S. No. (1)	Name of the Authority (2)	PAN (3)
1	District Legal Service Authority, Gurgaon	AAAGD0052Q
2	District Legal Service Authority, Mewat	AAAGD0111N

Meenakshi Singh

Deputy Secratary

THE TAXATION AND OTHER LAWS (AMENDMENT) BILL, 2026

Ashwani Kumar — Mon, 10 Aug 2026 05:13:23 +0000

THE TAXATION AND OTHER LAWS (AMENDMENT) BILL, 2026

AS PASSED BY LOK SABHA ON 6.8.2026

Bill No. 150-C of 2026

THE TAXATION AND OTHER LAWS (AMENDMENT) BILL, 2026

A
BILL

further to amend the Payment and Settlement Systems Act, 2007 and the Income–tax
Act, 2025, and to amend the Finance Act, 2026.

BE it enacted by Parliament in the Seventy–seventh Year of the Republic of
India as follows:—

CHAPTER I
PRELIMINARY

1. (1) This Act may be called the Taxation and Other Laws (Amendment)
Act, 2026.
(2) Save as otherwise provided in this Act, it shall be deemed to have come
into force on the 1st day of April, 2026.
CHAPTER II
AMENDMENT TO THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007

2. In the Payment and Settlement Systems Act, 2007, in section 10A, for the
words, figures and letters “the electronic modes of payment prescribed under
section 269SU of the Income–tax Act, 1961”, the words “one or more electronic
modes of payment as the Central Government may, by notification, specify” shall be
substituted with effect from the date of publication of this Act in the Official Gazette.

CHAPTER III
AMENDMENTS TO THE INCOME–TAX ACT, 2025
3. In the Income–tax Act, 2025 (hereafter in this Chapter referred to as the principal
Act), for Schedule I, the following Schedule shall be substituted, namely:—

‘SCHEDULE I
[See section 9(12)]

CONDITIONS FOR CERTAIN ACTIVITIES NOT TO CONSTITUTE BUSINESS
CONNECTION IN INDIA

1. (1) The eligible investment fund referred to in section 9(12) shall be
a fund established or incorporated or registered outside India, which collects
funds from its members for investing it for their benefit, and fulfils the
following conditions:—
(a) the fund is not a person resident in India;
(b) the fund is—
(i) a resident of a country or a specified territory with which
an agreement referred to in section 159(1) or (2) has been entered
into; or
(ii) established or incorporated or registered in a country or
a specified territory as the Central Government may, by
notification, specify;
(c) the aggregate participation or investment in the fund, directly
by persons resident in India, does not exceed 5% of the corpus of the
fund as on the 1st April and the 1st October of the tax year, and—
(i) for the purposes of calculation of such aggregate
participation or investment in the fund, any contribution up to
twenty–five crore rupees made by the eligible fund manager during
the first three years of operation of the fund shall not be taken into
account; or
(ii) where the said aggregate participation or investment in
the fund exceeds 5% on the 1st April or the 1st October of the tax
year, the condition mentioned in this clause shall be deemed to be
satisfied, if it is satisfied within four months of the 1st April or the
1st October, as the case may be, of such tax year;
(d) the fund shall not carry on or control and manage, directly or
indirectly, any business in India; and
(e) no person acting on behalf of the fund engages in any activity
which constitutes a business connection in India other than the activities
undertaken by the eligible fund manager on its behalf.

(2) The eligible fund manager referred to in section 9(12), in respect of
an eligible investment fund, shall be any person who is engaged in the activity
of fund management and fulfils the followin(a) the person is not an employee of the eligible investment fund
or a connected person of such fund;
(b) the person is registered as a fund manager or an investment
advisor in accordance with the specified regulations;
(c) the person is acting in the ordinary course of his business as a
fund manager; and
(d) the person along with his connected persons shall not be
entitled, directly or indirectly, to more than 20% of the profits accruing
or arising to the eligible investment fund from the transactions carried
out by the fund through the fund manager.

(3) Every eligible investment fund shall, in respect of its activities in a
tax year, furnish within ninety days from the end of the tax year,––
(a) a statement in the prescribed form to the prescribed income-tax
authority containing information relating to the fulfilment of the
conditions specified in this Schedule; and
(b) provide such other relevant information or documents, as may
be prescribed.
(4) The provisions of this Schedule shall apply as per such guidelines
and in such manner, as the Board may prescribe in this behalf.

