Finance Bill, 2017 as passed by Lok Sabha.

The Finance Bill 2017, as passed by the Lok Sabha today, is available for download. There are several important and landmark amendments proposed in the said Bill.

The Finance Bill has 40 amendments. The amendments to the Finance Bill include a provision to cap legal cash transactions at Rs 2 lakh from 1st April. The bill had originally proposed the cap at Rs 3 lakh. Arun Jaitley, the Hon’ble Finance Minister, said the cap on cash transactions is being reduced to curb generation of black money and the move to introduce electoral bonds is for cleansing the political funding.

Besides, amendments to the Companies Act, the Employees Provident Fund Act, Smuggling and Foreign Exchange Act, TRAI Act and Information Technology Act were passed.

One of the important amendments is making Aadhaar number mandatory for filing of Income Tax returns to curb tax evasion and frauds.

The Bill was passed by the House by voice vote. Unfortunately, there as a walkout by the members of the Congress and the BJD.

Finance Bill 2017 as passed by Lok Sabha.

Advertisements

Share your views

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: