Taxation Laws (Second Amendment) Bill 2016
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On 29 November 2016, government has introduced and passed the amendments to the Income Tax Act in Lok Sabha.
Therefore now this enables the imposition of a higher penalty and tax rate on assessees of unexplained deposits.
The Taxation Laws (Second Amendment) Bill, 2016 also proposes to introduce a scheme named the 'Pradhan Mantri Garib Kalyan Yojana, 2016' as the name suggests, its aim is to use black-money collected post-demonetisation in welfare schemes for the poor.
Few important points under Taxation Laws (Second Amendment) Bill, 2016
- Attempts to plug loopholes in existing I-T Act being misused to conceal black money
- Penalty provisions made more stringent
- Provides for a two-tier tax penalty regime
- Black money holders get a chance till December 30 to deposit unaccounted money in banks
- Need to pay higher tax, penalty and a surcharge of 50 per cent
- Will also have to deposit 25% of unaccounted money in the PMGKY scheme
- Zero-interest, lock-in for four years in PMGKY scheme
Penalty and other charges if fail to declare the undisclosed income:
- They can file tax returns at the end of the financial year and declare unknown income
- Have to pay a steeper 60% tax, 25 % surcharge
- On Rs. 100 they will have to pay Rs 75
- An additional 10 per cent penalty can also be levied in some cases
In case of misreporting or under-reporting or any other wrongdoing current provisions of a levy of 50% up to 200% applicable
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