The Lok Sabha on August 04, 2026, issued the Taxation and Other Laws (Amendment) Bill, 2026 to further amend the Payment and Settlement Systems Act, 2007 and the Income-tax Act, 2025, and to amend the Finance Act, 2026.
The following has been stated:
In the Payment and Settlement Systems Act, 2007, in section 10A, for the words, figures and letters “the electronic modes of payment prescribed under section 269SU of the Income-tax Act, 1961”, the words “one or more electronic modes of payment as the Central Government may, by notification, specify” has been substituted with effect from the date of publication of this Act in the Official Gazette.
In the Income-tax Act, 2025, Schedule I has been substituted.
In the Income-tax Act, 2025, Schedule IV has been amended.
In Schedule V to the Income-tax Act, 2025, in the Table, in serial number 5, in column D, clause (b) has been omitted.
Please refer to the document attached below for more details.
