Lok Sabha Passes Finance Bill

The Lok Sabha today (22 March) passed the Finance Bill after various amendments presented by Union finance minister Arun Jaitley.

The minister had proposed to make Aadhaar mandatory for filing of the Income Tax returns as well as for obtaining the Permanent Account Number (PAN), thereby allowing only cheque contributions to electoral trusts in the session.

He also announced capping the limit for cash transactions to two lakh rupees from 1 April from the earlier proposed three lakh rupees.

Jaitley specifically said in Lok Sabha today that no arbitrary power will be given to the tax department.

The Finance Bill is introduced every year in Lok Sabha after the presentation of the Union Budget by the finance minister. It gives effect to the financial proposals made by the Government of India.

With Inputs From ANI.