This article needs to be updated. Please update this article to reflect recent events or newly available information.(October 2015)
A Finance Act is the fiscal legislation enacted by the 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 Finance Minister.
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:
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.
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