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The Income Tax Laws (Second Amendment) Bill was introduced in Lok Sabha today. The Bill provides for ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016' (PMGKY). As per the Bill, declarants under this regime shall pay a tax of 30% of their undisclosed income and a penalty of 10% of their undisclosed income. The Bill also proposes to levy a 'Pradhan Mantri Garib Kalyan Cess', at 33% tax rate. Additionally, the declarant shall have to deposit 25% of undisclosed income under the 'Pradhan Mantri Garib Kalyan Deposit Scheme, 2016'. Scheduled business in both houses could not be taken up as protests over the demonetisation issue continued. During protests in the Upper House, the opposition raised a point of order stating that the government’s notification placing withdrawal limits on bank account holders could possibly violate Article 300 (A) of the constitution [Right to property]. The Deputy Chairman however did not give a ruling in this regard and stated that such points of legalities should be taken up during the discussion. The leader of the opposition also pointed out that none of the 34 RBI notifications related to the demonetisation announcement have been tabled in Parliament. |
