Taxation Laws 2nd amendment Bill was Passed

The taxation laws (second amendment) bill was passed by the Lok Sabha on Tuesday without debate amid sloganeering by opposition parties, which demanded the government first discuss fallout of the scrapping of high-value notes.
But again the working of Rajya Sabha was disturbed due to demonitisation.

Under the new income disclosure scheme, a declarant can declare his undisclosed income, pay a tax of 30% and penalty of 10% on it and a surcharge called ‘Pradhan Mantri Garib Kalyan Cess’ of 33% on the tax, all of which totals up to around 50%. In addition, the declarant will have to deposit 25% of undisclosed income in a zero-interest deposit scheme that will be called Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.

 

Copy of Amendment Bill