New Delhi: The Union Budget for 2024-2025 will be presented on July 23, 2024, at 11 am in the Parliament. She has earlier on February 1 presented the Interim Budget due to the 2024 Lok Sabha elections . This will be the first Budget by the BJP-led NDA government since it was re-elected last month. President Droupadi Murmu has officially approved the budget session to begin on July 22 and continue until August 12.
One of the main documents of the Union Budget is Finance Bill. The Finance Bill is presented before the Parliament every year as part of the Union Budget documents. Finance Bill is a Money Bill. It is used to implement changes in taxation proposed in the annual Budget.
A Bill is considered a Money Bill when it pertains only to financial matters like taxation, government revenues, public expenditures and government borrowings.
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As per Article 110 of the Constitution of India, a Finance Bill is a Money Bill which can only be presented in the lower house of the Parliament or the Lok Sabha. It can neither be introduced in Rajya Sabha nor can be referred to a Joint Committee of both houses.
Once the bill is passed by the Lok Sabha, it is sent to the upper house of the Parliament or the Rajya Sabha. The Rajya Sabha must return it with or without recommendations within 14 days. The Lok Sabha can either accept or reject the recommendations of the Rajya Sabha if any. However, if the bill is not returned by Rajya Sabha within 14 days, it is considered to have been passed by both houses of Parliament.
The Finance Bill becomes the Finance Act after it is passed in both houses of the Parliament and gets the assent of the President. The President can either withhold or give his assent to the Money Bill. He cannot return the Money Bill to the House.
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