Tax bill

A tax bill is a draft law dealing with taxation that the government introduces in Parliament or another legislative body. The bill is examined, debated, and may be revised during the legislative process. It becomes legally binding only after it has been approved by both houses and formally assented to by the President, at which point it is enacted as a tax law.

Example: For instance, the government might table a Finance Bill proposing adjustments to income tax slabs, new deductions, or updates to GST rules. After going through parliamentary debate, possible amendments, and presidential assent, it is enacted as the Finance Act, which then governs how taxpayers are taxed.