[2] The Government of India presents the finance bill (budget) every year in the month of February.
Such amendments become part of the Income Tax Act after receiving approval of the President of India.
It is introduced to ensure the continuation of essential government expenditures required for the smooth functioning of the country.
The scope of total income is contingent on the category of the taxpayer and their residential status in India.
Arbind Modi, a member of the Central Board of Direct Taxes (CBDT), will lead the six-member panel, with Chief Economic Advisor Arvind Subramanian serving as a permanent special invitee.