Finance Act (India)
E543262
The Finance Act (India) is an annual legislation passed by Parliament that gives legal effect to the Union Budget by specifying tax rates, duties, and related fiscal measures for the financial year.
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
Act of Parliament of India
ⓘ
fiscal legislation ⓘ |
| appliesTo | financial year ⓘ |
| bindingOn |
Union Government of India
NERFINISHED
ⓘ
taxpayers in India ⓘ |
| canInclude |
tax exemptions
ⓘ
tax incentives ⓘ tax relief measures ⓘ |
| category |
Indian budgetary legislation
ⓘ
Indian tax legislation ⓘ |
| constitutionalBasis |
Article 110 of the Constitution of India
NERFINISHED
ⓘ
Article 265 of the Constitution of India NERFINISHED ⓘ |
| country | India ⓘ |
| defines |
corporate tax rates
ⓘ
tax slabs for individuals ⓘ |
| effectiveFrom | 1 April of the relevant financial year ⓘ |
| enactedBy |
Lok Sabha
NERFINISHED
ⓘ
Rajya Sabha NERFINISHED ⓘ |
| frequency | annual ⓘ |
| givesEffectTo | Union Budget of India NERFINISHED ⓘ |
| introducedBy | Minister of Finance (India) NERFINISHED ⓘ |
| jurisdiction | Union of India NERFINISHED ⓘ |
| language |
English
ⓘ
Hindi ⓘ |
| legalArea |
budgetary law
ⓘ
public finance ⓘ taxation law ⓘ |
| legislativeBody | Parliament of India NERFINISHED ⓘ |
| mayAmend |
Central Excise Act, 1944
NERFINISHED
ⓘ
Customs Act, 1962 NERFINISHED ⓘ Goods and Services Tax laws ⓘ Income-tax Act, 1961 NERFINISHED ⓘ |
| partOf | budget process of the Government of India ⓘ |
| primaryPurpose | to give legal effect to the Union Budget ⓘ |
| regulates |
duties
ⓘ
fiscal measures ⓘ tax rates ⓘ |
| relatedTo |
Appropriation Act (India)
NERFINISHED
ⓘ
Consolidated Fund of India NERFINISHED ⓘ |
| requiresAssentOf | President of India NERFINISHED ⓘ |
| scope |
Union taxation
ⓘ
direct taxes ⓘ indirect taxes ⓘ |
| specifies |
rates of customs duty
ⓘ
rates of excise duty ⓘ rates of income tax ⓘ surcharge and cess on taxes ⓘ |
| typeOfBill | Money Bill ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.
subject surface form:
Appropriation Bill (India)