Jan 08, 2016 01:18 PM IST | Source: Moneycontrol.com

How does a Finance Bill work?

The government proposals for the levy of new taxes, alterations in the present tax structure or continuance of the current tax structure beyond the period approved by Parliament, are laid down before Parliament in the Finance bill.

The government proposals for the levy of new taxes, alterations in the present tax structure or continuance of the current tax structure beyond the period approved by Parliament, are laid down before Parliament in the Finance bill.

The Parliament approves the Finance Bill for a period of one year at a time, which becomes the Finance Act.

Sections
Follow us on
Available On