The Finance Bill, 2022 has been presented by Finance Minister Nirmala Sitaraman in Parliament today on 1st February 2022. A copy of the Finance Bill, 2022 is available for download in pdf format.
As in last year, this year also Union Budget 2022 along with the Finance Bill for FY 2022-23 has gone “paperless” in the wake of the safety issues posed by the COVID-19 pandemic. This will be the second time since independence that the budget papers are not 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.
Download the Finance Bill, 2022 as introduced in Loksabha on 01.02.2022 in pdf format.
Other related articles on Budget 2022
Finance Minister Presents Finance Bill 2022 after Union Budget 2022 in Loksabha
Download Finance Bill, 2022 (PDF) as introduced in Loksabha
Download Memorandum Explaining the Provisions in the Financial Bill 2022
Income Tax announcements in Budget Speech: Union Budget 2022
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