Memorandum Explaining the Provisions in the Finance Bill

The Finance Bill is a Money Bill according to the definition in Article 110 of the Indian Constitution. The Finance Bill contains tax proposals of the government explaining new taxes, changes in rates of existing taxes. This Bill, which could be about expenditure, revenues, and government borrowings, is part of the Union Budget and submitted to Parliament for its approval. It is accompanied by the Memorandum Explaining the Provisions in the Finance Bill. As the name suggests, the memorandum explains the provisions of the changes proposed by the Finance Bill.