FAQs on Proposed Amendments to the Income-tax Act, 2025

The document comprises Frequently Asked Questions issued in connection with the Taxation and Other Laws (Amendment) Bill, 2026. The FAQs address six proposed amendments to the Income-tax Act, 2025 as proposed by the said Bill.

Exemption from Section 15(1) for Effective Interest Rate Income Recognition under Banking Regulation Act

The Ministry of Finance (Department of Financial Services) has issued this notification on the recommendation of the Reserve Bank of India. The notification relates to the applicability of section 15(1) of the Banking Regulation Act, 1949, in connection with the treatment of unamortized expenditure arising from income recognition under the “Effective Interest Rate” method as specified in the Reserve Bank of India (Commercial Banks — Asset Classification, Provisioning and Income Recognition) Directions, 2026, issued vide circular number RBI/DOR/2026-27/398, dated April 27, 2026.

Merchant Shipping (Maritime Labour) Rules, 2026

The Central Government notified the Merchant Shipping (Maritime Labour) Rules, 2026, in supersession of the Merchant Shipping (Maritime Labour) Rules, 2016, except as respects things done or omitted before such supersession.

Schedule A Demo