ALSO READStartUp India:16 entities incorporated,tax sops rejected for 2 Rs 32,000 cr unaccounted income unearthed in last three fiscals: Government Cabinet moves in to tax deposit above threshold, post note ban Unaccounted deposits to attract 50% tax, 4 yr lock-in period Govt collects Rs 69,809 cr via petrol, diesel cess in 2015-16
The Bill provides for 'Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016' (PMGKY).
The Bill also proposes to levy a 'Pradhan Mantri Garib Kalyan Cess', at 33 percent tax rate.
Additionally, the declarant shall have to deposit 25 percent of undisclosed income under the 'Pradhan Mantri Garib Kalyan Deposit Scheme, 2016'.
Scheduled business in both houses could not be taken up as protests over the demonetisation issue continued.
During protests in the Upper House, the opposition raised a point of order stating that the government's notification placing withdrawal limits on bank account holders could possibly violate Article 300 (A) of the constitution [Right to property].
The Deputy Chairman of the Rajya Sabha, P. J. Kurien, however, did not give a ruling in this regard and stated that such points of legalities should be taken up during the discussion.
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