The Lok Sabha passed the Finance Bill 2017 after a whopping 40 amendments earlier this week. Stringent penalty for delay in filing tax returns, paramount powers to the I-T department and increasing opacity in political funding are some of the measures that have been approved. A look
Impact on your wallet
The government has followed the carrot-and-stick approach in ensuring tax compliance and filing of tax returns. Here’s what you stand to gain and lose
Political funding just became more opaque
While the Government has been going after NGOs for the ‘dubious’ funding they have been receiving from foreign aid agencies, the Bill just approved unlimited and anonymous corporate and foreign funding for political parties.
IT becomes the almighty
As the Government’s war on black money rages on, the Income Tax departmenthas become almost invincible, with powers to enter any premises and ‘break’ any door they want.