# The Finance Act, 2026, Section 49: Substitution of new section for section 150

- Act: The Finance Act, 2026 (Act 4 of 2026)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2026/section/49/

## 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.'.

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