{"id":9491,"date":"2017-03-23T12:28:57","date_gmt":"2017-03-23T12:28:57","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=9491"},"modified":"2017-03-23T13:36:08","modified_gmt":"2017-03-23T13:36:08","slug":"finance-bill-2017-union-budget-arun-jaitley-current-affairs-upsc-exam-preparation","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/finance-bill-2017-union-budget-arun-jaitley-current-affairs-upsc-exam-preparation\/","title":{"rendered":"Finance Bill 2017 : All You Need To Know"},"content":{"rendered":"<p><span style=\"color: #000000;\">The Lok Sabha has signed off the<\/span> <a href=\"http:\/\/indiabudget.nic.in\/ub2017-18\/memo\/memo.pdf\" target=\"_blank\">Finance Bill &#8211; 2017<\/a> <span style=\"color: #000000;\">and in this post we bring to you, highlights of the bill along with its repercussions\u00a0on the economy.<\/span><\/p>\n<p><span style=\"color: #000000;\">The bill introduces small but significant reform initiatives directed at improving the ease of doing business and boosting anti-corruption initiatives in the economy. The following picture summarizes the main aims of the bill.<\/span><\/p>\n<figure id=\"attachment_9492\" aria-describedby=\"caption-attachment-9492\" style=\"width: 548px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-9492\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2017\/03\/Finance-bill-2017-Aims.png\" alt=\"Finance bill 2017 Aims, GK, Current Affairs, UPSC, UPSC CSE, Prelims, UPSC Prelims Preparation, General Studies paper, general knowledge, Arun jaitley, finance bill, annual budget, finance bill reforms\" width=\"558\" height=\"332\" \/><figcaption id=\"caption-attachment-9492\" class=\"wp-caption-text\"><span style=\"color: #000000;\">Source : Livemint.com<\/span><\/figcaption><\/figure>\n<p><span style=\"color: #000000;\">The main impacts and the key issues at stake vis-a-vis the Finance Bill &#8211; 2017, are as follows:-<\/span><\/p>\n<h6><span style=\"text-decoration: underline; color: #000000;\"><strong>1. AADHAR is mandatory for filing income tax returns and PAN<\/strong><\/span><\/h6>\n<p><span style=\"color: #000000;\">In addition to being linked to a number of public services and subsidies, as per Finance Bill, 2017, it will now be compulsory to have an Aadhaar (from <span data-term=\"goog_1989805043\">July 1, 2017) in order to<\/span>\u00a0file income tax returns and to obtain and retain PAN, or permanent account number. <\/span><\/p>\n<p><span style=\"color: #000000;\">The main aim is to<\/span><span style=\"color: #000000;\">\u00a0put curbs on instances of issuing multiple PAN to a single individual. Further, quoting of Aadhaar number would restrict granting of subsidies to only those individuals who are eligible to claim it.<\/span><\/p>\n<h6><span style=\"text-decoration: underline; color: #000000;\"><strong>2. Political funding and electoral bonds<\/strong><\/span><\/h6>\n<p><span style=\"color: #000000;\">There is also an amendment to how companies make donations to political parties. \u00a0Currently, a company may contribute up to 7.5% of the average of its net profits in the last three financial years, to political parties. \u00a0The company is required to disclose the amount of contributions made to political parties in its profit and loss account, along with the name of the political parties to which such contribution was made.<\/span><\/p>\n<p><span style=\"color: #000000;\">The amendments to the Finance Bill, 2017 propose to remove: (i) the limit of 7.5% of net profit of the last three financial years, for contributions that a company may make to political parties, (ii) the requirement of a company to disclose the name of the political parties to which a contribution has been made. \u00a0<\/span><\/p>\n<p><span style=\"color: #000000;\">In addition, contributions to political parties will have to be made only through a cheque, bank draft, electronic means, or any other scheme notified by the government to make contributions to political parties. \u00a0Note that Finance Bill, 2017 contains provisions to introduce electoral bonds to make contributions to political parties. Electoral bonds will be bonds issued by notified banks, for an amount paid through cheque or electronic means.<\/span><\/p>\n<h6 class=\"indent1\"><span style=\"text-decoration: underline; color: #000000;\"><strong>3. Curbs on cash transactions<\/strong><\/span><\/h6>\n<p class=\"indent1\">\n<p class=\"indent1\"><span style=\"color: #000000;\">In order to reduce generation and circulation of domestic black money the Finance Bill, 2017 had imposed a prohibition on receipt of cash payments of Rs. 3\u00a0lakhs and above. The Finance Bill, 2017 originally presented on February 1, 2017 has proposed to amend the threshold limit of cash payments from Rs. 3 lakhs to 2 lakhs.<\/span><\/p>\n<h6 class=\"indent1\"><span style=\"text-decoration: underline; color: #000000;\"><strong>4. Tribunals and appellate tribunals<\/strong><\/span><\/h6>\n<p class=\"indent1\"><span style=\"color: #000000;\">Certain tribunals are proposed to be replaced, and their functions are proposed to be taken over by existing tribunals under other Acts.<\/span><\/p>\n<figure id=\"attachment_9493\" aria-describedby=\"caption-attachment-9493\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-9493\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2017\/03\/Tribunals-Finance-Bill-2017-Arun-Jaitley-Ammendments.png\" alt=\"Tribunals Finance Bill 2017 Arun Jaitley Ammendments\" width=\"550\" height=\"556\" \/><figcaption id=\"caption-attachment-9493\" class=\"wp-caption-text\"><span style=\"color: #000000;\">Source : The Wire<\/span><\/figcaption><\/figure>\n<p><span style=\"color: #000000;\">Hope this gives you all the information you need.<\/span><\/p>\n<p><span style=\"color: #000000;\">All the best!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Lok Sabha has signed off the Finance Bill &#8211; 2017 and in this post we bring to you, highlights<\/p>\n","protected":false},"author":1,"featured_media":9496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,1212,60,2248],"tags":[2472,77,2312,2470,2471,2474,2475,78,2477,2241,2476,2473,1989,2091,2262],"class_list":["post-9491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-featured","category-general-knowledge","category-upsc-cse","tag-arun-jaitley","tag-current-affairs","tag-current-affairs-analysis","tag-finance-bill","tag-finance-bill-2017","tag-finance-bill-2017-ammendments","tag-finance-minister","tag-general-knowledge","tag-ias-current-affairs","tag-ias-examination","tag-ias-preparation","tag-lok-sabha","tag-union-budget","tag-upsc","tag-upsc-cse","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - 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