Finance Bill 2017 after few amendments

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 .'.