Finance Act (India)

The Finance Act^[1] is an important Act in India and the Central Government, through this Act, gives effect to financial proposals at the beginning of every Financial Year.

The Act applies to all the States and Union Territories of India unless specified otherwise.

Finance Act thus making this Act one that renews itself each year. All the Governmental financial policies are included in this Act. The existing policies, new policies, as well as changes made to existing policies are all included here. Every Finance Act is assented by the President of India.

Important Elements of Finance Act ^[2]

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 Women
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 ^[3]

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.^[4]

The Schedule gives details on

Rates of Income Tax
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.^[5]

References

↑ "FINANCE ACT, 2012". Government of India, Income Tax. Retrieved 2013-03-09.
↑ "India: The Finance Bill 2012 - Key Changes/Proposals". Mondaq. 2012-11-14. Retrieved 2013-03-09.
↑ "Income Tax Amendments by Finance Act, 2011". CA Club India. 2011-05-09. Retrieved 2013-03-09.
↑ "THE FIRST SCHEDULE". Law Government of India, Income Tax. Retrieved 2013-03-09.
↑ "PMGKYS 2016, will be inserted in Finance Act, 2016, Arun Jaitley". Indian Express. 28 November 2016.

Taxation in India
Taxes	Central Excise Duty Goods and Services Tax Income tax in India Securities Transaction Tax Service Tax Value-added taxation
Bodies	CBDT Chairperson, Central Board of Direct Taxes Investigation Division of the Central Board of Direct Taxes Central Board of Excise and Customs Chairperson Central Board of Excise & Customs Income Tax Department Central Economic Intelligence Bureau Directorate of Revenue Intelligence Tax Administration Reform Commission
Legislations	Benami Transactions (Prohibition) Act, 1988 Expenditure Tax Act, 1987 Finance Act (India) The Finance Act, 2016 Gift Tax Act, 1958 Interest Tax Act, 1974 The Income-tax Act, 1961 Wealth Tax Act, 1957
Schemes	Income declaration scheme, 2016 Pradhan Mantri Garib Kalyan Yojana Voluntary Disclosure of Income Scheme
Compliance	Income Tax Returns ITR-2 SUGAM ITR-4S Indian tax forms Tax Collected at Source Tax Deducted at Source Tax Deduction and Collection Account Number

