Harmonisation/Arrangement of Provisions Contained in Finance Bill/Act

Latish Alwani | Last updated: 28 March 2023

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This article details the harmonisation and arrangement of provisions within the Finance Act, 2020, focusing on income tax rates for the Assessment Year 2020-21. It outlines the commencement dates for various sections of the Act and explains the applicable income tax rates, including surcharges, for different categories of assessees. The document also covers amendments related to direct and indirect taxes, health cess, and miscellaneous provisions, referencing various schedules and specific sections of the Act.

(Considering Finance Bill, 2020) Chapter I: Preliminary A bill to give effect to the Financial Proposals of C.G. for the F.Y.2020-21 Section 1(2) of Finance Act: Save as otherwise provided in this act : (a) Section - 2 to 104 shall come into force on 1st day of April, 2020 (b) Se

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FAQ :

Sections 2 to 104 of the Finance Act come into force on the 1st day of April, 2020, unless otherwise specified.

The income tax rates for AY 2020-21 are the same as those prescribed for advance tax in FY 2019-20, as detailed in the First Schedule, Part-III of the previous Finance Bill/Act.

The article also covers amendments to direct tax, indirect tax (Custom, CGST, IGST, UTGST), health cess, and miscellaneous amendments to various acts like the Indian Stamp Act, 1899, and the Prohibition of Benami Property Transactions Act, 1988.

The Schedules cover particulars such as rates of income tax including surcharge for AY 2020-21, TDS rates for PY 2020-21, rates for advance tax and TDS on salaries, rules for computing net agricultural income, and amendments to custom tariffs.

Marginal Relief is a provision calculated at different levels (Income Tax, Surcharge, Aggregate of Income Tax & Surcharge) to provide relief to certain assessees, with Education Cess potentially applied to the marginal relief amount.