Interim Budget 2019: Here is the full text of the Finance Bill

This is how the finance bill for the year 2019 was laid in the Parliament by the finance minister Piyush Goyal

THE FINANCE BILL, 2019

A BILL to continue the existing rates of income-tax for the financial year 2019-2020 and to provide for certain relief to taxpayers and to make amendments in certain enactments.
 

BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:—

CHAPTER I

PRELIMINARY

1. (1) This Act may be called the Finance Act, 2019.

(2) Save as otherwise provided in this Act, sections 2 to 10 shall come into force on the 1st day ofApril , 2019.

CHAPTER II

RATES OF INCOME-TAX

Short title and commencement.

2. The provisions of section 2 of, and the First Schedule to, the Finance Act, 2018, shall apply in relation to income-tax for the assessment year or, as the case may be, the financial year commencing on the 1st day of April, 2019, as they apply in relation to income-tax for the assessment year, or as the case may be, the financial year commencing on the 1st day of April, 2018, with the following modifications, namely:–– (a) in section 2,–– (i) in sub-section (1), for the figures “2018”, the figures “2019” shall be substituted; (ii) in sub-section (3), for the first proviso, the following proviso shall be substituted, namely:–– “Provided that the amount of income-tax computed in accordance with the provisions of section 111A or section 112 or section 112A of the Income-tax Act shall be increased by a surcharge, for the purposes of the Union, as provided in Paragraph A, B, C, D or E, as the case may be, of Part I of the First Schedule:”; (iii) for sub-section (11) and sub-section (12), the following sub-section shall be substituted, namely:–– ‘(11) The amount of income-tax as specified in sub-sections (1) to (3) and as increased by

the applicable surcharge, for the purposes of the Union, calculated in the manner provided therein, shall be further increased by an additional surcharge, for the purposes of the Union, to be called the “Health and Education Cess on income-tax”, alculated at the rate of four per cent. of such income-tax and surcharge so as to fulfil the commitment of the Government

to provide and finance quality health services and universalised quality basic education and secondary and higher education.’;

(iv) sub-section (13) and sub-section (14) shall be renumbered as sub-section (12) and sub-section (13), respectively;

(v) in sub-section (13) as so renumbered, in clause (a), for the figures “2018”, the figures “2019” shall be substituted;

(b) in the First Schedule,–– (i) for Part I, the following Part I shall be substituted, namely: 

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