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Question

With respect to the Finance Bill, consider the following statements:

I. Imposition

II. Amendment

III. Remission

IV. Alteration

V. Regulation

Which of the above is/are related to Fiancnace bill with taxes proposed in the Budget?

A I and II only Correct Answer Incorrect Answer
B II, III and IV only Correct Answer Incorrect Answer
C II, III and V only Correct Answer Incorrect Answer
D I, II, III and IV Correct Answer Incorrect Answer
E I, III, IV and V Correct Answer Incorrect Answer

Solution

At the time of presentation of the Annual Financial Statement before the Parliament, a Finance Bill is also presented in fulfillment of the requirement of Article 110 (1)(a) of the Constitution, detailing the imposition, abolition, remission, alteration or regulation of taxes proposed in the Budget. It also contains other provisions relating to Budget that could be classified as Money Bill.

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