Finance Bill loaded with 40 amendments to different laws passed by Lok Sabha
The Lok Sabha on 22-3-2017 passed the Finance Bill 2017. Earlier, the Finance Minister Shri Arun Jaitley moved 40 amendments to the Finance Bill proposing amendments in different laws including funding of political parties, use of Aadhar for filing Income Tax returns, cap of Rs.2 lakh on cash financial transactions and rationalisation of Tribunals and Appellate Tribunals. The following are the main features of the amendments moved in the Finance Bill 2017 :
(a) Aadhar made mandatory for PAN and Income Tax
(b) Removal of Cap of 7.5% of average net profit of the last three years for companies making political donations so as to allow higher corporate donations while curbing black money and unknown source of political donations.
(c) Limit on cash transactions has been reduced to Rs. 2 l...