The Rs 3-lakh limit proposed for cash payments in the Budget for 2017-18 will be brought down to Rs 2 lakh as part of an unprecedented 45 amendments to the Finance Bill.
Finance Minister Arun Jaitley announced the amendments in the lower House. This is aimed at tightening the noose on those dealing in cash.
Most other amendments are making Aadhaar mandatory for filing tax returns, applying for permanent account numbers (PAN) and allowing payments by only non-cash modes such as cheques, bank drafts or electronic transfers for electoral trusts are also aimed at curbing black money.
Takeaways from above News-
- Rs 3-lakh limit in cash payment earlier announced in Budget 2017-18 now lessen to Rs 2 lakh
- Made Aadhaar mandatory for filing tax returns
If you have any other takeaways, do share with us in the comment section
Source- Business Standard