The Taxation Laws (Second Amendment) Bill 2016 Passed In Lok Sabha

Despite opposition’s uproar demanding the presence of Prime Minister Narendra Modi in the Upper House, the Taxation Laws (Second Amendment) Bill 2016 was passed in Lok Sabha. The new bill amends the Income-tax Act (1961) and the Finance Act (2016).

Following the passage of the bill, the house was adjourned for the day to recommence tomorrow (30 November) at 11 am.

The said bill has proposed a scheme -‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016’- under which the declarant will have to pay a tax of 30 per cent on the undisclosed income, a penalty of 10 per cent and a surcharge called ‘Pradhan Mantri Garib Kalyan Cess’ of 33 per cent on the tax payable.