{"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":"60","heading":"Substitution of new sections for sections 217 and 218","text":"Substitution of new sections for sections 217 and 218. 60. For sections 217 and 218 of the Income-tax Act, the following sections shall be substituted, namely:— Application of benefits under sections 212 to 216. \"217. (1) Where a non-resident Indian in any tax year,— (a) | becomes assessable as a resident in India in respect of total income in a subsequent year; and (b) | furnishes a declaration in writing to the Assessing Officer along with his return of income under section 263 for the tax year for which he is so assessable, to the effect that provisions of sections 212 to 216 shall continue to apply to him in relation to the investment income derived from any foreign exchange asset referred to in section 212(e) other than shares in an Indian company, then the provisions of sections 212 to 216 shall continue to apply in relation to such income for that tax year and every subsequent tax year until the transfer or conversion (otherwise than by transfer) of such assets into money. (2) A non-resident Indian may choose not to be governed by the provisions of sections 212 to 216 for any tax year by declaring it in his return of income under section 263 for such tax year, and if he does so,— (a) | the provisions of sections 212 to 216 shall not apply to him for that tax year; and (b) | his total income for that tax year shall be computed and charged to tax according to the other provisions of this Act. Tax on business income of Offshore Banking Units or International Financial Services Centre unit. 218. Where the total income of an assessee includes income of the nature referred to in section 147(3), the aggregate of income-tax payable by the assessee shall be the aggregate of income-tax computed on the income specified in column B of the Table below at the rate specified in the corresponding entry in column C of the said Table: TABLE Sl. No. | Income | Rate of income-tax payable A | B | C 1. | Income referred to in section 147(3) | 15% 2. | Total income as reduced by income referred to in Sl. No. (1). | Rates in force.\".","html":"

Substitution of new sections for sections 217 and 218.

60. For sections 217 and 218 of the Income-tax Act, the following sections shall be substituted, namely:—

Application of benefits under sections 212 to 216.

\"217. (1) Where a non-resident Indian in any tax year,—

(a)becomes assessable as a resident in India in respect of total income in a subsequent year; and
(b)furnishes a declaration in writing to the Assessing Officer along with his return of income under section 263 for the tax year for which he is so assessable, to the effect that provisions of sections 212 to 216 shall continue to apply to him in relation to the investment income derived from any foreign exchange asset referred to in section 212(e) other than shares in an Indian company, then the provisions of sections 212 to 216 shall continue to apply in relation to such income for that tax year and every subsequent tax year until the transfer or conversion (otherwise than by transfer) of such assets into money.

(2) A non-resident Indian may choose not to be governed by the provisions of sections 212 to 216 for any tax year by declaring it in his return of income under section 263 for such tax year, and if he does so,—

(a)the provisions of sections 212 to 216 shall not apply to him for that tax year; and
(b)his total income for that tax year shall be computed and charged to tax according to the other provisions of this Act.

Tax on business income of Offshore Banking Units or International Financial Services Centre unit.

218. Where the total income of an assessee includes income of the nature referred to in section 147(3), the aggregate of income-tax payable by the assessee shall be the aggregate of income-tax computed on the income specified in column B of the Table below at the rate specified in the corresponding entry in column C of the said Table:

TABLE

Sl. No.IncomeRate of income-tax payable
ABC
1.Income referred to in section 147(3)15%
2.Total income as reduced by income referred to in Sl. No. (1).Rates in force.\".
","words":374,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2026/section/60/","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."}