Clause 139 - Amendment of section 3 - Finance Bill, 2018

139. Amendment of section 3. In the Salary, Allowances and Pension of Members of Parliament Act, 1954 (30 of 1954) (hereafter referred to as the principal Act in this Part), section 3 shall be numbered as sub-section (1) thereof,- (i) in sub-section (1) as so renumbered, for the words fifty thousand rupees , the words one lakh rupees shall be substituted; (ii) after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:- (2) The salary and daily allowance of members shall be increased after every five years commencing from 1st April, 2023 on the basis of Cost Inflation Index provided under clause (v) of Explanation to section 48 of the Income -tax Act, 1961 (43 of 1961). .