President Pranab Mukherjee has given his assent to the Finance Bill
2017 to give effect to provisions like the bar on cash transactions
above Rs 2 lakh and compulsory quoting of Aadhaar for filing tax
returns.
"The President was kind enough to give his assent to the Finance Bill before he left for an official visit to Assam yesterday," Revenue Secretary Hasmukh Adhia said.
With this, the provisions of the Finance Bill come into effect from today, he said.
This is the first time ever the annual Budget together with taxation proposals have come into effect from the first day of the financial year.
Scrapping a colonial-era tradition of presenting the Budget at the end of February, Finance Minister Arun Jaitley had for the first time in the history of independent India presented the annual accounts on February 1.
"The President was kind enough to give his assent to the Finance Bill before he left for an official visit to Assam yesterday," Revenue Secretary Hasmukh Adhia said.
With this, the provisions of the Finance Bill come into effect from today, he said.
This is the first time ever the annual Budget together with taxation proposals have come into effect from the first day of the financial year.
Scrapping a colonial-era tradition of presenting the Budget at the end of February, Finance Minister Arun Jaitley had for the first time in the history of independent India presented the annual accounts on February 1.
No comments:
Post a Comment