Indian Legislation
Constitution of India (amendments) Indian Penal Code CrPC
In Force
Corruption	Benami Transactions Black Money Corruption Lokpal Mines & Minerals Act 2015 Money Laundering Whistle Blowers
Criminal	Armed Forces (Special Powers) Act Armed Forces Tribunal Act, 2007 Arms Act, 1959 Army Act Criminal Law (Amendment) Act, 2013 Indian Evidence Act Juvenile Justice (Care and Protection of Children) Act, 2015 National Security Act (India) Protection of Women from Domestic Violence Act, 2005 Scheduled Caste and Scheduled Tribe (Prevention of Atrocities) Act, 1989 Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
Education	National Institutes of Technology Act, 2007 Right of Children to Free and Compulsory Education Act University Grants Commission Act, 1956
Environment	Biological Diversity Act, 2002 Environment Protection Act, 1986 Indian Forest Act, 1927 National Green Tribunal Act Prevention of Cruelty to Animals Act Protection of Plant Varieties and Farmers' Rights Act, 2001 Wildlife Protection Act, 1972 CAMPA bill Air (Prevention and Control of Pollution) Act
Financial	Aadhaar Act Banking Regulation Act, 1949 COFEPOSA Depositories Act Electricity Act Expenditure Tax Act, 1987 Factories Act,1948, India Finance Act (India) Fiscal Responsibility and Budget Management Act, 2003 Foreign Contribution Regulation Act Foreign Exchange Management Act Geographical Indications of Goods (Registration and Protection) Act, 1999 Government Securities Act, 2006 Indian Contract Act, 1872 Indian Stamp Act, 1899 Insolvency and Bankruptcy Code Insurance Act, 1938 Minimum Wages Act 1948 National Rural Employment Guarantee Act, 2005 Negotiable Instruments Act, 1881 Real Estate (Regulation and Development) Act, 2016 Securities Laws (Amendment) Act, 2014 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Street Vendors Act, 2014 The Competition Act, 2002 The High Denomination Bank Notes (Demonetisation) Act, 1978 The Income-tax Act, 1961 Urban Land (Ceiling and Regulation) Act, 1976
Healthcare	Central Council of Homoeopathy Act, 1973 Clinical Establishments Act Dentist Act Drugs and Cosmetics Act, 1940 Drugs and Magic Remedies Act Indian Medical Council Act Mental Health Act, 1987 Narcotic Drugs and Psychotropic Substances Act, 1985
Personal	Hindu Adoptions and Maintenance Act (1956) Majority Act (India) Hindu Minority and Guardianship Act Hindu Succession Act, 1956 Special Marriage Act, 1954 The Hindu Marriage Act, 1955 The Muslim Women (Protection of Rights on Divorce) Act 1986
Social	Child Labour (Prohibition and Regulation) Act Consumer Protection Act, 1986 Essential Commodities Act Essential Services Maintenance Act Indecent Representation of Women (Prohibition) Act Interstate Migrant Workmen Act 1979 National Food Security Act, 2013 Pre-Conception and Pre-Natal Diagnostic Techniques Act, 1994 The Prohibition of Child Marriage Act, 2006 The Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006 Unorganised Workers' Social Security Act
State Laws	Anti-Superstition and Black Magic Act The Bombay Prohibition Act, 1949 Bombay Prohibition (Gujarat Amendment) 2009 Chhattisgarh Food Security Act, 2012 Maharashtra Control of Organised Crime Act The Gujarat Local Authorities Laws (Amendment) Bill, 2009 Puducherry Prevention of Anti-Social Activities Act
State Reorganisation	Chhattisgarh Jharkhand Punjab States Telangana Uttarakhand
Terrorism	Unlawful Activities (Prevention) Act
Transportation	Aircraft Act Motor Vehicles Act, 1988 National Waterways Act, 2016 Inland Vessels Act Metro Railways Act, 1978 Metro Railway Act, 2002
Organisation / Body	Chartered Accountants Act, 1949 Companies Act 2013 Gram Nyayalayas Act, 2008 Indian Trusts Act, 1882 Panchayats (Extension to Scheduled Areas) Act 1996 Reserve Bank of India Act, 1934 Societies' Registration Act The Limited Liability Partnership Act, 2008
Repeal	Repealing and Amending Act, 2015 Repealing and Amending Act, 2016
Other	Delimitation Act Enemy Property Act, 1968 Information Technology Act, 2000 Nuclear Liability Act Representation of the People Act, 1951 Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 Right to Information Act, 2005 State Emblem of India (Prohibition of Improper Use) Act, 2005 The Foreigners Act, 1946
Ordinance	List of Ordinances
Repealed
Pre-Independence	Age of Consent Act, 1891 Criminal Tribes Act Hindu Widows' Remarriage Act, 1856 Official Secrets Act (India) Public Debt Act, 1944
Post-Independence	Anti-Copying Act, 1992 Foreign Exchange Regulation Act Gift Tax Act, 1958 Illegal Migrants (Determination by Tribunal) Act, 1983 Interest Tax Act, 1974 Juvenile Justice (Care and Protection of Children) Act, 2000 Maintenance of Internal Security Act Prevention of Terrorism Act, 2002 Terrorist and Disruptive Activities (Prevention) Act The Gold (Control) Act, 1968 Wealth Tax Act, 1957
Bills
Proposed	Foreign Education Providers Bill, 2013 Geospatial Information Regulation Bill Gujarat Control of Organised Crime Act Indian Institute of Management Bill, 2017 Marriage Laws Amendment Bill Road Transport and Safety Bill Uniform civil code
Lapsed	Women's Reservation Bill

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