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.