Centre Notifies Taxation and Other Laws (Amendment) Act, 2026: Key Amendments to Income Tax, Finance and Payment Laws:

The Ministry of Law and Justice (Legislative Department) has introduced the Taxation and Other Laws (Amendment) Act, 2026. The Act has further amended the Payment and Settlement Systems Act, 2007, the Income Tax Act, 2025, and the Finance Act, 2026.

On August 17, 2026, the President of India officially approved the Act, and on the same date, it was published in the Gazette of India, Extraordinary Part II, Section I, under CG-DL-E-17082026-275521.

In Section 10 of the Payment and Settlement Systems Act, 2007, in place of the words "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" have been substituted, if effect from the date of publication of the said act in the Official Gazette of India, i.e., August 17, 2026.

Schedule I of the Income Tax Act, 2025, has been replaced with a new schedule. Similarly, an amendment has been introduced to section 3 of the Finance Act, 2026.

Further, the newly introduced Taxation and Other Laws (Amendment) Act, 2026, has completely revoked the Income-tax (Amendment) Ordinance, 2026.

Check the official PDF of the Taxation and Other Laws (Amendment) Act, 2026, for complete information.