IT Amendment Bill passed in Loksabha

arun-jaitley-47844778The Taxation Laws (Second Amendment) Bill 2016 passed in Lok Sabha amid stormy protests by the Opposition.

The bill gives an opportunity to those with unaccounted money to make disclosures subject to 50 percent tax, was passed by voice vote, but now if caught they will have to shell out 85 pc tax and penalty.

Speaking o the bill Finance minister Arun Jaitley said, PM Modi made a huge announcement on November 8 to fight the menace of black money and corruption in the country. Govt moved amendments in Income tax law after it saw that a few ppl were still trying to convert black money into white post-demonetisation.