Finance Bill It's a proposal given by the finance Ministry for changes in the laws in the country because of Changing economic and social needs.
Finance Bill is a Money Bill, the government seeks to levy new taxes, make alterations in the current tax structure, or make proposals for the continuance of the present tax structure for a certain period beyond what was originally approved by the Parliament. The Parliament approves this bill for one fiscal year.Finance Act: -
once the finance bill passed by the Lok Sabha, Rajya Sabha and the President. It then becomes the finance Act.
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| Red Tablet Halwa ceremony : -An integral part of the Budget making process, the Halwa ceremony marks the beginning of compilation of Budget documents. This traditional ceremony, held around 9-10 days before the Budget presentation, initiates the lock-in period for all finance ministry employees associated with making the Budget : Red tablet is the paperless form of budget which had been evolved from briefcase to bahi-khata and finally to tablet because of advanced technology. Appropriation Bill is to give the government the authority to withdraw the necessary capital from the Consolidated Fund of India in order to meet expenses that might occur during the fiscal year. The Finance Minister, Ms Nirmala Sitharaman presented the Interim Budget for 2024-25 on February 1, 2024. The Finace Bill 2024 (1) was passed by Lok Sabha on 7th Feb 2024. Rajya Sabha returned the Interim Budget bill on 8th Feb 2024 which completes the parliamentary approval. The Interim Budget Finance Bill gets the assent of President on 15th Feb 2024[herein after called finance Bill 2024] Finance Bill 2024(2):- Finance Minister Nirmala Sitharaman presented her seventh straight Budget on July 23 for the fiscal 2024-25. The Finance (No. 2) Bill, 2024 was passed by the Lok Sabha on August 6 and 7, 2024. The bill included over 30 changes from the original version, which was introduced on July 23, 2024. The Rajya Sabha returned the Appropriation Bill and the Finance Bill to the Lok Sabha on 8th August 2024, thus completing the parliamentary approval. The Interim Budget Finance Bill gets the assent of President on 16th Aug 2024[herein after called finance Bill 2024] *Budget is prepared every year as per Fiscal Responsibility and Budget Management Act 2003. [ unionbudget.nic.in ] |
