Mar 23, 2017: The Lok Sabha today passed the Finance Bill, 2017 giving effect to the financial proposals of the Union Government for the financial year 2017-18. The Finance Minister moved as many as 40 amendments – an unusual step – to Finance Bill on various issues.
One of the important amendments introduced in the Finance Bill is that the Government has capped cash transactions at two lakh rupees instead of three lakh rupees. Moreover, Income tax payers would have to declare their Aadhaar number in all tax returns filed from 1st of July.
Tax payers would also have to link the Aadhaar number with the PAN before the July deadline. Jaitley dispelled opposition apprehension saying that the linking of Aadhaar with PAN will check tax evasion and tax fraud while replying to debate on Bill.
The Finance Minister asserted, agriculture income under tax net saying the profession will continue to be exempt from the income tax.
Jailtey informed the House, in the finance bill, the government has set a target of tax collection of over 19 lakh crore rupees while the government will achieve the tax collection target of a record 17 lakh crore as provided in the Revised Estimate during the current financial year.
Expressing hope on Goods and Services Tax, he said the new indirect tax regime will be implemented from 1st of July this year.
