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
