THE FINANCE (NO. 2) BILL, 2024
A
BILL
to give effect to the financial proposals of the Central
Government for the financial year 2024-2025.
BE it enacted by Parliament in the Seventy-fifth Year of the
Republic of India as follows:––
CHAPTER I
AS INTRODUCED IN LOK SABHA
ON 23RD JULY, 2024
Bill No. 55 of 2024
PRELIMINARY
Short title and commencement.
1. (1) This Act may be called the Finance (No. 2) Act, 2024.
(2) Save as otherwise provided in this Act,– -
(a) sections 2 to 87 shall be deemed to have come into force on the 1st day of April, 2024;
(b) sections 110 to 153 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
CHAPTER II
RATES OF INCOME-TAX
Income-tax. 2. (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2024, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each case in the manner provided therein.
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