2. In this Schedule, the expressions—

(a) “connected person” shall have the meaning assigned to it in
section 184(5);
(b) “corpus” means the total amount of funds raised for the purpose
of investment by the eligible investment fund as on a particular date;
(c) “specified regulations” means––
(i) the Securities and Exchange Board of India (Investment
Advisers) Regulations, 2013; or
(ii) the Securities and Exchange Board of India (Portfolio
Managers) Regulations, 2020; or
(iii) such other regulations made under the Securities and
Exchange Board of India Act, 1992 (15 of 1992), as may be
notified in this behalf.’.

4. In Schedule IV to the principal Act, in the Table,—
(a) in serial number 13A, in column D,—
(i) for clause (d), the following clause shall be substituted, namely:—
“(d) the contract manufacturer produces specified electronic
goods on behalf of the foreign company for a consideration; and”;
(ii) in clause (e), for the figures “2030-2031”, the figures
“2040-2041” shall be substituted;
(b) in serial number 13C, in column D, clause (a) shall be omitted;
(c) after serial number 13C and entries relating thereto, the following
shall be inserted, namely:—

(d) after serial number 13E as so inserted and the entries relating thereto,
the following shall be inserted, with effect from the 1st day of October, 2026,
namely:—

e) after Note 2 below the Table, the following Note shall be inserted,
namely:—

‘Note 2A: For the purposes of Sl. No. 13A, the expression “specified
electronic goods” means—
(a) mobile phones; or
(b) laptops, all–in–one personal computers and tablets; or
(c) servers and ultra small form factor (USFF); or
(d) sub–assemblies to the finished goods mentioned in clauses (a)
to (c); or
(e) hearables and wearables and accessories related to the finished
goods mentioned in clauses (a) to (c).’;
(f) in Note 3 below the Table, for clause (c), the following clause shall be
substituted, namely:—
‘(c) “specified data centre” means a data centre which—
(i) is operated by an Indian company, whether by way of owning
or leasing; and
(ii) satisfies such other conditions as may be prescribed.’;
(g) after Note 3 below the Table, the following Note shall be inserted,
namely:—
‘Note 4: For the purposes of Sl. Nos. 13D and 13E,––
(a) “Bank for International Settlements” means the Bank for
International Settlements established at the Hague Conference in 1930
and headquartered at Basel, Switzerland;
(b) “Foreign Institutional Investor” shall have the meaning
assigned to it in section 210(6)(a);
(c) “Government security” shall have the same meaning as
assigned to it in section 2(f) of the Government Securities Act, 2006
(38 of 2006).’;
(h) after Note 4 as so inserted, the following Notes shall be inserted with effect
from the 1st day of October, 2026, namely:—

Note 5: For the purposes of Sl. No. 13F, the expression “rough
diamond” means any diamond that is unworked or simply sawn, cleaved or
bruted and falling under the Tariff Heading 7102 10, 7102 21, or 7102 31 of
the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and
accompanied by the Kimberley Process Certificate

Note 6: For the purposes of Sl. No. 13G,—
(a) “contract manufacturer” means an Indian company which
produces specified electronic goods on behalf of any foreign company
in a custom bonded area;
(b) “custom bonded area” means a warehouse as referred to in
section 65 of the Customs Act, 1962 (52 of 1962); and
(c) “specified electronic goods” shall have the meaning assigned
to it in Note 2A.’.
5. In Schedule V to the principal Act, in the Table, in serial number 5, in
column D, clause (b) shall be omitted.

CHAPTER IV
AMENDMENT TO THE FINANCE ACT, 2026

6. In section 3 of the Finance Act, 2026,—
(a) in sub–section (4), in clause (b), in the Table, for serial number 9 and
the entries relating thereto, the following shall be substituted:—

CHAPTER V
MISCELLANEOUS
7. (1) The Income–tax (Amendment) Ordinance, 2026 is hereby repealed.
(2) Notwithstanding such repeal, anything done or any action taken under the
provisions of the said Ordinance, shall be deemed to have been done or taken under
the corresponding provisions of this Act.

LOK SABHA

A
BILL
further to amend the Payment and Settlement Systems Act, 2007 and the
Income–tax Act, 2025, and to amend the Finance Act, 2026.

(As passed by Lok Sabha

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INCOME-TAX (THIRD AMENDMENT) RULES, 2026 – AMENDMENT IN RULE 332 AND INSERTION OF FORM ITR-BN

Ashwani Kumar — Mon, 03 Aug 2026 04:28:14 +0000

INCOME-TAX (THIRD AMENDMENT) RULES, 2026 – AMENDMENT IN RULE 332 AND INSERTION OF FORM ITR-BN

NOTIFICATION G.S.R. 656(E) [NO. 97/2026/F. NO. 370142/11/2026-TPL], DATED 24-7-2026

In exercise of the powers conferred by section 294, read with section 533 of the Income-tax Act, 2025 (30 of 2025), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 2026, namely:—

1. (1) These rules may be called the Income-tax (Third Amendment) Rules, 2026.

