As per the reports received by us Finance bill 2016 is passed by Lok Sabha today . Finance bill 2016 was having 128 clauses proposing amendment to Income Tax Act, 1961. Finance bill 2016 was presented in Lok Sabha by Finance Minister Arun Jaitley on 29th February 2016.
Bill passed by Lok Sabha has 47 Amendments in 128 clauses which is almost 36.70 %, which means govt has amended 36.70% of clauses presented by it in Lok Sabha on 29.02.2016 while getting the same passed in Lok Sabha on 05.05.2016.
The bill will now go to Rajya Sabha for approval and after Rajya Sabha approves it the same will be sent to Honourable President for his Assent, on receipt of assent the same will become and act applicable from the date of its notification.