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Union Government introduces Taxation Laws (Second Amendment) Bill, 2016
November 29, 2016 No comments
The Union Government has introduced the Taxation
Laws (Second Amendment) Bill, 2016 in the
Parliament.
The bill amends existing tax laws to impose a higher
rate of tax and penalty in respect of undisclosed
incomes. It proposes, Taxation and Investment
Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY), an anti-
poverty scheme.
It seeks to attract more people to disclose their unaccounted cash and
also to put in a framework in place to use that for the welfare of the
people especially in the rural areas.
It also ensures that tax defaulting assessees and black money holders are
subjected to tax at a higher rate and stringent penalty provision.
Key features of Bill
Mandatory for black money declarants to deposit 25% of
amount disclosed in Pradhan Mantri Garibi Kalyan Yojana
(PMGKY) 2016 for a 4 year lock-in period without interest.
Those who choose to declare their ill-gotten wealth stashed till
now in banned Rs. 1,000 and Rs. 500 currency notes under the
PMGKY scheme will have to pay a tax at the rate of 30% of the
undisclosed income.
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Additionally, 10% penalty will be levied on the undisclosed
income and PMGK Cess (surcharge) at the rate of 33% of tax (33%
of 30%).
Further, the declarants will have to deposit 25% of the
undisclosed income in a scheme to be noti ed by the government
in consultation with the Reserve Bank of India (RBI).
The money from PMGK will be used for projects in irrigation,
infrastructure, primary education, primary health, housing,
toilets and livelihood so that there is justice and equality.
For those who continue to hold onto undisclosed cash and are
caught they will be levied with at 60% tax plus a surcharge of
25% of tax (15%), which will amount a levy of 75%.
Besides, if the assessing of cer can charge a 10% penalty in
addition to the 75% tax.
Why it is necessary?
In general, evasion of taxes deprives the nation of critical resources
which could enable Government to undertake development and anti-
poverty 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. The Taxation Laws (Second Amendment) Bill,
2016 seeks to remove existing redundant provisions of the IT Act, 1961
which can possibly be used for concealing black money. It also ensures
that defaulting assessees are subjected to tax at a higher rate and
stringent penalty provision.
Tags: Bill And Amendments Black Money Business Economy National Taxation Taxation Laws
Akodara becomes Indias first Digital Village
November 29, 2016 2 Comments
Akodara village in Sabarkantha district of Gujarat has
earned the coveted tag of becoming Indias rst
digital village in India.
The village with a total population of 1,191 people
and 250 households uses a various cashless system
for payments of goods and services. All transactions
in the village are carried out through digital modes like SMS, net-
banking or debit cards.
Key Facts
The village was adopted by ICICI Bank under its Digital Village
Project in 2015 and made cashless by adopting digital technology.

The project was launched in January 2016 by Prime Minister

Narendra Modi and ICICI Bank MD and CEO Chanda Kochar to
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