Introduced in Lok Sabha on March 16, 2012 (ii) Debated and Passed in Lok Sabha on May 7, 2012 & May 8, 2012 (iii) GAzette Notification May 28, 2012

                                          As Introduced                       Errata                  Act 23 of 2012

The object of the Bill is to give effect to the financial proposals of the Central Government for the financial year 2012-2013. The notes on clauses explain the various provisions contained in the Bill. 

Bill to give effect to the financial proposals of the Central Government for the financial year 2012-2013. Be it enacted by Parliament in the Sixty-third Year of the Republic of India as follows:—CHAPTER IPRELIMINARY 1. (1) This Act may be called the Finance Act, 2012. (2) Save as otherwise provided in this Act, sections 2 to 118 shall be deemed to have come into force on the 1st day of April, 2012. CHAPTER II RATES OF 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, 2012, 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 purposes of the Union, calculated in each case in the manner provided therein In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds one lakh eighty thousand rupees, then,— (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after the first one lakh eighty thousand rupees of the total income but without being liable to tax], only for the purpose of charging income-tax in respect of the total income;