Hurray: President Pranab Mukherjee Gives Nod to Taxation Laws Second Amendment Bill

The Lok Sabha on November 30th, 2016 passed the Taxation Law (Second) Amendment Bill and gave chance to tax evaders to come clean. A quarter of the amount deposited under this will be kept locked up for four years in deposits, without any interests. Even though the bill had been pending for quite some time now, it never saw the light of the day because of the constant havoc and ruckus created by the Opposition parties over demonitisation.

Now it extremely happy news to see that as the Revenue Secretary announced a new tax disclosure scheme for the declaration of black money yesterday, President Pranab Mukherjee, on December 16th, gave his assent to the Taxation laws second amendment bill.

In a strong stand against black money in the country, Revenue Secretary Hasmukh Adhia, today announced that “the tax disclosure scheme will be opening tomorrow and close on March 31, 2017 and the disclosures will attract 50 % tax and penalty. The declarations under the new black money disclosure scheme will be kept confidential.”

The law will impose a 60% penalty (along with taxes) on the cash that are seized under this law. This will obviously help the government in implementing their pro-garibi policies and help the common man of India.

The government had also declared that it will form a “new e-mail ID for the people, to provide the tax authorities with information on black money.” The Revenue Secretary had also asserted that “people will be able to avail information, daily, on the amounts deposited to the currently dormant, JanDhan accounts.”