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of <h1>Finance Act 2018 amends MP Salary Act, 1954: Raises allowances, introduces pension adjustment every 5 years per Cost Inflation Index.</h1> The Finance Act, 2018 amends Section 8A of the Salary, Allowances, and Pension of Members of Parliament Act, 1954. The amendment increases the specified amounts in sub-section (1) from 'twenty thousand rupees' to 'twenty-five thousand rupees' and in the proviso from 'fifteen hundred rupees' to 'two thousand rupees.' Additionally, a new sub-section (1A) is introduced, stipulating that pensions and additional pensions will be adjusted every five years starting from April 1, 2023, based on the Cost Inflation Index as outlined in the Income-tax Act, 1961.
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