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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

  1.  Attempts to plug loopholes in existing I-T Act being misused to conceal black money
  2. Penalty provisions made more stringent 
  3. Provides for a two-tier tax penalty regime 
  4. Black money holders get a chance till December 30 to deposit unaccounted money in banks 
  5. Need to pay higher tax, penalty and a surcharge of 50 per cent
  6. Will also have to deposit 25% of unaccounted money in the PMGKY scheme 
  7. Zero-interest, lock-in for four years in PMGKY scheme 

Penalty and other charges if fail to declare the undisclosed income: 

  1. They can file tax returns at the end of the financial year and declare unknown income
  2. Have to pay a steeper 60% tax, 25 % surcharge
  3. On Rs. 100 they will have to pay Rs 75 
  4. 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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