Introduction
When the parliament passes any law it is called a bill. The Union budget deals with taxes, government
expenditure, Government borrowings, revenue, etc. in the bill which is called the finance bill. A finance bill means the Bill ordinarily introduced each year to give effect to the financial proposals to the
government of India. It is introduced by the Lok Sabha only. However, the Rajya Sabha can
recommend amendments to the bill. The parliament passed a Bill within 75 days of its introduction.
Finance Bill
Finance Bill is a Money Bill, in which the government seeks to Levy new taxes. It makes an alteration in
the current Tax structure or makes a proposal for the continuance of the tax structure. In Certain periods Tax Structure was originally approved by the Parliament. This Bill passed for one Fiscal year.
Parliament introduced a new financial bill each year with some changes or modifications.
Features of the Finance Bill:- some features of the Finance Bill are given following:-
• It contains provisions related to levy of taxes, expenditure, or any other matter.
• Finance Bill only introduced by the Lok Sabha.
• Rajya Sabha can make recommendations to the bill and it will retune within 14 days of
receiving after that it will be passed.
• Lok sabha has the power to accept or reject the recommendation in the bill by the Rajya Sabha.
After that Lok sabha will have to inform the Rajya Sabha about the status of
the recommendation which is made by the Rajya Sabha.
• If the bill is returned without any recommendation to the Lok Sabha then this bill will be
introduced to the president for his/her endorsement.
• The bill will pass by both the Houses of Parliament.
Changes in the Ta Structure:-
• Another expense system was presented by the public authority which an individual could decide to
pay taxes at lower rates. However, very few deductions and exemptions were available. If you
are a salaried person then you can change the regime every year but if you have your own business
then the same regime is not applicable.
• Prior, to assume that you neglected to document your annual expense forms by 31 July, you could finish it inside 31st March of the next year including any correction required. In case you miss the filing of your Income Tax returns by the due date then he may pay the last date 31 December of the
same financial year.
• Dividends received from Indian companies as well as mutual fund schemes were exempted
from being taxed until the date of 31st March 2020. The new changes in tax structure remove
the exemption on your dividend income and it makes be taxable. It will be taxable if the
dividend income exceeds Rs.5000.
• The interest received on your provident fund account to your own contribution was
completely exempted from being taxed even beyond the 12% of your basic salary. However,
the changes in tax structure mean that you can no longer enjoy this exemption for the annual
commitments made past Rs.2.50 Lakhs consistently after the first April 2021.
Amendment of Finance Bill, 2022
The Lok Sabha passed the amendment in the Finance Bill on 25 March 2022. In the amended
The finance bill has more than 35 changes which were introduced on 1st February 2022. A few changes
made in the Finance (Amendment)Bill,2022 are given below:-
• Misfortune from one virtual advanced Asset (VDA) can’t be set off against payment from another
virtual digital asset.
• In Financial Bill (Amendment), 2022 in section 115BBH to override all other provisions to
income tax from the transfer of VDA at 30%. There is no cost of acquisition of VDA if.
The calculation arrangement of segment 115BBH wouldn’t fizzle.
• In case of search, survey, or requisition filing of updated return was restricted.
• According to section 139(3) filing of Loss Return can also be updated.
• Recomputation of income due to disallowance of surcharge/ cess.
• Clarification amendment on taxation of Long- term capital gains referred to in section 112A
for non-resident.
• Cancelation provisions extended for provisionally approved institutions.
• According to section 10(23C) and section 10(46) benefits of restriction.
• If a person as referred to in section 13(3) receives gifts from trust not exempted under
Financial Bill (Amendment), 2022.
• To ensure the tax required to be deducted that Provider of benefit or perquisite.
• Books of records incorporate books kept up with/kept in electronic or computerized structure.
Conclusion
Lok Sabha introduced the financial bill and every year financial bill is introduced with some
notification or modifications. Finance Bill, 2022, Virtual Digital Assets could be a code or
number, or token which can be moved, set aside, or traded electronically. In the amended financial
bill, 2022 restriction on the filing of updated returns in case of search, survey, or requisition.
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