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

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs December 2017

18 DECEMBER
NEWS
17 DECEMBER
NEWS
16 DECEMBER
NEWS
15 DECEMBER
NEWS

Current Affairs November 2017

30 NOVEMBER
NEWS
29 NOVEMBER
NEWS
28 NOVEMBER
NEWS
27 NOVEMBER
NEWS

Current Affairs October 2017

31 OCTOBER
NEWS
30 OCTOBER
NEWS
29 OCTOBER
NEWS
28 OCTOBER
NEWS