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
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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