- Home
- Current Questions
- Finance Bill
Finance Bill
Consider the following statements with reference to the Finance Bill:
- The Finance Bill is a part of the Union Budget, stipulating all the legal amendments required for the changes in taxation proposed by the Finance Minister.
- This Bill encompasses all amendments required in various laws pertaining to tax, in accordance with the tax proposals made in the Union Budget.
- The Finance Bill, as a Money Bill, needs to be passed both by the Lok Sabha and the Rajya Sabha.
A |
Only 1
|
|
B |
1 and 2
|
|
C |
1 and 3
|
|
D |
1, 2 and 3
|
Your Ans is
Right ans is B
Your Answer Is Correct
Your Answer Is Wrong
Explanation :
- As per Article 110 of the Constitution of India, the Finance Bill is a Money Bill.
- The Finance Bill is a part of the Union Budget, stipulating all the legal amendments required for the changes in taxation proposed by the Finance Minister.
- This Bill encompasses all amendments required in various laws pertaining to tax, in accordance with the tax proposals made in the Union Budget.
- The Finance Bill, as a Money Bill, needs to be passed by the Lok Sabha — the lower house of the Parliament.
- Post the Lok Sabha’s approval, the Finance Bill becomes Finance Act.
Difference between a Money Bill and the Finance Bill
- A Money Bill has to be introduced in the Lok Sabha as per Section 110 of the Constitution. Then, it is transmitted to the Rajya Sabha for its recommendations.
- The Rajya Sabha has to return the Bill with recommendations in 14 days. However, the Lok Sabha can reject all or some of the recommendations.
News Crux
News Crux
News Crux
- Appointment & Resignation
- Art/Culture/Heritage
- Awards In News
- Bill/Act/Amendment
- Defence
- Defence/Military Exercises
- Famous Books
- Important Days/Weeks
- Important Decade
- Miscellaneous
- Obituary
- Organisation In News
- Persons In News
- Places In News
- Plans & Policy
- Reports/Committee/Commission
- Scheme & Programme
- Species In News
- Summit, Seminars & Conferences
- Survey/Index
- Web Portal & Apps
State In News
State In News
State In News
- Andhra Pradesh
- Arunachal Pradesh
- Assam
- Bihar
- Chhattisgarh
- Delhi
- Goa
- Gujarat
- Haryana
- Himachal Pradesh
- Jammu And Kashmir
- Jharkhand
- Karnataka
- Kerala
- Ladakh
- Madhya Pradesh
- Maharashtra
- Manipur
- Meghalaya
- Mizoram
- Nagaland
- Odisha
- Punjab
- Rajasthan
- Tamil Nadu
- Telangana
- Tripura
- Uttar Pradesh
- Uttarakhand
- West Bengal