Rates of Income Tax for FY 2019-20 – Finance Bill 2019

Rates of Income Tax for FY 2019-20 – Finance Bill 2019

RATES OF INCOME TAX – FINANCE BILL 2019

THE FINANCE BILL, 2019
A
BILL

to continue the existing rates of income-tax for the financial year 2019-2020 and to provide for certain relief to taxpayers and to make amendments in certain enactments.
BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:—

CHAPTER I
PRELIMINARY

1. (1) This Act may be called the Finance Act, 2019.
(2) Save as otherwise provided in this Act, sections 2 to 10 shall come into force on the 1st day of
April, 2019.

CHAPTER II
RATES OF INCOME-TAX

Short title and commencement.
2. The provisions of section 2 of, and the First Schedule to, the Finance Act, 2018, 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, 2019, 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, 2018, with the following modifications, namely:––
(a) in section 2,––
(i) in sub-section (1), for the figures “2018”, the figures “2019” shall be substituted;
(ii) in sub-section (3), for the first proviso, the following proviso shall be substituted, namely:––
“Provided that the amount of income-tax computed in accordance with the provisions of section 111A or section 112 or section 112A of the Income-tax Act shall be increased by a surcharge, for the purposes of the Union, as provided in Paragraph A, B, C, D or E, as the case
may be, of Part I of the First Schedule:”;
(iii) for sub-section (11) and sub-section (12), the following sub-section shall be substituted, namely:––
‘(11) The amount of income-tax as specified in sub-sections (1) to (3) and as increased by the applicable surcharge, for the purposes of the Union, calculated in the manner provided therein, shall be further increased by an additional surcharge, for the purposes of the Union, to be called the “Health and Education Cess on income-tax”, calculated at the rate of four per cent. of such income-tax and surcharge so as to fulfil the commitment of the Government to provide and finance quality health services and universalised quality basic education and secondary and higher education.’;
(iv) sub-section (13) and sub-section (14) shall be renumbered as sub-section (12) and sub-section (13), respectively;
(v) in sub-section (13) as so renumbered, in clause (a), for the figures “2018”, the figures “2019” shall be substituted;
(b) in the First Schedule,––
(i) for Part I, the following Part I shall be substituted, namely:––

“PART I
INCOME-TAX

Paragraph A
(I) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies,—

View Detailed Report