IMPACT OF FINANCE BILL 2018 ON SALARIED PERSON TAX

The Finance bill is an important bill in India and the Central Government, through this bill, gives effect to financial proposals at the beginning of every Financial Year . Every Finance bill is assented by the President of India after passing in the both houses of parliament. After it finance bill become Finance Act .This Act applies to all the States and Union Territories of India unless specified otherwise. Finance Act thus making this Act one that renews itself each year. All the Governmental financial policies are included in this Act. The existing policies, new policies, as well as changes made to existing policies are all included here all the elements included in the Finance Act associated with a particular Financial Year are of course important. Even so, there are particular elements that take precedence over the others. The most important element is the rules laid down in the Act with respect to Income Tax Rates. Every year, the Act lays down in detail all the associated provisions related to Income Tax in the country. Since this applies to a large number of taxpayers, it is considered one of the most important elements. The Finance Act for a particular financial year also includes the amendments that have been made with respect to Direct Taxes. The Amendments made under various sections are noted down in this section of the Finance Act and each amendment of every section is noted down separately it also included the details of the insertion of new sections, if any This paper will help to analysis the impact of finance bill 2018 on salaried person tax.