Lok Sabha approves Finance Bill 2016

Zee Media Bureau

New Delhi: The Lok Sabha on Thursday passed the Finance Bill, 2016 by a voice vote. The Bill contains the government’s tax proposals for the fiscal FY16-17.

Replying to a debate on the Finance Bill in Lok Sabha, Fiance Minister Arun Jaitley said good monsoon will aid in accelerating economic growth.

Jaitley, who moved some amendments to the Finance Bill introduced by him on February 28 along with demands for grants and appropriation bill, listed out measures taken by the BJP government in last two years to give relief to small tax payers and reduce tax litigation.

On black money, he said government efforts have brought to the books Rs 71,000 crore of undisclosed assets.

He however ruled out bringing agriculture income under the tax net, saying large farm-based income was rare and people using agriculture as front to hide income from other sources would be dealt with tax authorities.