Section 142 of Finance Act 2018 : Amendment of section 3

By | April 1, 2018
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(Last Updated On: April 20, 2018)

Section 142 of Finance Act 2018

[Section 142 of Finance Act 2018 deals with Amendment of section 3 of Act 20 of 1953 and is covered in CHAPTER VIII MISCELLANEOUS]

Amendment of section 3

142. In the Salary, Allowances and Pension of Members of Parliament Act, 1954 (30 of 1954) (hereafter referred to as the principal Act in this Part), section 3 shall be numbered as sub-section (1) thereof,—

(i)in sub-section (1) as so renumbered, for the words “fifty thousand rupees”, the words “one lakh rupees” shall be substituted;
(ii)after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:—
“(2) The salary and daily allowance of members shall be increased after every five years commencing from 1st April, 2023 on the basis of Cost Inflation Index provided under clause (v) of Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961).”.

Finance Act 2018 : Assented by President : Download Print Notification

 

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