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of <h1>Finance Act 2018 Amends MP Salary Act: Salary Doubled, New Inflation Adjustment Every Five Years Starting 2023.</h1> Section 3 of the Salary, Allowances and Pension of Members of Parliament Act, 1954 has been amended by the Finance Act, 2018. The amendment renumbers section 3 as sub-section (1) and increases the salary from fifty thousand rupees to one lakh rupees. Additionally, a new sub-section (2) is introduced, stipulating that the salary and daily allowance of members will be adjusted every five years starting from April 1, 2023, based on the Cost Inflation Index as per the Income-tax Act, 1961.
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