The Finance Bill was presented in the Lok Sabha on February 29, 2016. On May 5, 2016, the Lok Sabha passed the Finance Bill, 2016 and later on it was approved by the Rajya Sabha. The Finance Bill, 2016 received the presidential assent on May 14, 2016.
Now it becomes the Finance Act, 2016 (No. 28 of 2016) and same been notified in official Gazette of India on 14.05.2016 by Ministry Of Law And Justice (Legislative Department) and unless otherwise provided in this Act, sections 2 to 115 shall be deemed to have come into force on the 1st day of April, 2016.
Finance Act, 2016 (No. 28 of 2016) is been passed to give effect to the financial proposals of the Central Government for the financial year 2016-2017.
Republished with Amendment on 22.05.2016