The finance ministry moved on Tuesday as many as 40 amendments to the finance bill, in an unusual step. The amendments, over and above the proposed changes in the budget 2017, aim to implement far-reaching changes from cash transactions to tribunals.
A look at some of the key changes.
Amendment: Aadhaar mandatory for PAN and Income Tax
What it means: To ensure Aadhaar enrolment as the government expands the usage of the unique identification number. A failure to provide Aadhaar will result in the PAN becoming invalid.
Amendment: The government removes the cap of 7.5% of average net profit of the last three years for companies making political donations.
What it means: Allows higher corporate donations while curbing black money and unknown source of political donations.
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mendment: Limit on cash transactions at Rs 2 lakh
What it means: To ensure lower cash transactions.
Amendment: Competition Act 2002 and Companies Act 2013 amended.
What it means: Competition Appellate Tribunal merged with National Company Law Appellate Tribunal. This is part of rationalizing the number of tribunals.
Amendment: Airports Economic Regulatory Authority of India Act, 2008 and Telecom Regulatory Authority Act.
What it means: Airports Economic Regulatory Authority Appellate Tribunal will be merged with Telecom Disputes Settlement and Appellate Tribunal (under the TRAI Act, 1997)
Amendment: Employees Provident Funds and Miscellaneous Provisions Act, 1952 and the Industrial Disputes Act
What it means: EPF Appellate Tribunal will be merged with Industrial Tribunal.
Amendment: Railways Act, 1989 and Railways Claims Tribunal Act.
What it means: Railways Rates Tribunal will be merged with Railway Claims Tribunal
Amendment: Foreign Exchange Management Act, 1999 and Forfeiture of Property Act.
What it means: Appellate Tribunal for Foreign Exchange to be merged with Appellate Tribunal
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