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FM Nirmala Sitharaman to move Finance Bill in Lok Sabha today

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The Finance Bill is a crucial part of the Union Budget. It includes tax proposals and other financial measures announced by the government.
Finance Minister Nirmala Sitharaman is set to move the Finance Bill 2023 in the Lok Sabha on March 24, 2023, which will incorporate the tax proposals announced during the Union Budget 2023-24. This bill will include amendments to the Income Tax Act, Customs Act, and other related laws to implement changes like the new tax regime, adjustments in tax slabs, and modifications in tax exemptions and deductions. Key changes include the increase in the income tax rebate limit to Rs 7 lakh under the new tax regime, making it the default option, and the introduction of a standard deduction for salaried individuals. Additionally, the bill will address the taxation of online gaming, changes in the taxation of Market Linked Debentures (MLDs), and the removal of tax benefits for certain insurance policies. The Finance Bill will also cover the government's decision to tax high-value life insurance policies and the taxation of income distributed by REITs and InvITs.

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