(2) They shall be deemed to have come into force on the 1st day of April, 2026.

Application.

2. These rules shall apply on any search initiated under section 247 or requisition made under section 248 of the Income-tax Act, 2025 on or after the 1st day of April, 2026.

3. In the Income-tax Rules, 2026,—

(a)		in rule 332, in sub-rule (1), for the word and figure “Appendix III”, the words and figures “Appendix III and Appendix IV” shall be substituted;
(b)		after Appendix III, the following shall be inserted, namely:-

“APPENDIX IV

[see rule 332(1)]

ITR-BN

PRADEEP SHARMA, Deputy Secretary,

Tax Policy and Legislation

Income Tax Exemption Notification for Statutory Bodies and Authorities Under Section 10(46)

Ashwani Kumar — Mon, 06 Jul 2026 06:17:49 +0000

Income Tax Exemption Notification for Statutory Bodies and Authorities Under Section 10(46)

SECTION 10(46) OF THE INCOME-TAX ACT, 1961, READ WITH SECTION 536 OF THE INCOME-TAX ACT, 2025 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/COMMISSION – NOTIFIED BODY OR AUTHORITY

NOTIFICATION S.O. 3596(E) [NO. 73 /2026/F. NO. 300196/32/2021-ITA-I], DATED 2-7-2026

Whereas, section 10 (46) of the Income-tax Act, 1961 (43 of 1961) provided for exemption of specified income of certain bodies or authorities or Boards or Trusts or Commissions as may be notified by the Central Government in the Official Gazette for the purposes of that section;

And whereas, the Income-tax Act, 1961 (43 of 1961) was repealed by section 536 (1) of the Income-tax Act, 2025 (30 of 2025);

And whereas, section 536(2)(a) and (b) of the Income-tax Act, 2025 (30 of 2025), inter alia, provides that irrespective of the repeal of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act of 1961) and subject to sub-section (4) thereof, nothing shall affect-

(i)

the previous operation of the provisions of the Act of 1961 and any order or anything duly done or suffered thereunder; or

(ii)

any right, privilege, obligation or liability acquired, accrued or incurred under the Act of 1961 or orders under that Act;

And whereas, section 536(2)(c) of the Income-tax Act, 2025 (30 of 2025) provides that the provisions of the Act of 1961 shall continue to apply to any proceeding pending on the date of commencement of the Income-tax Act, 2025 (30 of 2025) and to any proceedings initiated on or after the 1^st April, 2026 (including notices, assessment, reassessment, recomputation, rectification, penalty, reference, revision and appeals) in respect of any tax year beginning before the 1^st April, 2026 and such proceedings shall be carried out as per the procedure specified in the Act of 1961;

And whereas, section 536(2)(e) of the Income-tax Act, 2025 (30 of 2025) provides that any proceeding pending on the date of its commencement before any income-tax authority or any other authority constituted under the repealed Income-tax Act, Appellate Tribunal, or any court, by way of application, appeal, reference or revision or by any other means, shall be continued and disposed of as if this Act had not been enacted;

Now, therefore, in pursuance of the provisions of section 536(2)(a) to (c) and (e) of the Income-tax Act, 2025 (30 of 2025), the Central Government hereby notifies, for the purposes of section 10 (46) of the Act of 1961, ‘Mussoorie Dehradun Development Authority’ (PAN: AAAAM4651Q), an authority constituted by the State Government of Uttarakhand, in respect of the following specified income arising to that authority, namely:-

(a)

Grants/loans/ advances received from Government of Uttarakhand.

(b)

Fees/charges/income (by whatever name called) levied as per Uttarakhand Urban and Country Planning and Development Act, 1973

(c)

Income from disposal of lands, buildings and other movable and immovable properties.

(d)

Income from lease/rent; and

(e)

Interest on bank deposits.

2. This notification shall be effective subject to the conditions that the Mussoorie Dehradun Development Authority –

(a)

shall not engage in any commercial activity;

(b)

its activities and the nature of the specified income shall remain unchanged throughout the financial years; and

(c)

shall file return of income in accordance with the provisions of section 139(4C) (g) of the Act of 1961.

3. Failure to comply with these conditions shall result in the initiation of penal actions under the provisions of the Act of 1961, and withdrawal of exemption granted under section 10(46) of the Act of 1961.

