Part III of previous year's Finance Act becomes Part I of current Finance Act?

This query is : Resolved

neeraj avinash kotwal (Querist)
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24 November 2022 Does Part III of previous year's Finance Act becomes Part I of current Finance Act?

Similarly will the Part III of current Finance Act become Part I of the next Finance Act?

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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09 July 2024 No, the Parts of Finance Acts in India do not transition in a sequence where Part III of one Finance Act automatically becomes Part I of the next Finance Act. Each Finance Act is enacted annually and independently, based on the fiscal policies and budgetary changes proposed by the government for that specific financial year.