Today ,23/03/2017 , Lok sabha has passed the Finance Bill 2017 after few amendments ,Major amendment are summarised as under
1. Aadhaar is mandatory for PAN and Income tax return and later on Aadhaar might become the sole identity card in the future, finance minister Arun Jaitley said in Parliament on Wednesday, a move that could possibly replace PAN, voter and ration cards.
2.Second is Cash transaction limit has been reduced to 2 lakh from three lakh earlier and No need to deduct TCS on cash transactions over Rs 2 lakh.
3.Companies can only give donations through account payee cheque/online transfer or new instrument issued by Banks (yet to be announced).Further companies are required to give disclosure about donations to political parties in Financial report.
4.Tribunals and various acts has been merged and number of the Tribunals has been reduced.
Text of relevant clause is given as under
Clause of Finance Bill 2017 :56. After section 139A of the Income-tax Act, the following section shall be inserted, namely:—
139AA. ( 1) Every person who is eligible to obtain Aadhaar number shall, on or after the 1st day of July, 2017, quote Aadhaar number—
(i) in the application form for allotment of permanent account number;
(ii) in the return of income:Provided that where the person does not possess the Aadhaar Number, the Enrolment ID of Aadhaar application form issued to him at the time of enrolment shall be quoted in the application for permanent account number or, as the case may be, in the return of income furnished by him.
(2) Every person who has been allotted permanent account number as on the 1st day of July, 2017, and who is eligible to obtain Aadhaar number, shall intimate his Aadhaar number to such authority in such form and manner as may be prescribed, on or before a date to be notified by the Central Government in the Official Gazette:
Provided that in case of failure to intimate the Aadhaar number, the permanent account number allotted to the person shall be deemed to be invalid and the other provisions of this Act shall apply, as if the person had not applied for allotment of permanent account number.
(3) The provisions of this section shall not apply to such person or class or classes of persons or any State or part of any State, as may be notified by the Central Government in this behalf, in the Official Gazette.
Explanation.—For the purposes of this section, the expressions—
- (i) "Aadhaar number", "Enrolment" and "resident" shall have the same meanings respectively assigned to them in clauses (a), (m) and (v) of section 2 of the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, 2016;
- (ii) "Enrolment ID" means a 28 digit Enrolment Identification Number issued to a resident at the time of enrolment .'.
Download Finance Bill 2017 as Passed By Lok Sabha
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contd on page-2
Clause 72 of the Finance Bill . In section 206C of the Income-tax Act,—
(a) sub-section (1D) shall be omitted;
(b) sub-section (1E) shall be omitted;
(c) in sub-sections (2), (3), (3A) and sub-section (9), the words, brackets, figure and letter “or sub-section (ID)” wherever they occur, shall be omitted;
(d) in sub-section (6A), in the first proviso, the words, brackets, figure and letter “, other than a person referred to in sub-section (1D),” shall be omitted;
(e) in sub-section (7), in the proviso, the words, brackets, figure and letter “, other than a person referred to in sub-section (ID),” shall be omitted;'.
(f) in the Explanation occurring after sub-section (11),—
- (A) in clause (aa),—
- (B) clause (ab) shall be omitted.
- (C) in clause (c), for the words, brackets, figures and letters “or sub section (1D) are sold or services referred to in sub-section (ID) are provided”, the words “are sold” shall be substituted.
(I) shall be omitted;
(II) after sub-clause (ii), the following sub-clause shall be inserted,namely:—
“(iii) sub-section (1F) means a person who obtains in any sale, goods of the nature specified in the said sub-section, but does not include,—
(A) the Central Government, a State Government and an embassy, a High Commission, legation, commission, consulate and the trade representation of a foreign State; or
(B) a local authority as defined in Explanation to clause (20) of section 10; or
(C) a public sector company which is engaged in the business of carrying passengers.”;
AMENDMENTS TO THE COMPANIES ACT, 2013
154. In the Companies Act, 2013, in section 182—
- (i) in sub-section (1),—
- (a) first proviso shall be omitted;
- (b) in the second proviso, —
- (A) the word "further" shall be omitted;
- (B) the words "and the acceptance" shall be omitted;
- (ii) for sub-section (3), the following shall be substituted, namely:—
- (3) Every company shall disclose in its profit and loss account the total amount contributed by it under this section during the financial year to which the account relates.
- (3A) Notwithstanding anything contained in sub-section (1), the contribution under this section shall not be made except by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account:
- Provided that a company may make contribution through any instrument, issued pursuant to any scheme notified under any law for the time being in force, for contribution to the political parties.’’.