Finance Bill 2017: 'no plan to tax agri income'
DSIJ Intelligence / 22 Mar 2017
Jaitley emphasised on never imposing tax on agriculture, while also prompting about the improvement in tax buoyance in the past two years.
Through the Finance Bill discussed in the Parliament on March 22, 2017, Finance Minister, Arun Jaitely proposed a merger of 7 tribunals, besides the proposing 30 amendments.
The Minister also announced the government's target to realise a target of Rs 9.8 lakh crore in the sphere of direct taxation, while the government has set a target to realise Rs 9.25 lakh crore in the sphere of indirect taxation.
Amplifying the importance of Aadhar card, the government announced its plan to make the card mandatory to avoid tax evasion and also to provide counter mechanism to battle instances of individuals holding multiple PANs. While, the Finance Minister also announced the prerequisite of holding an Aadhar card in order to file tax returns.
Jaitley emphasised on never imposing tax on agriculture, while also prompting about the improvement in tax buoyance in the past two years.
The government is also likely to tighten cash transactions limit to Rs 2 lakh to promote the modes of digital payments in the country.
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