What are the new rules under the Finance Bill?
The Finance Bill 2017, which has been passed by the Lok Sabha, comes with a number of amendments, including imposing a limit of ?2 lakh on cash transactions. The Bill also makes Aadhaar mandatory for filing Income Tax returns and for getting a PAN. Further, the Bill enables Income Tax officers to raid homes without providing any reason.
The controverisal Finance Bill of 2017, that was introduced by Finance Minister Arun Jaitely as a Money Bill in the Lok Sabha, and gotten it passed with the majority the Bharatiya Janata Party enjoys in the lower house, was reintroduced today after the Rajya Sabha recommended five amendments to it. As predicted by experts, the Lok Sabha rejected the amendments suggested by the upper house and passed the bill in its original form.Â  The Lok Sabha introduced by Jaitley was strongly opposed by the opposition parties of RSP, TMC and BJD. The Opposition has termed the introduction of the amendments as "back-door" legislating and taking away right of Parliament to frame laws.Jaitley defended the amendments with the argument that they were all "incidental provisions" to the Finance Bill. He said the amendment is made to provide for uniform service conditions to its member judges. Lok Sabha Speaker Sumitra Mahajan had overruled the Opposition's objections, saying that rules permit "non-taxation proposals" to be included in the Finance Bill. "Incidental provisions can be made. That is why, keeping in view that rule 219 does not specifically bar inclusion of non-taxation proposals in a Finance Bill, I rule out the Point of Order," Mahajan had said while rejecting the objection moved by NK Premachandran (RSP). Here are a few things you should know about the Finance Bill, 2017:You can read more about the Finance Bill, 2017 here. || Read more ||Aadhaar must, transaction cap at Rs 2 lakh, electoral funding in cheques: Govt's 40 steps to curb corruptionAadhaar mandatory for filing I-T returns, applying for PAN cardFrom DailyO: Lok Sabha passes Finance Bill, 2017 - this is why we need to freak outUnion Budget 2017-18: Income Tax rate halved to 5 per cent for Rs 2.5-5 lakh slab