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WHAT ARE ACTS REGULATED BY THE FINANCE BILL

Generally, the Finance Bill makes amendments to existing rules and laws regarding taxes, government expenditure, financial policy, etc. As a result, laws such as the Income-Tax Act, The Indian Stamp Act, UTI Act or FRBM Act, Securities Contracts Regulation Act, Forward Contracts Regulation Act, Foreign Exchange Management Act, Prevention of Money Laundering Act, etc, may be amended by the Finance Bill.
 
Amendments made in Interim Budget 2019
 
a) Clause 4 of the Finance Act amended section 23 of the Income-tax Act to allow taxpayers an option to claim 'nil' annual income from any two houses declared as self-occupied, instead of one such house as was earlier applicable. It said that notional rent with regard to unsold inventory would not be charged to tax for up to two years, instead of one at present, from the end of the financial year in which the certificate of completion is obtained from a competent authority.
 
b) Clause 22 of the Finance Act amended sub-section (3) of section 8 of the Prevention of Money-laundering Act, 2002, so as to extend the time limit of 90 days for which the attachment remains valid during the period of investigation to one year, excluding stays by any court.
 

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