Income Tax Act

Parliament passed a major 2026 tax bill in two days by voice vote, using the Money Bill route the Supreme Court has never definitively resolved -- and UPI's free status may not survive it.

Three sweeping legislative changes landed in India's legal landscape this week. From the Jan Vishwas Bill 2026 decriminalising hundreds of regulatory offences to the new Income Tax Act 2025 going live on April 1, the legal implications for law firms and in-house counsel are immediate and layered. Here is a clear breakdown.

On Aug 8, 2025, the Supreme Court delivered a split verdict on whether timelines under Section 144C or Section 153 govern tax assessments in transfer pricing cases. Justice Nagarathna held Section 153 applies; Justice Sharma said Section 144C overrides. The matter goes to a larger bench, leaving uncertainty for multinational tax disputes.

Kerala HC rules 153A/153C notices issued before Sept 30, 2021, are enough for valid tax settlement—no cut-off date needed.