Finance Bill 2017: The key changes introduced
The much abuzz Finance Bill was passed by the Rajya Sabha and the Lok Sabha on March 30, 2017. The government made the Aadhaar verification mandatory for the filing of income tax returns after July 1, 2017, as quoted in the Finance Bill.
The Bill also clubbed the title of Chairpersons, Vice-Chairpersons, Chairmen, or other members who are currently occupying posts with Tribunals, along with providing a provision of three months’ pay and allowances before the premature termination of their office term.
Further, the Bill introduced the amendment of doing away with the limit of 7.5% imposed on a company, as regards its net profit in last three financial years, while making contributions to a political party. Besides scrapping off the requirement to disclose the name of political parties and amount contributed.
While, the Finance Bill, 2017 also granted the adjudicating officer the power to impose penalty on violations of rules and regulations. Besides lowering the imposition of penalty limit from three lakh rupees to two lakh rupees.