President approves tax and payments legislation amendments

The President has granted assent to the Taxation and Other Laws (Amendment) Act, 2026, and a further amendment to the Payment and Settlement Systems Act, 2007, on August 17, 2026. The twin legislative measures mark an important step in refining India's fiscal and financial infrastructure.

The amendments to the taxation legislation are expected to address evolving economic conditions and compliance requirements for taxpayers across the country. These changes form part of the government's ongoing effort to streamline tax administration and enhance revenue collection mechanisms.

The amendments to the Payment and Settlement Systems Act represent a further evolution of the regulatory framework governing India's financial transaction infrastructure. The changes aim to strengthen the mechanisms through which payments are processed and settled across the banking and financial services sector.

With presidential assent now in place, both pieces of legislation are poised for implementation. The amendments are likely to have far-reaching implications for businesses, financial institutions, and taxpayers navigating India's regulatory environment.