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“Parliament passes Finance Bill” ; Provides 10-year income-tax exemption to National Bank

New Delhi; The bill provides a 10-year income-tax exemption to National Bank to Finance Infrastructure and Development. It also provides for a 5-year tax exemption to the private sector development finance institutions. The Union Budget document offers many tax changes for the forthcoming financial year, which concerns several subsisting laws. The Finance Bill solicits to include amendments into all the concerned laws, neglecting no need for bringing separate amendments for each of the Acts.

Bill was passed by the lower house of the Parliament with several amendments. It proposes some changes in proposals which were made in union budget 2021 to boost the ease of doing business and easing compliance burden. Finance Minister Nirmala Sitharaman said that the bill has remarkable changes in the proposals presented in the union budget, which were created to promote the efficiency of doing business and easing the compliance burden.

The Minister added stating that there will be no difference in the rate of income tax. Many opposition members had shown out the increasing prices of petrol and diesel during the debate on the bill and said petroleum goods should be taken under the Goods and Services Tax (GST) Council.

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The bill provides a 10-year income-tax exemption to National Bank to Finance Infrastructure and Development. It also provides for a 5-year tax exemption to the private sector development finance institutions. According to the bill, senior citizens who get pension and interest income have exempted from filing tax returns. However, no changes have been made in the income tax rate.

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