Finance Act 2017 makes Aadhaar mandatory, replaces tribunals
Q. Which of the following is true about the Finance Act, 2017?- Published on 20 Apr 17a. Aadhaar is now mandatory for filing income tax returns
b. Aadhaar is mandatory for filing for PAN
c. Competition Appellate Tribunal will be replaced by National Company Law Appellate Tribunal
d. All of the above
ANSWER: All of the above
It is compulsory for each person to give their Aadhaar number after July 1, 2017 while applying for PAN or filing IT returns, as per the Finance Act.
Certain tribunals will be replaced, their functioning taken over by current Tribunals under other legislations:
a. Under the Competition Act, 2002, Competition Appellate Tribunal will be replaced by National Company Law Appellate Tribunal under Companies Act 2013.
b. Under the Airport Economic Regulatory Authority of India Act, 2008, Airport Economic Regulatory Authority Appellate Tribunal will be replaced by Telecom Disputes Settlement and Appellate Tribunal under TRAI Act 1997.
c. Under the Information Technology Act 2000, the Cyber Appellate Tribunal is being replaced.
d. Under the Control of National Highways (Land and Traffic) Act 2002, the National Highways Tribunal is being repealed and the Airport Appellate Tribunal under AAI Act 1994 will take its place.
e. The Employees Provident Fund Appellate Tribunal (under the Employees Provident Funds and Miscellaneous Provisions Act 1952) is being taken over by the Industrial Tribunal (under the Industrial Dispute Act 1947)
f. The Employees Provident Fund Appellate Tribunal (under the Employees Provident Funds and Miscellaneous Provisions Act 1952) is being replaced by the Industrial Tribunal (under the Industrial Disputes Act 1947)
g. The Copyright Board (under the Copyright Act, 1957) is being replaced by the Intellectual Property Appellate Board (Under the Trade Marks Act 1999)
h. The Railways Rates Tribunal (under the Railways Act 1989) will be replaced by the Railways Claims Tribunal (under the Railways Claims Tribunal Act, 1987)
I. The Appellate Tribunal for Foreign Exchange (under the FEMA Act 1999) is being replaced by the Appellate Tribunal (under the Smugglers and Foreign Exchange Manipulation [Forfeiture of Property] Act 1976)
