{"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":"49","heading":"Substitution of new section for section 150","text":"Substitution of new section for section 150. 49. For section 150 of the Income-tax Act, the following section shall be substituted, namely:— Deduction in respect of income of federal co-operative. '150. (1) If the gross total income of an assessee being a federal co-operative, in any tax year, includes any income by way of dividends received from its investment with any company, a deduction shall be allowed from such income, to the extent of the amount which,— (a) | has arisen from such investment as recorded in its books of account on or before the 31st January, 2026; and (b) | has been distributed by it to its members at least one month before the due date for filing the return of income under section 263(1). (2) The provisions of this section shall not apply to any tax year beginning on or after the 1st April, 2029. (3) For the purposes of this section, \"federal co-operative\" means a \"federal co-operative\" as defined in section 3(k) of the Multi-State Co-operative Societies Act, 2002 (39 of 2002.) and notified as such by the Central Government.'.","html":"<p><b>Substitution of new section for section 150.</b></p><p><b>49.</b> For section 150 of the Income-tax Act, the following section shall be substituted, namely:—</p><p><i>Deduction in respect of income of federal co-operative.</i></p><p><b>'150.</b> (1) If the gross total income of an assessee being a federal co-operative, in any tax year, includes any income by way of dividends received from its investment with any company, a deduction shall be allowed from such income, to the extent of the amount which,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>has arisen from such investment as recorded in its books of account on or before the 31st January, 2026; and</td></tr><tr><td>(<i>b</i>)</td><td></td><td>has been distributed by it to its members at least one month before the due date for filing the return of income under section 263(1).</td></tr></table></div><p><span class=\"num\">(2)</span> The provisions of this section shall not apply to any tax year beginning on or after the 1st April, 2029.</p><p><span class=\"num\">(3)</span> For the purposes of this section, \"federal co-operative\" means a \"federal co-operative\" as defined in section 3(<i>k</i>) of the Multi-State Co-operative Societies Act, 2002 (39 of 2002.) and notified as such by the Central Government.'.</p>","words":183,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2026/section/49/","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."}