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All You Need To Know About The New Taxation And Investment Regime For PMGKY
Swarajya Staff
Nov 29, 2016, 04:36 PM | Updated 04:36 PM IST
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The Taxation Laws (Second Amendment) Bill 2016 has been passed in the Lok Sabha. During the debate in the lower house, Finance Minister Arun Jaitley said amendments to the income tax law became necessary in light of the fact that people were rushing to turn their black money white.
When Prime Minister Narendra Modi announced the demonetisation move, the intention was clearly to wipe out black money. The BJP government has always taken measures to curb the circulation of black money.
Government moved amendments in Income tax law after it saw that a few people were still trying to convert black money into white post-demonetisation.
Part of the amendment to the income tax law comprises the introduction of a new taxation and investment regime, which encourages people to disclose their hitherto undisclosed incomes in cash and deposits by paying a penalty.
Here’s an overview of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016 (PMGKY).
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