The object of the Finance Bill (‘the Bill’), as you know, is to give effect to the financial proposals of the Central Government for the financial year 2017-18. The Bill was introduced in the Lok Sabha on 1 February 2017 and it was passed by the Lok Sabha recently on 22 March 2017 .
We are pleased to release our newsflash which covers some of the significant amendments made during the passage of the Finance Bill in the Lok Sabha, such as:
- Limit of cash transaction slashed from Rs.3 lakh to Rs.2 lakh
- Removal of TCS on Cash Sale of Jewellery, bullion, goods and services
- Aadhar number made mandatory for obtaining PAN and filing Income Tax returns
- Exemption of any sum or property received by private trust under newly proposed section 56 (2)(x).
- Amendment to Companies Act, 2013-Cap on political donations removed. Donation to be made through account- payee cheques or bank draft or electronic payment
The Finance Bill is yet to receive the President's assent to become an Act .