Finance Law Or Act:
This is one of the most important law in India which plays a vital role in the beginning of every financial year before the financial proposals.
Unless there is any exception, Finance act applies to all union territories and the states of India.
Does finance Act changes?
Finance Act keeps changing every year, finance act renews itself each year. Finance Act includes all the financial policies of government. President of India is responsible for expressing this financial Act.
Finance Act has one major role to play as in terms of income tax rule and the income tax Rates. This includes all the elements related to the tax and the tax payers ex: - income, tax slab, tax, surcharges, advance tax.
Elements which gets change under finance act:
The Finance Act contains necessary amendments in the direct taxes (e.g. income tax and wealth tax) and indirect taxes (e.g. excise duties, custom duties and service tax) signifying the policy decisions of the Union Government.
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