REUTERS



NEW DELHI: The government has decided to postpone a tax on deposits from Indian expatriates to April 1, 2005, the finance minister, P Chidambaram, said on Thursday.

Finance Bill passed amid NDA boycott

PTI


NEW DELHI: The Lok Sabha on Thursday passed the Finance Bill without discussion after the entire NDA opposition boycotted the House in protest against what it said Prime Minister Manmohan Singh's "insulting" behaviour towards them.


The Bill, which gives effect to tax proposals in the budget, was passed by voice vote after adopting several amendments moved by Government.

With its passage, the Lok Sabha has completed the three-stage budgetary exercise.

One of the amendments provide tax relief to those whose taxable income exceed Rs one lakh so that his or her real income is not drastically reduced from those earning upto Rs one lakh.

This has been necessitated as those earning upto Rs one lakh are totally exempted from tax while those earning say Rs one lakh one thousand would pay income tax from Rs 50,000 onwards.

Another amendment clearly defines who constitute "relative" for availing the gift tax benefit.

The Bill also carries necessary amendments incorporating the changes Finance Minister P Chidambaram announced on the transaction tax while replying to the budget discussion in the House.