Taxation Laws (Second Amendment) Bill 2016
|Number of people read this Article: 232||
Have you read this article?
Be the first to rate it.
|Write a Review|
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
Latest Current Affairs
- Current affairs on 25 April 2017
- Current affairs on 24 April 2017
- Current affairs on 20 April 2017
- Current affairs on 18 April 2017
- Current affairs on 12 April 2017
- Current affairs on 10 April 2017
- Current affairs on 04 April 2017
- Current affairs on 03 April 2017
- UGC declared list of fake universities and colleges in India
- Current affairs on 07 March 2017
Current affairs 30th November 2016 contain all the latest news and current events from India and Abroad. User can find the 30th November 2016 affairs article which is a detailed analysis and discussion of news stories that have recently occurred. These news articles are made on the topic Taxation Laws, Income Tax Law, Taxation Laws (Second Amendment) Bill, Pradhan Mantri Garib Kalyan Yojana and many other are best study material for the students which are preparing for the competition exams, government exams, Banking exams, IAS exam and many other.
30th November 2016 Current Affairs is available in Question and Answer format which will also help reader to prepare in Objective format. On Time2study, Current affair category contains the articles for each day and these articles have the detailed background of each topic. Current affairs from India and abroad are teller made to the user and thus one can find very interesting, selected and important topic on Current events to read and prepare the notes for exam. Current affairs 30th November 2016 is made on the subjects that have recently occurred.