>LilHelpa: it's → its; mos

2021-03-03T16:21:26Z

it's → its; mos

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{{use dmy dates|date=March 2017}}
{{use Indian English|date=March 2017}}
{{update|date=October 2015}}
A '''Finance Act''' is the fiscal legislation enacted by the [[Parliament of India|Indian Parliament]] to give effect to the financial proposals of the [[Central Government]]. It is enacted once a year and contains provisions relating to income taxes, customs, excise, Central and Integrated GST and other cess, exemptions, and reliefs. It may also contain provisions to amend other acts as the Government to effect its fiscal policy. The bill is usually termed the budget and it is introduced in Parliament by the [[Minister of Finance (India)|Finance Minister]].

==Important elements of Finance Act <ref>{{cite web|url=http://www.mondaq.com/india/x/206470/Transfer+Pricing/The+Finance+Bill+2012+Key+ChangesProposals |title=India: The Finance Bill 2012 - Key Changes/Proposals |publisher=Mondaq |date=2012-11-14|access-date=2013-03-09}}</ref>==
All the elements included in the Finance Act associated with a particular [[Financial Year]] are of course important. Even so, there are particular elements that take precedence over the others.

The most important element is the rules laid down in the Act with respect to Income Tax Rates. Every year, the Act lays down in detail all the associated provisions related to Income Tax in the country. Since this applies to a large number of taxpayers, it is considered one of the most important elements.

The Finance Act is responsible for laying down the tax slabs that applies to taxpayers. The Act includes various details related to:

* Income through Salary
* Agricultural Income
* Tax slabs for [[Senior Citizens]]
* Tax slabs for Very Senior Citizens
* Income Tax Surcharges
* Taxes chargeable to companies
* Advance tax

These are a few important elements included and elaborated upon in detail in the [[Finance Act]] for a particular year.

==Direct Taxes <ref>{{cite web|url=http://www.caclubindia.com/articles/income-tax-amendments-by-finance-act-2011-9666.asp#.UTrsBH15MxB |title=Income Tax Amendments by Finance Act, 2011 |publisher=CA Club India | date=2011-05-09 |access-date=2013-03-09}}</ref>==
The Finance Act for a particular financial year also includes the amendments that have been made with respect to Direct Taxes.

The Amendments made under various sections are noted down in this section of the Finance Act and each amendment of every section is noted down separately.

Also included in the Finance Act is the details of the insertion of new sections, if any.

==The Schedule ==
The Schedule in any Finance Act is a systematic depiction of all the rules and regulations laid down by the Act for that Financial Year.<ref>{{cite web|url=http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=FINA&schT=FIN&csId=30d194ca-afe8-4ed5-afc6-f7c6d83451eb&&pId=9c845744-9bd9-4c83-aa3a-f3cb1dcd62f7&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws |title=THE FIRST SCHEDULE |publisher=Law Government of India, Income Tax |access-date=2013-03-09}}</ref>

The Schedule gives details on
* Rates of [[Income Tax]]
* [[Surtax|Surcharge]] on Income Tax
* Rates for Deduction of Tax at Source
* Details of Advance Tax
* Details for computation of Net Agricultural Income

among other details.

==Acts==
[[The Taxation Laws (Second Amendment) Act, 2016]] inserted the new Chapter IX A, as "Pradhan Mantri Garib Kalyan Yojana, 2016" in The Finance Act, 2016.<ref>{{cite web|url=http://indianexpress.com/article/india/india-news-india/income-tax-amendment-bill-tabled-in-lok-sabha-30-pc-tax-on-undisclosed-income-demonetisation/|title= PMGKYS 2016, will be inserted in Finance Act, 2016, Arun Jaitley|work=Indian Express|date= 28 November 2016}}</ref>

==References==
{{reflist}}

{{Taxation in India}}
{{Indian legislations}}

[[Category:Indian tax legislation]]
[[Category:Union budgets of India]]

Finance Act (India) - Revision history

>LilHelpa: it's → its; mos