Finance Act, 2013: A Financial Literacy Input for the Individual Tax Payers

The Taxpayers in India are the elite group and contribute tax purely in the Economic Growth and Development of Indian economy. The total number of taxpayers in India is at 3.63 crores as on 31st March, 2012. The Union Budget was presented by the expert and Honorable Finance Minister of India Sri C. Chidambaram in the Parliament. The Finance Bill of the year becomes the Finance Act after the approval of the President of India. The Income Tax Act, 1961, is applicable throughout India, with effect from 1st of April 1962, except Jammu and Kashmir. Agriculture income is totally exempted from tax under section 10 of Income Tax Act, 1961. Direct and Indirect Taxes are one of the sources of revenue to the Government for the welfare of the general public. Hence, the present paper proposes to examine the FINANCE ACT, 2013