<h1>Finance Bill 2017: income tax rates and surcharges revised; new withholding, transfer pricing and compliance measures introduced.</h1> The Finance Bill, 2017 prescribes income tax rates and surcharges for assessment year 2017 18, adds education cesses, and clarifies treatment of net agricultural income. It enacts broad amendments to the Income tax Act including new sections on valuation of unquoted shares (50CA), secondary transfer pricing adjustments (92CE), limitation of interest deduction to 30% EBITDA for related party debt (94B), tax on carbon credit transfers at 10% (115BBG), expanded TDS/TCS and withholding obligations (including sections 194 IB, 194 IC and 206CC), Aadhaar quoting for PAN/returns (139AA), restrictions on large cash receipts (269ST) and penalties for non compliance, while also reforming procedural timelines, Authority for Advance Rulings jurisdiction and customs/excise/service tax provisions.