Current Affairs 29 November

Current Affairs
   29 November 2016 Current Affairs

Taxation Law Second Amendment Bill was passed in the Lok Sabha

On November 29, 2016 in the Lok Sabha Taxation Laws (Second Amendment) Bill was passed. The bill was passed without discussion. Bill black money to those who have been given another chance. In view of this, fifty per cent tax Notbandi with undisclosed seeks to legalize.
Finance Minister Arun Jaitley, November 28, 2016 to amend the Income Tax Act, a bill was introduced in the Lok Sabha. According to the bill declaring the deposit after Notbandi, fines and surcharges as a total of 50 percent recovery have been proposed.
The bill will be introduced in the Rajya Sabha today. RS has the option to have it within 14 days.

Highlights of the bill:
The Income Tax Act 1961 and the Finance Act, 2016 and the Amendment Bill is a Money Bill.
25 percent will be returned immediately and the remaining 25 percent will be back after four years.
Undisclosed income will have to pay tax at the rate of 30 percent.
It will take 10 percent penalty on undeclared income.

Along with the 33 percent surcharge Pimjike name cess (30 percent to 33 percent) will be levied.
Proposed revised income tax law also provides that 25 per cent of total deposits declared Prime Minister Garib Kalyan Yojana (Pimjikewai) must find, Jisk no interest will be paid to you.
This amount will not be removed for four years. The money that the government will develop the instrument will do.
In this context, the Prime Minister also announced poor welfare fund.
According to Finance Minister Arun Jaitley, the government amended the Income Tax Act. The provision of their undeclared money in a bank account that will give them 50 percent of the tax, penalty and subject to a surcharge.
Opposition uproar among the various amendments in the Parliament rejecting Taxation Laws (Second Amendment) Bill 2016 was approved by a voice vote.
The revised bill Bhartruhari Mahtab, NK Premachandran, is designed by KC Venugopal.

Why Second Amendment:
Actions taken by the government against black money of Rs 70 thousand crore black money unfolded.
The government believes the country since November 8 after closing notes of Rs 500 and 1,000 people are changing their black money illegally.
The bill was brought to stop this process.
The purpose of the move to ban black money and the money is put into the mainstream.


Convention between India and New Zealand, the Union Cabinet approved the third protocol

The Union Cabinet on the third protocol of the Convention between India and New Zealand to enter the consolidation is approved. The protocol on October 26, 2016 was signed.
Union Cabinet and prevent fiscal evasion with respect to taxes on income signed to avoid double taxation. The meeting of Prime Minister Narendra Modi.

The main facts of the protocol:
The protocol to the (tax) for the purposes of information exchange between India and New Zealand - will provide faster flow.
The Protocol will help curb tax evasion and tax avoidance.
Protocol between the two countries will ensure assistance in collection of tax revenue claims.
The protocol of the present Convention 'information exchange' that Article 26 has been changed to a new section.
This change is in line with international standards of exchange of information.
Protocol 'assistance on the recovery of taxes,' a new paragraph has been added.
The Protocol came into effect in place of the law relating to procedures involved in it will be effective from the date of notification.


Under which exchange of information and the recovery of income tax can.
This Convention, December 3, 1986 came into force.
First Protocol to the Convention in 1997 and was amended in 2000 through the second protocol.

Park began talks with New Zealand on this matter and the fact


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