RSM India

Newsflash - Certain Significant Amendments Made to the Finance Bill, 2017

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 .

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