Finance Bill, 2020 passed in Lok Sabha

On March 23, 2020, Finance Minister Nirmala Sitaraman introduced the Finance Bill, 2020. The bill was introduced and passed in Lok Sabha without any discussion.

Key Features of the Bill

The bill provides the financial proposals of the fiscal year 2020-21. With the bill being passes, the proposals made under the Union Budget 2020-21 has come into effect. The GOI proposed to spend Rs 30,42,230 crores of rupees in the financial year 2020-21. This is 12.7% more than the revised estimate of 2019-20.

NRI

Several amendments have been made to the bill. The passed bill withdrew certain features that affected non-resident Indians. It includes NRIs with income more than 15 lakhs from business owned by them in India will fall under tax net. However, their global income is not to be taxed.

The bill has abolished Dividend Distribution Tax. It is the tax imposed by the GoI on Indian Companies based on the dividend paid by them to their investors.

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