The Act, which received the President’s assent on 17th August 2026 and is deemed effective from 1st April 2026, amends the Payment and Settlement Systems Act, 2007, substitutes Schedule I of the Income-tax Act, 2025 with revised business connection conditions for eligible investment funds and fund managers, and introduces new exemptions in Schedule IV for foreign entities in rough diamond and contract manufacturing businesses. It also amends the Finance Act, 2026 and repeals the Income-tax (Amendment) Ordinance, 2026.
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