4. This notification shall be deemed to have been applied for assessment years 2022-2023 and 2023-24 relevant for the financial years 2021-22 and 2022-2023.

HARDEV SINGH, Under Secretary., ITA-I

Explanatory Memorandum

It is certified that the interests of no person are being adversely affected by giving retrospective effect [with effect from the year of application filed before the Board or Income-tax Department] to this notification.

Income-tax Act 2025 (as amended by the Finance Act, 2026) including Tabular Mapping of Sections vis-à-vis the Income-tax Act, 1961

CA Satbir Singh — Thu, 07 May 2026 12:28:11 +0000

Income-tax Act 2025 (as amended by the Finance Act, 2026) including Tabular Mapping of Sections vis-à-vis the Income-tax Act, 1961

INCOME TAX ACT, 2025

(AS AMENDED BY THE FINANCE ACT, 2026)

Including

Tabular Mapping of Sections vis-a-vis Income-tax Act, 1961

Income-tax Act, 2025 (as amended by the Finance Act 2026) including Tabular Mapping of Sections vis-à-vis the Income-tax Act, 1961.

ICAI Download PDF click here

Based on the Income-tax Act, 2025 (as amended by the Finance Act, 2026), several provisions govern the administrative requirements for identification and compliance, specifically transitioning from the earlier 1961 framework.

The following sections and fees are relevant to Aadhaar and Permanent Account Number (PAN) requirements:

1. Fee for Default Relating to Aadhaar

The new Act includes a specific provision for fees associated with failures regarding Aadhaar notification:

Section 430: This section mandates a fee for defaults relating to the intimation of an Aadhaar number.
Comparison with 1961 Act: This provision is the parallel to Section 234H of the Income-tax Act, 1961.

2. Tax Deduction and Compliance (Exemptions)

Recent amendments have introduced relief for certain transactions that previously required extensive documentation like a Tax Deduction and Collection Account Number (TAN):

Exemption from TAN: A significant change introduced by the Finance Act, 2026, provides an exemption from TAN for resident individuals purchasing immovable property from a non-resident.

3. Digital and Network Investments

The Act also outlines specific treatments for investments in digital infrastructure and payment protocols:

Open Network for Digital Commerce (ONDC): Investment in equity shares, bonds, or debentures of ONDC Ltd is recognized for participating in network-based open protocol models for digital commerce and interoperable payments in India.
Digital Payment Systems: Special recognition is given to entities engaged in retail payment systems or digital payment settlements approved by the Reserve Bank of India, particularly those with significant holding by the National Payments Corporation of India.

4. Transition and Mapping

For professional navigation between the old and new laws, the Act provides a direct mapping for administrative sections:

Tax Year Definition: Section 3 of the 2025 Act now defines “tax year,” which was previously covered under Section 3 of the 1961 Act.
Mode of Undertaking Transactions: Section 186 governs the mode of undertaking transactions, corresponding to Section 269ST of the 1961 Act.
Electronic Payment Modes: Section 187 covers the acceptance of payment through prescribed electronic modes, mirroring Section 269SU of the 1961 Act.

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Income Tax Act Archives - Tax Heal

SECTION 10(46A) OF THE INCOME-TAX ACT, 1961

THE TAXATION AND OTHER LAWS (AMENDMENT) BILL, 2026

THE TAXATION AND OTHER LAWS (AMENDMENT) BILL, 2026

Download PDF Click here

INCOME-TAX (THIRD AMENDMENT) RULES, 2026 – AMENDMENT IN RULE 332 AND INSERTION OF FORM ITR-BN

INCOME-TAX (THIRD AMENDMENT) RULES, 2026 – AMENDMENT IN RULE 332 AND INSERTION OF FORM ITR-BN

Income Tax Exemption Notification for Statutory Bodies and Authorities Under Section 10(46)

Income Tax Exemption Notification for Statutory Bodies and Authorities Under Section 10(46)

SECTION 10(46) OF THE INCOME-TAX ACT, 1961, READ WITH SECTION 536 OF THE INCOME-TAX ACT, 2025 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/COMMISSION – NOTIFIED BODY OR AUTHORITY

Income-tax Act 2025 (as amended by the Finance Act, 2026) including Tabular Mapping of Sections vis-à-vis the Income-tax Act, 1961

Income-tax Act 2025 (as amended by the Finance Act, 2026) including Tabular Mapping of Sections vis-à-vis the Income-tax Act, 1961

ICAI Download PDF click here

1. Fee for Default Relating to Aadhaar

2. Tax Deduction and Compliance (Exemptions)

3. Digital and Network Investments

4. Transition and Mapping

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