Finance Bill 2014 Proposes Maintaining 2013 Income-Tax Rates for 2014-15 with Modifications per Clause 2

The Finance Bill, 2014 aims to maintain the existing income-tax rates for the financial year 2014-15, as outlined in the Finance Act, 2013. Clause 2 addresses the continuation of these rates for tax deduction at source from salaries and other incomes, as well as for computing advance tax. The Bill proposes applying the provisions of the Finance Act, 2013, with necessary modifications, to the assessment and financial year 2014-15. The President has recommended the introduction and consideration of this Bill in the Lok Sabha following the Budget presentation on February 17, 2014.

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