gtag('config', 'UA-154374887-1');

Download Finance Bill, 2021 as introduced in Loksabha

download-finance-bill-2021-as-introduced-in-loksabha

The Finance Bill, 2021 has been presented by the Finance Minister Nirmala Sitaraman in Parliament today on 1st February 2021. A copy of the Finance Bill, 2021 is available for download in pdf format.


This time Union Budget 2021 along with the Finance Bill for FY 2021-22 has gone “paperless” in the wake of the safety issues posed by the COVID-19 pandemic. This will be the first time since independence that the budget papers will not be printed.



Every year the Finance Minister presents the Union Budget for the forthcoming year before the parliament with his budget speech which has two parts.


Part-A of the Budget Speech: contains the proposed policies of the government in the fiscal areas.


Part-B of the Budget Speech: contains tax proposals.


In order to implement the tax proposals, the Finance Bill is introduced in Parliament. Once the Finance Bill is approved by the Parliament and gets the assent of the President, it becomes a Finance Act.


The Finance Bill is accompanied by a Memorandum containing explanations of the provisions included in it. The Finance Bill can be introduced only in Lok Sabha. The proposals for levy of new taxes or modification of the existing tax structure are submitted to Parliament through this bill. 


At the time of presentation of the Annual Financial Statement before Parliament, a Finance Bill is also presented in fulfilment of the requirement of Article 110 (1)(a) of the Constitution, detailing the imposition, abolition, remission, alteration or regulation of taxes proposed in the Union Budget. 


Finance Bill is a money bill introduced every year in Lok Sabha immediately after the presentation of the Union Budget, to give effect to the financial proposals of the Government of India for the immediately following financial year. 


The Finance Bill details the imposition, abolition, remission, alteration or regulation of taxes proposed in the Budget. It is through the Finance Act that amendments are made to the various Acts like Income Tax Act 1961, Customs Act 1962, etc.


In short, a Finance Bill can be considered as an umbrella Act. However, being an Act of the Parliament, the various chapters of the Finance Act exist independently, hence are enforceable.


AS INTRODUCED IN LOK SABHA
ON 1ST FEBRUARY, 2021

Bill No. 15 of 2021


THE FINANCE BILL, 2021

A

BILL

to give effect to the financial proposals of the Central Government for the financial year 2021-2022.

BE it enacted by Parliament in the Seventy-second Year of the Republic of India as follows:––
CHAPTER I

PRELIMINARY


Short title and commencement.


1. (1) This Act may be called the Finance Act, 2021. (2) Save as otherwise provided in this Act,–

(a) sections 2 to 79 shall come into force on the 1st day of April, 2021;

(b) sections 99 to 114 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

CHAPTER II


RATES OF INCOME-TAX

Income-tax.

2. (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2021, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each case in the manner provided therein.

(2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year,

..

...

.....


Download the Finance Bill, 2021 as introduced in Loksabha on 01.02.2021 in pdf format.

Get all latest content delivered straight to your inbox
Sociliaze with Us

Post a comment

0 Comments