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Budget gets Parliamentary approval

Written by: Staff

New Delhi, Mar 21 (UNI) With the Rajya Sabha returning the Finance Bill 2006, Parliament today completed the entire procedure for passage of the Budget for 2006-07.

The Rajya Sabha, after debating the Finance Bill, returned it to the Lok Sabha which has already passed it.

The entire procedure for passage of the Budget has been cut short because of Assembly elections in five States. Normally, the Budget is passed in phases with the Finance Bill getting Parliamentary approval after the break of the Budget session in May.

Earlier, replying to the debate, Finance Minister P Chidambaram said the government would make the filing of income tax returns under SARAL form simpler. The government is also willing to widen the service tax net to bring lawyers and doctors within the ambit of this tax.

He made it clear that the profit-making cooperative banks would also have to file returns and pay income tax like any other bank. An amount of Rs 14,500 crore has been earmarked to restore the sick co-operative banks to life.


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