Lok Sabha passes Finance Bill 2017 without including Rajya Sabha’s proposed amendments

Posted on:30 Mar 2017 15:31:05
Lok Sabha passes Finance Bill 2017 without including Rajya Sabha’s proposed amendments
30 March 2017 Current Affairs: The Parliament passed the Finance Bill 2017, even as the Lok Sabha rejected the amendments to the Bill suggested by the Rajya Sabha.

Key amendments in the Finance Bill 2017:

>  The Centre has included amendments to the Income Tax Act, which gives more power to the tax officials. The I-T department will not be required to disclose reasons for carrying out I-T raids or check.

> The Finance Bill also entails unlimited and anonymous corporate funding for political parties. Earlier, the upper limit for donations was capped, which has been removed now.

> Also, the donations will remain anonymous. Donations from foreign entities too will not be disclosed.

> The Bill has also amended the Representation of People’s Act, which governs election.

> Another amendment merges various tribunals (quasi-judicial bodies), which examine appeals of regulatory decisions. The government can now provide for qualification, appointments, removal, etc. for the tribunal members – this means the government will have arbitrary power over the tribunal.

> The Bill also makes Aadhaar mandatory for getting a PAN card and for filing income-tax returns.

> The Bill also reduced cash transaction limit to Rs 2 lakh from earlier Rs 3 lakh.

Union Finance Minister: Arun Jaitley

Lok sabha speaker: Sumitra Mahajan

Rajya sabha speaker: Hamid Ansari

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