CA Body BCAS Urges Finance Bill 2026 Amendments on Penalty Orders, MAT Credit

Entertainment National Sports Markets Business & Economy Lifestyle World Astrology & Religion Technology Education & Jobs Auto Politics Viral Opinions

Loading more articles...

CA Body Urges Finance Bill 2026 Changes: MAT, Penalties, Interest Deduction Key Concerns

Once the income tax return is verified and processed, refunds are issued by the Income Tax Department through the State Bank of India, which handles refund disbursement on behalf of the government, according to the Income Tax Department. It is generally credited directly to the taxpayer’s pre-validated bank account linked with PAN. (Image: Canva)

C

CNBC TV18•03-03-2026, 15:45

CA Body Urges Finance Bill 2026 Changes: MAT, Penalties, Interest Deduction Key Concerns

•Bombay Chartered Accountants’ Society (BCAS) submitted post-Budget representation to Finance Ministry for Finance Bill 2026 amendments.
•Opposes combined assessment and penalty orders, citing distinct nature and potential for increased litigation and market volatility.
•Objects to restricting interest deduction against dividend income, warning of adverse effects on infrastructure, real estate, and financial services.
•Suggests MAT changes: exempt foreign companies with incidental income and allow carry-forward of MAT credit for new tax regime transitioners.
•Calls for full decriminalisation of TDS/TCS and return-filing lapses, removal of reverse burden of proof, and reforms in FAST Disclosure Scheme.

Read Full Article on Cnbc in English

✦

More like this

✦

More like this

The bill is likely to be tabled in the second half of the Budget session, which resumes on March 9

Corporate Amendment Bill to Revamp Penalties, Digitise Filings

नए दिशा-निर्देशों में अदालत के आदेशों को लेकर भी स्पष्ट व्यवस्था की गई है.

MHA Reforms Look Out Circulars: Institutions Can't Directly Block Travel Anymore

India has brought in certain crypto-assets within the definition of financial assets and requiring their reporting under existing financial account disclosure mechanisms.

Govt Expands Tax Reporting: Crypto Assets, Digital Currency Accounts Now Covered

Gas Crisis Charge: Can Hotels, Restaurants Legally Add It to Your Bill?

Gas Crisis Charge: Can Hotels, Restaurants Legally Add It to Your Bill?

Supreme Court seeks Centre's reply on DPDP Act over privacy, press freedom concerns

SEBI to examine concerns on solution oriented MF schemes, and issues of taxation in Life cycle fund schemes

SEBI to Re-examine Closure of Solution-Oriented MF Schemes, Tax Issues