{"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":"68","heading":"Amendment of section 267","text":"Amendment of section 267. 68. In section 267 of the Income-tax Act,— (a) | in sub-section (2), for clause f), the following clause shall be substituted, namely:— \"(f) any tax credit claimed to be set off as per the provisions of sections 206(2)(e) to (h) and 206(3) and (4).\"; (b) | in sub-section (4), for clause (e), the following clause shall be substituted, namely:— \"(e) any tax credit claimed, to be set off as per the provisions of sections 206(2)(e) to (h) and 206(3) and (4) which has not been claimed in the earlier return.\"; (c) | for sub-section (5), the following sub-section shall be substituted, namely:— \"(5) (i) For the purposes of sub-sections (1) and (3), the additional income-tax payable at the time of furnishing the return under section 263(6) shall be equal to,— (a) | 25% of aggregate of tax and interest payable, as determined in sub-section (1) or (3), as the case may be, if such return is furnished after the expiry of the time available under section 263(4) or (5) and before completion of twelve months from the end of the financial year succeeding the relevant tax year; or (b) | 50% of aggregate of tax and interest payable, as determined in sub-section (1) or (3), as the case may be, if such return is furnished after the expiry of twelve months but before completion of twenty-four months from the end of the financial year succeeding the relevant tax year; or (c) | 60% of aggregate of tax and interest payable, as determined in sub-section (1) or (3), as the case may be, if such return is furnished after the expiry of twenty-four months, but before the completion of thirty-six months, from the end of the financial year succeeding the relevant tax year; or (d) | 70% of aggregate of tax and interest payable, as determined in sub-section (1) or (3), as the case may be, if such return is furnished after the expiry of thirty-six months, but before the completion of forty-eight months, from the end of the financial year succeeding the relevant tax year. (ii) Where an updated return is filed in pursuance of a notice issued under section 280 within the period specified in the said notice, the additional income-tax payable under sub-section (5)(i) shall be increased by a further sum of 10% of the aggregate of tax and interest payable, as determined in sub-section (1) or (3), as the case may be.\"; (d) | in sub-section (7), in clause (a), for sub-clause (v), the following sub-clause shall be substituted, namely:— \"(v) any tax credit claimed, to be set off as per sections 206(2)(e) to (h) and 206(3) and (4), which has not been claimed in the earlier return; and\".","html":"<p><b>Amendment of section 267.</b></p><p><b>68.</b> In section 267 of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (2), for clause f), the following clause shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"(<i>f</i>) any tax credit claimed to be set off as per the provisions of sections 206(2)(<i>e</i>) to (<i>h</i>) and 206(3) and (4).\";</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in sub-section (4), for clause (<i>e</i>), the following clause shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"(<i>e</i>) any tax credit claimed, to be set off as per the provisions of sections 206(2)(<i>e</i>) to (<i>h</i>) and 206(3) and (4) which has not been claimed in the earlier return.\";</td></tr><tr><td>(<i>c</i>)</td><td></td><td>for sub-section (5), the following sub-section shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"(5) (<i>i</i>) For the purposes of sub-sections (1) and (3), the additional income-tax payable at the time of furnishing the return under section 263(6) shall be equal to,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>25% of aggregate of tax and interest payable, as determined in sub-section (1) or (3), as the case may be, if such return is furnished after the expiry of the time available under section 263(4) or (5) and before completion of twelve months from the end of the financial year succeeding the relevant tax year; or</td></tr><tr><td>(<i>b</i>)</td><td></td><td>50% of aggregate of tax and interest payable, as determined in sub-section (1) or (3), as the case may be, if such return is furnished after the expiry of twelve months but before completion of twenty-four months from the end of the financial year succeeding the relevant tax year; or</td></tr><tr><td>(<i>c</i>)</td><td></td><td>60% of aggregate of tax and interest payable, as determined in sub-section (1) or (3), as the case may be, if such return is furnished after the expiry of twenty-four months, but before the completion of thirty-six months, from the end of the financial year succeeding the relevant tax year; or</td></tr><tr><td>(<i>d</i>)</td><td></td><td>70% of aggregate of tax and interest payable, as determined in sub-section (1) or (3), as the case may be, if such return is furnished after the expiry of thirty-six months, but before the completion of forty-eight months, from the end of the financial year succeeding the relevant tax year.</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td>(<i>ii</i>) Where an updated return is filed in pursuance of a notice issued under section 280 within the period specified in the said notice, the additional income-tax payable under sub-section (5)(<i>i</i>) shall be increased by a further sum of 10% of the aggregate of tax and interest payable, as determined in sub-section (1) or (3), as the case may be.\";</td></tr><tr><td>(<i>d</i>)</td><td></td><td>in sub-section (7), in clause (<i>a</i>), for sub-clause (<i>v</i>), the following sub-clause shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"(<i>v</i>) any tax credit claimed, to be set off as per sections 206(2)(<i>e</i>) to (<i>h</i>) and 206(3) and (4), which has not been claimed in the earlier return; and\".</td></tr></table></div>","words":457,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2026/section/68/","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."}