Finance Acts in Indian Tax System

The Finance Act is an annual legislation enacted by the Government of India to give effect to the Union Budget proposals, including amendments to direct and indirect tax laws. It outlines changes in income tax rates, exemptions, deductions, GST, customs duties, and other fiscal policies for the financial year.

Once Parliament passes the Finance Bill and receives the President’s assent, it becomes the Finance Act, forming the legal foundation for taxation and government revenue collection.

For the latest Finance Acts and related provisions, visit the official website of the Income Tax Department.INCOME TAX INDIA