Aadhaar Card Latest News Finance Bill 2021 was passed by both Houses of Parliament with 127 amendments. The bill was discussed in the Rajya Sabha on Wednesday. The bill was passed by the Lok Sabha on Tuesday itself.
The Finance Bill, 2021 was passed by both Houses of Parliament with 127 amendments. The bill was discussed in the Rajya Sabha on Wednesday. The bill was passed by the Lok Sabha on Tuesday itself. According to the amended Finance Bill, if the Income Tax Department asks for an Aadhaar number under the Income Tax Act from a person and the taxpayer is unable to provide it within the stipulated time, then he will have to pay a fine of Rs 1,000. Currently, there is a provision for penalty for delay in filing income tax return. The provision for penalty for delay in providing Aadhaar number has been added under the amendment.
In the Rajya Sabha on Wednesday, Finance Minister Nirmala Sitharaman, while replying to the Finance Bill, once again said that spending on infrastructure is necessary for demand and employment generation. He said that the demand for industrial products can be increased with the creation of employment through spending on infrastructure. These also include major industrial products such as steel, cement.
During the discussion on the Finance Bill in Rajya Sabha, Sitharaman said that the customs duty on items like nut bolts, screws has been increased because it can be made MSMEs of the country. Secondly, these types of imported products often do not meet the quality standards. He said that such steps have been taken to make MSMEs and India self-reliant.
Key provisions
Foreign companies have also been encouraged to buy and sell Indian products, so that domestic manufacturers can get help.
Foreign companies selling Indian products on e-commerce platform will not have to pay two percent digital tax
The National Bank for Infrastructure Development has been given a 10-year exemption in income tax to make it easier to raise infra funds.
In the case of the overall sale of a property, the tax will be determined on the market value of that property, not on the sale price. This will affect merger-acquisition deals.
