President Pranab Mukherjee has given his assent to the Finance Bill, 2017.
With his assent, the tax proposals in the union budget get the status of law.
The Finance Bill 2017 was passed by Parliament on Thursday, with the Lok Sabha rejecting the amendments proposed by the Rajya Sabha.
The Finance Act provides for a Rs 2 lakh cap on cash transactions to check tax evasion and makes it mandatory to quote the Aadhaar number for filing income tax returns from July 1.
It also provides for doing away with some tribunals by assigning their work to the existing ones.
--IANS
bns/ps/nir/bg
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app