The Government has proposed several landmark amendments to the Finance Bill 2017 including provisions relating to the appointment of, and remuneration to, the ITAT Members. There is also a controversial provision to make the Aadhar card mandatory for filing income-tax returns.
The amendments to the Finance Bill also provides for amendments to the Securities and Exchange Board of India Act, Consumer Protection Act, Administrative Tribunals Act, Income Tax Act, Cinematograph Act, Customs Act, Recovery of Debts Due to Banks and Financial Institutions Act, Electricity Act, Armed Forces Tribunal Act 2007 and the National Green Tribunal Act 2010 to bring the pay, qualifications, appointment, term of service, resignation, removal and terms and conditions of service under the Finance Act, Section 179.
It may be recalled that the government began the process of merging tribunals earlier, with NCLT and its appellate body subsuming within them the board for industrial and financial reconstruction, its appellate authority and the company law board. It also introduced one permanent tribunal for interstate water disputes by merging existing ad-hoc bodies.
The Govt clubbed amendments to nearly 40 Acts with the Finance Bill. This shouldn't have been done: @DeependerSHooda AICC Press Briefing
— INC India (@INCIndia) March 21, 2017
This is a subversion of the Constitution, to bypass Rajya Sabha as Finance Bill is a money bill. This exposes govt's anti-democratic methods
— Sitaram Yechury (@SitaramYechury) March 21, 2017
Today's Lok Sabha: "40 existing Acts are proposed to be amended by means of this Finance Bill". Unprecedented in our legislative history
— Raman Chima (@tame_wildcard) March 21, 2017
40 laws r being amended under Finance Bill 2017. In short, Govt is misleading public, destroying constitution n screwing institutions!
— Dhiraj (@AAPlogical) March 22, 2017
Why you should be worried about tomorrow's Finance Bill. https://t.co/WyJwGfloCt pic.twitter.com/v77dbQQjKo
— Rohan Venkat (@RohanV) March 20, 2017
Finance Bill 2017 makes it even EASIER to harass coz they won't even have to give you an explanation or answer to courts.
Think about that.— Meghnad (@Memeghnad) March 22, 2017
Some info on the #MonsterAmendmentstoFinanceBill follow. And trust me, that name is not hyperbole.
— Raman Chima (@tame_wildcard) March 21, 2017
Tax terrorism will increase. As Palkiwala said ” Power to tax includes power to destroy also”
Bills which are not purely Money Bills are also added to the Finance Bill to clear these bills as Money Bill and not to take Bicameral Approval, which is otherwise require….this method is not a democratic one
The corruption starts with income tax I mean corrupting the purity of income tax Act. It is no longer income tax Act.
People will feel that courts with boldness can save the assessee/nation People may feel that they can do business outside india. The impact on foreign investments may be seen
kumar
Problem today is FM is over bearing and he thinks he can make and unmake – factual position is law makers can never assume so much authority, when they tackle issues of 125 crores of indians, many among the people are much better educated to assess what is right on their rights than these great ‘buffons’ and their buffonery.