What are acts regulated by the Finance Bill

Acts regulated by the Finance Bill

What are acts regulated by the Finance Bill
What are acts regulated by the Finance Bill
Generally, the Finance Bill makes amendments to existing rules and laws regarding taxes, government expenditure, financial policy, etc. As a result, laws such as the Income-Tax Act, The Indian Stamp Act, UTI Act or FRBM Act, Securities Contracts Regulation Act, Forward Contracts Regulation Act, Foreign Exchange Management Act, Prevention of Money Laundering Act, etc, may be amended by the Finance Bill.
 
Amendments made in Interim Budget 2019
 
a) Clause 4 of the Finance Act amended section 23 of the Income-tax Act to allow taxpayers an option to claim 'nil' annual income from any two houses declared as self-occupied, instead of one such house as was earlier applicable. It said that notional rent with regard to unsold inventory would not be charged to tax for up to two years, instead of one at present, from the end of the financial year in which the certificate of completion is obtained from a competent authority.
 
b) Clause 22 of the Finance Act amended sub-section (3) of section 8 of the Prevention of Money-laundering Act, 2002, so as to extend the time limit of 90 days for which the attachment remains valid during the period of investigation to one year, excluding stays by any court.
 

Latest Updates on Acts regulated by the Finance Bill

Know the Union Budget: What is a Finance Bill and why is it important?

5 min read Last Updated : Jul 02 2019 | 11:45 AM IST
Image
Rajya Sabha passes Interim Budget, Finance Bill 2019-20 without debate

1 min read Last Updated : Jul 02 2019 | 11:44 AM IST
Image
Lok Sabha clears Finance Bill; FM says tax proposals aimed at helping poor

2 min read Last Updated : Jul 02 2019 | 11:44 AM IST
Image
Angel tax row: Genuine start-ups can breathe easy, says FM Piyush Goyal

4 min read Last Updated : Jul 02 2019 | 11:44 AM IST
Image
Interim Budget 2019: Middle class cheer likely; I-T exemption cap may go up

4 min read Last Updated : Jul 02 2019 | 11:45 AM IST
Image
News Digest: Patel slams govt, Finance Bill passed in Lok Sabha, and more

3 min read Last Updated : Jul 02 2019 | 11:45 AM IST
Image
LS passes Finance Bill 2018; unlisted stocks to get indexation benefits

5 min read Last Updated : Jul 02 2019 | 11:45 AM IST
Image
Opposition says govt trying to bulldoze Finance Bill without discussion

3 min read Last Updated : Jul 02 2019 | 11:45 AM IST
Image