Lok Sabha passes Finance Bill 2019
New Delhi: The Finance (No.2) Bill, 2019 that contains tax proposals for the current fiscal, was passed in Lok Sabha on Thursday.
Speaking about the Bill, Finance Minister Nirmala Sitharaman said that the tax proposals in the Finance Bill 2019 are aimed at improving the ease of living and reducing the pain of the citizens.
The Finance Minister told the House, the Bill will bring clarity in Central Road and Infrastructure Fund and reduce Corporate tax from 30 to 25 per cent for companies with a turnover of up to 400 crore rupees.
Sitharaman also clarified that the amendment to the Reserve Bank of India Act is to strengthen its regulatory powers with regard to Non-Banking Financial Companies.
After the amendment, the RBI can now take over the regulation of NBFCs, supersede its Board, remove auditors and can even split them for the benefit of people.
Referring to the imposition of 1 per cent TDS on cash withdrawal beyond Rs 1 crore, the Finance Minister said the tax could be adjusted against the liability of the assesses and hence there will be no additional burden on them.
Finance Bill 2019, Finance Minister , Nirmala Sitharaman, Lok Sabha,