The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi gives ex-post facto approval for the Government amendments to the Finance Bill, 2021 (enacted on 28th March, 2021 as the Finance Act, 2021).
The amendments were essential to clarify and rationalise the proposals further and address stakeholders concerns arising out of amendments proposed in the Finance Bill.
Objectives
The Government amendments to the Finance Bill, 2021 shall provide equity and inclusiveness to all the taxpayers by addressing stakeholders concerns arising out of amendments proposed in the Bill.
The Government amendments to the Finance Bill, 2021 are tax proposals which shall generate timely revenue for the Government and streamline existing provisions by addressing grievances of the taxpayers.
Lok Sabha passed the Finance Bill, 2021 on 23rd March 2021 with 109 amendments to the initial Finance Bill introduced in the Parliament on 01.02.2021 by Finance Minister Smt. Nirmala Sitaraman. Out of 109 amendments, 49 were related to Income Tax.
Government has notified the Finance Act, 2021 on 28th March 2021 after the same received the assent of the President of India on the same day.
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