THE FINANCE (NO. 2) BILL, 2024
A
BILL
to give effect to the financial proposals of the Central
Government for the financial year 2024-2025.
BE it enacted by Parliament in the Seventy-fifth Year of the
Republic of India as follows:––
CHAPTER I
AS INTRODUCED IN LOK SABHA
ON 23RD JULY, 2024
Bill No. 55 of 2024
![Budget 2024-25: The Finance (No. 2) Bill 2024 Budget 2024-25: The Finance (No. 2) Bill 2024](/img/preview/budget/20240127124459_finance_bill_2024.png?imgver=23583)
PRELIMINARY
Short title and commencement.
1. (1) This Act may be called the Finance (No. 2) Act, 2024.
(2) Save as otherwise provided in this Act,– -
(a) sections 2 to 87 shall be deemed to have come into force on the 1st day of April, 2024;
(b) sections 110 to 153 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
CHAPTER II
RATES OF INCOME-TAX
Income-tax. 2. (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2024, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each case in the manner provided therein.
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