The Finance Bill, 2021 has received the assent of the President, Shri Ram Nath Kovind, on 28th March, 2021. The Finance Act, 2021 (No. 13 of 2021) contains 172 Sections impacting more than 20 Acts. This Act shall enforce various provisions with effect from 01-02-2021 (i.e., taxation of ULIPs, discontinuation of settlement commission, etc.), some provision shall come into force from 01-04-2021 (i.e., new income escaping assessment procedure, Section 194P, Section 194Q, etc.)
MINISTRY OF LAW AND JUSTICE
(Legislative Department)
New Delhi, the 28th March, 2021/Chaitra 7, 1943 (Saka)
The following Act of Parliament received the assent of the President on the
28th March, 2021, and is hereby published for general information:—
THE FINANCE ACT, 2021 NO. 13 OF 2021
[28th March, 2021.]
An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.
BE it enacted by Parliament in the Seventy-second Year of the Republic of India as follows:––
CHAPTER I
PRELIMINARY
1. (1) This Act may be called the Finance Act, 2021.