Ache Din for Digital Economy, All amendments made by finance bill 2017
Union Budget 2017- Ache Din for Digital Economy. Contains all amendments made by finance bill 2017 in order to promote digital transactions, A Step Towards Digital Economy: In India, the quantum of domestic black money is huge which adversely affects the revenue of the Government creating a revenue crunch.
Ache Din for Digital Economy
DONATION U/S 80G AND 13AUnder the existing provision of section 80G, deduction is not allowed in respect of donation made of any sum exceeding ₹ 10000 if it has been paid in cash. In order to promote cash less economy, it is proposed that no deduction shall be allowed in respect of donation of amount exceeding ₹ 2000 in cash... Further to transparency in electoral funding existing provisions of section 13A are also proposed to be amended which says that income of political parties registered with election commission of India subject to the condition that they have submitted a report to election commission furnishing the details of contributors providing contribution in excess of ₹20000 however there is no restriction on receipt of donation in cash. It is proposed that no donation shall be received of an amount exceeding ₹2000 in cash. It should be received through account payee cheque or account payee demand draft or through electronic clearing system.
AMENDMENT IN SECTION 44AD
NEW ENTRY SECTION 269STIn this budget it is proposed to insert section 269ST in the act which says that no person shall receive an amount of ₹ 2 lakhs or more
- In aggregate from a person in a day
- In respect of single transaction
- In respect of transaction relating to one event or occasion from a person