On 29 November, Lok Sabha passed the Taxation Laws (Second Amendment) Bill, 2016, introduced by the Ministry of Finance a day earlier. This Bill aims to provide another opportunity to tax evaders to disclose their unaccounted wealth and come out clean. It also aims to ensure that defaulting assessees are subjected to tax at a higher rate and stringent penalty provision. For this purpose, a new scheme ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY)’ has been introduced under the Bill.
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