Ministry of Law & Justice, Govt. of India has notified the Finance Act 2022, post assent/ approval of the Hon’ble President of India on 30/03/2022, in respect of the Budget Proposals (2022) for financial and direct/ indirect taxation issues, relating to FY 2022-23/ AY 2023-24.
It may be noted that the Finance Bill 2022 was presented in Lok Sabha on 01/02/2022 and passed on 25/03/2022 with 39 amendments thereto proposed by the FM subsequently. After obtaining assent on 30/03/2022 from the Hon’ble President of India, the Finance Bill, 2022 has now turned as the Finance Act, 2022.
Further, it may be noted that Sections 2 to 85 of the Finance Act, 2022 shall be applicable w.e.f. 01/04/2022 and Sections 100 to 114 of the Finance Act, 2022 shall be applicable from a date as may be notified later by the Government. In respect of all other Sections of the Finance Act, 2022, the date of applicability is mentioned in the respective clauses or the date of Notification may be construed as the date of applicability.
GOI Notification dt. 30/03/2022: Finance Act 2022
The following Act of Parliament received the assent of the President on 30/03/2022 and is hereby published for general information:-
THE FINANCE ACT, 2022
No. 6 OF 2022
An Act to give effect to the financial proposals of the Central Government for the financial year 2022-2023.
BE it enacted by Parliament in the Seventy-third Year of the Republic of India as follows:-
CHAPTER I: PRELIMINARY
1. Short title and commencement:
(1) This Act may be called the Finance Act, 2022.
(2) Save as otherwise provided in this Act,-
(a) sections 2 to 85 shall come into force on 01/04/2022;
(b) sections 100 to 114 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. (..contd.. please refer above attachment)