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Lok Sabha passes Taxation Laws (second amendment) Bill, 2016!

Updated on: 09 Aug, 2023 11:27 AM

The Lok Sabha has passed The Taxation Laws (Second Amendment) Bill 2016 today, i.e. 29.11.2016.Through this bill, Income Tax Department will levy

  1. 30% tax on undisclosed income
  2. 10% penalty on undisclosed income
  3. 33% surcharge on the tax amount

i.e. totalling approximately 50% taxes on the disclosure of unaccounted deposits. Apart from the 50% tax, the declarer will also have to deposit 25% of the amount disclosed in the Pradhan Mantri Garib Kalyan Yojana, 2016 for a 4-year locking period and that too without interest.

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.