Finance Bill returns to Lok Sabha as Opposition moves several amendments, defeats Govt in division voting in Rajya Sabha

The united Opposition on Wednesday moved several amendments to the Finance Bill when it came up for passage and defeated the government on three amendments in Rajya Sabha.

The amendments moved by the United opposition included one against giving 'sweeping powers' to income-tax officers to conduct search and surveys without sanction from a higher authority. 

The second amendment aims to make disclosure of names of companies that make financial contributions to political parties mandatory. 

Since Rajya Sabha does not have to power to legislate on financial matters, amendment at best amplifies objections which the Lok Sabha can accept or reject. 

Earlier, Congress leader Digvijaya Singh had given the notice for the first amendment. However, the second amendment was moved by CPM's S Sitaram Yechury for transparency of political funding by companies.

Also Read: What is GST Bill? All about Goods and Services Tax, India's biggest tax reform since Independence

 Trinamool Congress had walked out from Rajya Sabha during the discussion on The Finance Bill, 2017

Also Read | GST Bills 2017: Jaitley wants to pass tax reform legislation through consensus 

Finance Minister Arun Jaitley defended the Finance Bill saying it protects the source of information for tax evasion.

Video: Consideration and Return of the Finance Bill 2017 

"There are lot of wild information going around over the authority of assessment officers over search and seizure. Let me clarify this under section 132, a satisfaction note must be submitted before search and entering premise and that has to be submitted in the court," said Arun Jaitley during debate on Finance bill in Rajya Sabha.

Video: Finance Minister Arun Jaitley’s Reply on Finance Bill 2017