{"act":{"id":"finance-act-2026","short_title":"The Finance Act, 2026","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2026-2027.","act_number":"4","act_year":2026,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":167,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2026/"},"unit":"section","section":{"number":"22","heading":"Amendment of section 274","text":"Amendment of section 274. 22. In section 274 of the Income-tax Act, with effect from the 1st day of March, 2026,— (a) | in sub-section (1), after the words \"a reasonable opportunity of being heard\", the words \"by way of a show cause notice to that effect\" shall be inserted and shall be deemed to have been inserted; (b) | after sub-section (3), the following sub-sections shall be inserted and shall be deemed to have been inserted, namely:— \"(4) Notwithstanding anything contained in any other provision of this Act, where any draft of the proposed order of assessment under section 144C or assessment under section 143 or reassessment under section 147 is made on or after 1st April, 2027 in respect of the assessment year 2026-2027 or any earlier assessment year,— (a) | the penalty under section 270A, if any, shall constitute part of such draft assessment or shall be imposed as a part of such order of assessment or reassessment, as the case may be; and (b) | the reference to the assessment order or the penalty order under section 270A in any of the provisions of this Act shall take reference to such order of assessment or reassessment, as the case may be. (5) Where the approval of the Joint Commissioner is taken for passing of an order of assessment or reassessment on or after the 1st April, 2027, such approval shall also be deemed to be the approval for the imposition of penalty under section 270A, if any, constituting part of such order of assessment or reassessment.\".","html":"<p><b>Amendment of section 274.</b></p><p><b>22.</b> In section 274 of the Income-tax Act, with effect from the 1st day of March, 2026,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (1), after the words \"a reasonable opportunity of being heard\", the words \"by way of a show cause notice to that effect\" shall be inserted and shall be deemed to have been inserted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>after sub-section (3), the following sub-sections shall be inserted and shall be deemed to have been inserted, namely:—</td></tr><tr><td></td><td></td><td>\"(4) Notwithstanding anything contained in any other provision of this Act, where any draft of the proposed order of assessment under section 144C or assessment under section 143 or reassessment under section 147 is made on or after 1st April, 2027 in respect of the assessment year 2026-2027 or any earlier assessment year,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>the penalty under section 270A, if any, shall constitute part of such draft assessment or shall be imposed as a part of such order of assessment or reassessment, as the case may be; and</td></tr><tr><td>(<i>b</i>)</td><td></td><td>the reference to the assessment order or the penalty order under section 270A in any of the provisions of this Act shall take reference to such order of assessment or reassessment, as the case may be.</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td>(5) Where the approval of the Joint Commissioner is taken for passing of an order of assessment or reassessment on or after the 1st April, 2027, such approval shall also be deemed to be the approval for the imposition of penalty under section 270A, if any, constituting part of such order of assessment or reassessment.\".</td></tr></table></div>","words":260,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2026/section/22/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}