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Parliament passed the Taxation and Other Laws (Amendment) Bill, 2026, on Monday (10 August), with Union Finance Minister Nirmala Sitharaman reiterating that the legislation does not impose a tax or transaction charge on UPI payments.
The Hon’ble Supreme Court in the case Union of India & Ors. set aside the judgments of the various High Courts which held that the reassessment notices issued under Section 148 of the new regime under the Income Tax Act, 1961, which is in pursuance of the deemed notices, ought to be issued within the time limit surviving under the Income Tax Act, 1961 read with the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions Act) 2021.