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

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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;

(i) INtroduced on March 15, 2013 (ii) Passed by Lok Sabha On 15th March, 2013 (iii) Rajya Sabha On March 21, 2013) 

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(i) INtroduced on March 15, 2013 (ii) Passed by Lok Sabha On 15th March, 2013 (iii) Rajya Sabha On March 21, 2013) 

                                                As Introduced                          Act 12 of 2013

This Bill is introduced in pursuance of articles 204(1), 205 and 207 (1) of the Constitution of India, read with the Proclamation issued under article 356 of the Constitution in respect of the State of Jharkhand on the 18th January, 2013, to authorise payment and appropriation of certain further sums from and out of the Consolidated Fund of the State of Jharkhand of the moneys required to meet the supplementary expenditure charged on the Consolidated Fund of the State of Jharkhand and the grants made by the Legislature for expenditure of the Government of Jharkhand for
the financial year 2012-13.

(i) Passed by Lok Sabha on Feb. 19, 2014) (ii) Passed by Rajya Sabha on Feb 21, 2014)

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            As Introduced              As Passed by Lok Sabha                      Act 11 of 2014 

BILL to continue the existing rates of income-tax for the financial year 2014-2015. BE it enacted by Parliament in the Sixty-fifth Year of the Republic of India as follows:—CHAPTER I  PRELIMINARY

1. (1) This Act may be called the Finance Act, 2014. (2) Section 2 shall come into force on the 1st day of April, 2014. CHAPTER II RATES OF INCOME-TAX 

2. The provisions of section 2 of, and the First Schedule to, the Finance Act, 2013, shall apply in relation to income-tax for the assessment year or, as the case may be, the financial year commencing on the 1st day of April, 2014, as they apply in relation to income-tax for the assessment year or, as the case may be, the financial year commencing on the 1st day of April, 2013, with the following modifications,  amely:–– (a) in section 2,–– (i) in sub-section (1), for the figures  “2013”, the figures “2014” shall besubstituted; (ii) in sub-section (3), for the first, second and third provisos, the following provisos shall be substituted, namely:––“Provided that the amount of income-tax computed in accordance with the provisions of section 111A or section 112 shall be increased by a surcharge, for purposes of the Union, as provided in Paragraphs A, B, C, D or Paragraph E of Part I of the First Schedule.