The Finance Bill, 2017 what it means to you and what you should know about it. Finance Bill 2017 came along with a number of new legislation and was passed on March 22.
One of the new legislation that is not being appreciated is that Income Tax officers can now raid homes without having to provide any reason for it and attach properties only if they have ‘reason to believe’ that it is undisclosed income. This is a draconian law and can easily be used to inflict losses on a business/person. Can we really trust our income tax officials this much?
With the Finance Bill, 2017, people can make use of the ‘electoral bonds’ to donate to political parties anonymously. that’s the hypocrisy of the government and just not in line with the thought process they are using to link everything with Aadhar
The Bill has also removed the cap of how much one (or a company) can donate to a political party. Again, seriously?
Finance Bill, 2017 also brings down the threshold limit of cash payments from Rs 3 lakhs to Rs 2 lakhs. so linked bank accounts, phone numbers provide them all the data on my spending and usage, no robust cyber security infrastructure in place either
Now, after the amendments in the Finance Bill 2017, the tax department has the right to seize any of your properties or any other persons properties who are being raided, without giving any solid reason.
The Government has said that the income tax department will not harass any citizen who is honestly paying his taxes.
It makes sure the honest citizen who pays his taxes is not harassed.
But they would have to realize that the era of illegal cash for political funding is over and get used to the new reality.
Why aren’t we raising our voice against such hypocrisy of government and undemocratic law that is passed, this will change almost everything in times to come? Why are all opposition parties mum on the topic and why aren’t we seeing day long discussions on this important topic by media houses?