Amendment of section 267

In force Act 4 of 2026 As on 11 Oct 2026

Act 4 of 2026 Ministry Finance

Section 68 of the Finance Act, 2026 deals with amendment of section 267. 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).";

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".
Section 68, The Finance Act, 2026 (Act 4 of 2026).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Income-tax Act s. 267 Amendment of assessment on appeal

Questions about Section 68

What does Section 68 of the Finance Act deal with?

Section 68 of the Finance Act is headed "Amendment of section 267". 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).";

How do I find court cases under Section 68 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2026 68, section 68 Finance Act 2026, section 68 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 68 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 267 (Amendment of assessment on appeal), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2026 as Act 4 of 2026. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

First Schedule. -11686 words
3. Income-tax under Act 30 of 20258033 words
Fourth Schedule. -4078 words
2. Income-tax under Act 43 of 19612736 words
26. Substitution of new sections for sections 276B, 276BB, 276C, 276CC, 276CCC and 276D1437 words
Fifth Schedule. -1363 words

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(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".