STATEMENT - STATEMENT OF OBJECTS AND REASONS - Finance Bill, 2024

STATEMENT OF OBJECTS AND REASONS The object of the Bill is to continue the existing rates of income-tax for the financial year 2024-2025 and to give effect to certain financial proposals of the Central Government for the financial year 2024-2025. PRESIDENT S RECOMMENDATION UNDER ARTICLES 117 AND 274 OF THE CONSTITUTION OF INDIA [Copy of letter No. 2(6)-B(D)2024, dated the 31st January, 2024 from Smt. Nirmala Sitharaman, Minister of Finance, to the Secretary-General, Lok Sabha]. The President, having been informed of the subject matter of the proposed Bill, recommends under clauses (1) and (3) of article 117, read with clause (1) of article 274, of the Constitution of India, the introduction of the Finance Bill, 2024 to the Lok Sabha and also recommends to the Lok Sabha the consideration of the Bill. 2. The Bill will be introduced in the Lok Sabha immediately after the presentation of the Budget on the 1st February, 2024.