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Income Tax Amendment Bill necessary to curb black money: Centre

ANI  |  New Delhi [India] 

Union Parliamentary Affairs Minister and member (BJP) member Anant Kumar on Tuesday asserted that there was an urgent need to pass the Taxation Laws (Second Amendment) Bill 2016 as it would further strengthen the government's efforts to curb post the drive.

The Bill was passed in the amid slogans from the Opposition against the over the issue of demonetisation

"The amendment bill which aims to help the poor, was brought into the given its urgency. Despite our best efforts to make them understand the importance of the Bill they opposed. Had we delayed this bill further it would have adversely affected the poor," Kumar told the media here.

Earlier today, Minister Arun Jaitley, during a debate on Amendment to Bill, said that the moved amendments after it saw that a few people were trying to convert into white post the drive.

However, the Minister's speech was out-voiced by the Opposition who were raising slogans inside the

Kumar said that despite government's best efforts the Opposition have been unwilling to discuss and debate the demonitisation issue.

"We are ready for discussion and debate on every aspect of and even ready to answer the opposition. The opposition has been coming up with various excuse and deferring discussions on demonetisation. I request the and other Opposition parties to allow the discussion to take place. The Prime Minister will intervene and answer both in and Rajya Sabha," he said.

The Bill provides for 'Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016' (PMGKY).

As per the Bill, declarants under this regime shall pay a tax of 30 percent of their undisclosed income and a penalty of 10 percent of their undisclosed income.

The Bill also proposes to levy a 'Pradhan Mantri Garib Kalyan Cess', at 33 percent tax rate.

Additionally, the declarants shall have to deposit 25 percent of undisclosed income under the 'Pradhan Mantri Garib Kalyan Deposit Scheme, 2016'.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 29 2016. 19:54 IST