Finance Bill 2023 PDF Summary
Dear readers, today we are going to offer Finance Bill 2023 PDF Download free for all of you. As you all would know that every year the Union Budget is presented in the Parliament as part of the documents. That is why, like every year, this year also the Finance Bill has been introduced recently. You can provide Finance Bill 2023 PDF format through this article.
Through this bill, you can easily get detailed information about this year’s budget, which will prove to be very beneficial for you. A finance bill is a money bill that is used to make changes to taxation proposed in the annual budget. Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 pdf in Parliament on 1 February.
After a bill is passed by the Lok Sabha, it is sent to the Upper House, which can return it without recommendations or withdraw it only within 14 days. Meanwhile, the recommendations of the Lok Sabha or the Rajya Sabha can be accepted or rejected. Further, if the bill is not returned by the Rajya Sabha within 14 days, it is deemed to have been passed by both Houses of Parliament.
Finance Bill 2023 PDF – Features
- Finance Bills are divided into three classes – Finance Bill Category I, Finance Bill Category II, and the Money Bill.
- Money Bills contain provisions related to regulation or borrowing, amendments to tax laws at the Union or the state level, withdrawal of money from a contingency or consolidated fund, etc.
- Finance Bills, of both categories, contain provisions related to expenditure, taxation, or any other matter.
- Even if the bill is returned with recommendations, the Lok Sabha has the power to accept or reject all of these recommendations. The Lok Sabha will have to inform the Rajya Sabha about the status of the recommendations.
- Whether the Lok Sabha accepts all the recommendations or not, the bill will be deemed to have been passed by both Houses.
- A Money Bill will always be a Finance Bill. However, a Finance Bill need not necessarily be a Money Bill.
- The Finance Bill can only be introduced in the lower chamber of the Parliament or the Lok Sabha.
- The Rajya Sabha can make recommendations to the bill. The bill will have to be returned by the Rajya Sabha within 14 days of receiving it, or else it will be deemed as passed.
- If the bill is returned without any recommendations to the Lok Sabha, the same will be presented to the President for his/her approval.
- For all other bills, the final passing of the said bill will happen at the Rajya Sabha. However, for Money Bills, the final passing will happen at the Lok Sabha. This will then be sent to the President of India for his/her assent.
- The President cannot return a Money Bill will recommendations to the Lok Sabha, for any purpose.
Finance Bill 2023 PDF
- The Finance Bill is introduced in the lower house right after the Union Budget is announced. When the government proposes changes in taxes such as remission, abolition, alteration, regulation, and imposition of new taxes, the Finance Bill gives effect to these proposals for the upcoming financial year.
- The bill makes the required amendments to the laws dealing with the various taxes and eliminates the need to bring a separate amendment law for each purpose.
- The Finance Bill becomes the Finance Act after it is passed in both houses of the Parliament and gets the assent of the President. The President can either withhold or give his assent to the Money Bill. He cannot return the Money Bill to the House.
Changes in the Tax Structure for FY 2023-24
The following are the changes in the 2023 tax structure as per the Union Budget 2023-2024:
- The number of slabs in the new tax structure has been reduced to five
- Tax rebate limit raised to Rs.7 lakh, which makes income up to Rs.7 lakh tax-free
- Income above Rs.5 lakh from insurance policies will not be tax-free
- Salaried persons with an income of Rs.15.5 lakh or above will be benefited by Rs.52,500
- Tax exemption on Leave Encashment limit raised to Rs.25 lakh from Rs.3 lakh
- Highest surcharge rate was reduced from 37% to 25%, thereby reducing the maximum tax rate to 39%
- The new income tax regime will now be the default tax regime
The new personal tax rates are:
- 0 to Rs.3 lakh- nil
- Rs.3 lakh to Rs.6 lakh- 5.00%
- Rs.6 lakh to Rs.9 lakh- 10%
- Rs.9 lakh to Rs.12 lakh- 15%
- Rs.12 lakh to Rs.15 lakh- 20%
- The acquisition financing will be permitted by the IFSC unit of foreign banks
- National Financial Information Registry (NFIR) is to be designed in consultation with the Reserve Bank of India
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