The Lok Sabha on Tuesday passed the Finance Bill 2019 a day before the end of the ongoing Budget Session of Parliament. While clearing doubts on the Finance Bill in the Lok Sabha, interim Finance Minister Piyush Goyal said that tax-related proposals in the bill are aimed at helping the poor and the middle-class people living on a tight budget.
"The Finance Bill, 2019 has been passed in Lok Sabha," the news agency ANI reported.
The Finance Bill, 2019 has been passed in Lok Sabha pic.twitter.com/Li6ObA0U4w— ANI (@ANI) February 12, 2019
Goyal also proposed to raise tax rebate for people having annual income up to Rs 5 lakh from Rs 2,500 to Rs 12,500, which will effectively ensure that they don't have to pay any tax. Those having an income of up to Rs 8-9 lakh too can take advantage of this if they invest in tax saving schemes.
The tax proposals are aimed at helping "poor and middle-class people living on a tight budget", Goyal said while moving the Finance Bill which contains tax proposals of the government.
Both the Houses have adjourned till Wednesday 11:00 am after concluding discussions on varied issues including employment in the tourism sector, GST and Citizenship Bill among others. Two bills including International Financial Services Centres Authority Bill and the Cinematograph (Amendment) Bill were introduced in the Rajya Sabha.
(With inputs from agencies)