Question

Consider the following statements about the Finance Bill:
1. A Finance Bill is also presented along with the Annual Financial Statement as per article 114 of the Constitution.
2. It contains the taxation proposals announced under the Union Budget.
Which of the above statements is/are correct?

• A. 1 only
• B. 2 only
• C. 1 and 2
• D. Neither 1 nor 2

Answer 1

Answer: (B)

2 only

At the time of presentation of the Annual Financial Statement before the Parliament, a Finance Bill is also presented in fulfillment of the requirement of Article 110 (1)(a) of the Constitution, detailing the imposition, abolition, remission, alteration or regulation of taxes proposed in the Budget. To facilitate understanding of the taxation proposals contained in the Finance Bill, the provisions and their implications are explained in the document titled Memorandum Explaining the Provisions in the Finance Bill.