Event Summary
On 1 February 2026, the Finance Minister of India, Ms. Nirmala Sitharaman, presented the Union Budget for 2026–27, including the Finance Bill 2026, which proposes mild changes to Non Profit Organisations provisions under the upcoming Income Tax Act 2025, such as allowing belated return filing, clarifications on accreted income tax during mergers, and a new tax-free merger provision for similar-object NPOs. While not introducing major changes, the Finance Bill eases some burdens for NPOs, such as removing certain violations from triggering automatic registration cancellations and is part of the restructuring of tax regulations for NPOs.