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Lok Sabha passes Taxation Laws (second amendment) Bill, 2016!
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
- 30% tax on undisclosed income
- 10% penalty on undisclosed income
- 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.