Aadhaar Card now mandatory for filing Income Tax Returns

Aadhaar Card now mandatory for filing Income Tax Returns

Aadhaar Card now mandatory for filing Income Tax ReturnsFrom April 1, the administration has anticipated to lower the limit for cash transactions to Rs. 2 lakh. The Aadhaar Card now mandatory for filing Income Tax Returns and only cheques will be allowed to appointive trusts. This is done to stop people from forming blackmoney. Arun Jaitley has made 40 amendments to his seven-week-old Finance Bill 2017. This extraordinary move made by the Finance Minister was greatly opposed by the opponent parties like RSP, the TMC and the BJD, which felt the government was classification along non-tax bills in the legislation to make them Money Bills, obviating the need for a nod from the Rajya Sabha where it does not have a majority yet.

Amendments to Acts governing sectoral tribunals were introduced by the opposition and there are many laws present in Acts governing sectoral tribunals like Railway Claims, Highway and Cinematograph as “back-door” legislating and taking away right of Parliament to frame laws.

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It has been justified by Jaitley that the step of making and applying amendments are incidental provisions to the Finance Bill creates uniform service conditions, that actually relates to Budget announcements like combining some tribunals..

Amongst amendments the most important was one which is related to Arun Jaitley’s February 1 proposal. That was; limit cash transaction to Rs 3 lakh and this limit is now proposed to be lowered to Rs 2 lakh, at par with the current requirement of quoting permanent account number (PAN) for cash spending.

Revenue Secretary Hasmukh Adhia tweeted, “The penalty for violating this is a fine equivalent to the amount of transaction”.The fine will be payable by person or establishment receiving cash.

Next amendment that was made in process is to make Aadhaar number must while applying for PAN as well as filing of income tax returns from 1 July.

The government will notify Aadhaar number to authority to the person holding PAN as on 1 July, 2017.

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As Per The Amendments

“Provided that in case of failure to intimate the Aadhaar number, the permanent account number allotted to the person shall be deemed to be invalid…,”

The Companies Act of 2013 made donations by companies to electoral trusts only through account payee cheque, bank draft or electronic transfer.

The total amount contributed to such trusts, where every company disclosing in its profit and loss account.

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Statements & Sayings

Jaitley said “These moves together are aimed at “cleansing political money”.

Speaker, Sumitra Mahajan oppressed opposition objections and she said “rules permit “non-taxation proposals” to be included in the Finance Bill”.

“So, incidental provisions can be made. That is why, keeping in view that rule 219 does not specifically bar inclusion of non-taxation proposals in a Finance Bill, I rule out the Point of Order,” she said while opposing the viewpoints of N K Premachandran (RSP), the TMC and the BJD acted as the backbone of RSP.

Previously, Jaitley cite first Lok Sabha Speaker G V Mavalankar to state that Article 110 of the Constitution pertaining to Money Bills does not limit itself to provisions strictly pertaining to tax but encompasses incidental provisions.

Jaitley said, “The amendment to several tribunals is being made to provide for uniform service conditions to its member judges”.

“So, all that is being done – 40 may sound very large – is there is only one amendment which says there will be uniformity in service conditions and the pay structure of all those retired judges who are being appointed in all these tribunals,” he said.

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On electoral bonds, Jaitley said a lot of electoral funds to political parties across the spectrum had come by way of undisclosed money.

“Third, there is a mass collection through the digital media and fourth, that there will be electoral bonds issued in accordance with the scheme under the Income Tax Act,” he said, adding that an amendment to the Representation of the People Act was an “off-shoot” incidental provision as RBI will authorise a particular bank to issue the electoral bonds.

Jaitley said “So, these are all incidental announcements to that entire scheme which has been made under the Income Tax Act itself,”.

Jaitley added “if a substantial portion of a Bill deals with imposition or abolition of tax, then even if it has other incidental provisions, it still can be introduced as a Money Bill”.

“The thrust of this is that you cannot have a Bill which says the government shall spend Rs 1,00,000. How that is to be spent, the incidental provisions will have to be contained. You cannot have an Act which says there will be a 5 per cent tax.

“Then how that 5 per cent tax is to be achieved; what are the deductions to be allowed; who is the assessing officer; how they are to be appointed; what is the appeal provision; how much deposits have to be made; these are all incidental provisions. The fact is that these incidental provisions do not render a Bill to be a non-money Bill,” Jaitley added.

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Budget announcement

“Therefore, in the Budget announcement, we came out with a proposal that there will be an income tax incentive involved in four different ways. One is that monies are paid by cheque. The maximum cash donation which earlier was allowed up to Rs 20,000 will now be allowed up to Rs 2,000 as the Election Commission has recommended.

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