Download complete finance bill presented in Budget 2019


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

Short title and commencement.

CHAPTER II RATES OF INCOME-TAX

2. The provisions of section 2 of, and the First Schedule to, the Finance Act, 2018, shall apply in 10 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, -

15 (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

25 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", calculated at the rate of four per cent. of such income-tax and surcharge so as to fulfill the commitment of the Government to provide and finance quality health services and universalized quality basic education and secondary and higher education.’;
30

(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;

To Download complete Finance Bill : Click Here


Posted :
on 01 February 2019
 
Published in Union Budget
Source : ,
Views : 2934



×
close
CA Coaching
Online GST Class    |    x