Finance Bill 2016

 

Finance Bill & Finance Act





1 The Finance Minister presents the Annual Financial Statement before the Parliament soon after the Budget speech.

2 The Finance Bill is one of the Budget documents, which contains tax proposals made by the government for a specific period.

3 The Parliament has 75 days to discuss, deliberate and seek an explanation for the proposals in the Budget before passing the Finance Bill.

4 To provide time for discussion, a sufficient expenditure amount is determined for the period till the Budget is passed.

5 After a discussion on the Budget, the Houses are adjourned to receive reports of the Standing Committee for Demands for grants from ministries.

6 After the report is placed and discussed at length, and changes, if any, are made to the proposals, the Budget and Budget documents are put to vote.

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