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Taxation Laws (Second Amendment) Bill 2016 introduced in Lok Sabha; A scheme namely Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016 (PMGKY) proposed in the Bill

News and Press Release - Dated:- 28-11-2016 - Evasion of taxes deprives the nation of critical resources which could enable the Government to undertake anti-poverty and development programmes. It also puts a disproportionate burden on the honest taxpayers who have to bear the brunt of higher taxes to make up for the revenue leakage. As a step forward to curb black money, bank notes of existing series of denomination of the value of ₹ 500 and ₹ 1000 [Specified Bank Notes(SBN)] have be .....

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t legal tender , there have been suggestions from experts that instead of allowing people to find illegal ways of converting their black money into black again, the Government should give them an opportunity to pay taxes with heavy penalty and allow them to come clean so that not only the Government gets additional revenue for undertaking activities for the welfare of the poor but also the remaining part of the declared income legitimately comes into the formal economy. In this backdrop, an alte .....

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of undisclosed income in a Deposit Scheme to be notified by the RBI under the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 . This amount is proposed to be utilised for the schemes of irrigation, housing, toilets, infrastructure, primary education, primary health, livelihood, etc., so that there is justice and equality. An overview of the amendments proposed in the Bill are placed below; Overview of Amendments Proposed PARTICULARS EXISTING PROVISIONS PROPOSED PROVISIONS General provision for .....

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