The Lok Sabha on Wednesday passed the Finance Bill after various amendments presented by Union Finance Minister Arun Jaitley. The minister had proposed to make Aadhaar mandatory for filing of the Income-Tax returns as well as for obtaining the Permanent Account Number (PAN), thereby allowing only cheque contributions to electoral trusts in the session.
He also announced capping the limit for cash transactions to Rs. two lakh from April 1 from the earlier proposed Rs. three lakh.
“We are moving towards a time when there will be no shadow economy but some are still seeing virtues of cash transactions,” said Jaitley in the Lok Sabha, adding no arbitrary power will be given to the Tax Department.
(Further details awaited)