Parliament passes Finance Bill 2017; Jaitley says cannot accept amendments suggested by Rajya Sabha

New Delhi, Mar 30 (KNN) The Parliament today approved the Finance Bill 2017 after the Lok Sabha rejected to accept five amendments suggested by the Rajya Sabha with regard to curbing more powers to taxmen and a cap on donation by companies to political parties.

Union Finance Minister Arun Jaitley said he cannot accept the amendments suggested by the Rajya Sabha to the Finance Bill.

Replying to a short debate on the amendments in the Lok Sabha, the Minister said: "I can't accept five amendments suggested by Rajya Sabha to the Finance bill."

The government had moved as many as 40 amendments in the Finance Bill, that were added to the bill at the last moment.

Jaitley said most of the donations that come to political parties now are from unclean money and there was complete non- transparency.

He said it is not possible for the Government to accept the amendment as it would limit the number of donors to political parties.

With regard to the taxation amendments proposed by the Rajya Sabha, he said the current position will continue and the government as a matter of "abundant caution" and to protect whistle-blowers, the bill has specified that the "satisfaction note" will not be given to the target of investigation.

Since 1961, he said there is no example that the target of investigation was revealed the satisfaction note which forms the basis of investigation with regard to tax evasion.

"It would be disastrous to do that," Jaitley said, adding such information can only be given to the courts.

The amendments suggested by the Rajyya Sabha proposed to delete the provisions relating to the powers given to taxmen like power to requisition books of account, power to survey and more powers to more officers.

The Rajya Sabha also approved an amendment that there should be a cap of 7.5 per cent of net profit of the last three financial years for donation to political parties. It also approved a provision to disclose the name of political parties to which contribution has been made by a company.