Finance Bill 2026: Tax officials may get more power
Finance Minister Nirmala Sitharaman is set to introduce 53 changes to the Finance Bill 2026 in Parliament today, just ahead of the new tax regime kicking in on April 1.
The big takeaways? Tax officials could get more power to revisit old cases, and there are extended perks for businesses in Special Economic Zones (SEZs) and International Financial Services Centers (IFSCs).
Tax deductions for SEZ units extended to 20 years
The amendments will make it clearer when old tax cases can be reopened, plus taxpayers now get at least 30 days to reply to notices, so no more last-minute scrambles.
Tax deductions for certain SEZ units are being extended to 20 years, which benefits businesses in SEZs and units in International Financial Services Centres (IFSCs).
These changes also help smooth the switch to India's brand-new Income Tax Act, aiming for fewer headaches and less confusion down the line.