ALSO READCentre introduces Income Tax Laws (Second Amendment) Bill in Lok Sabha LS passes Income Tax amendment bill amid din Lok Sabha passes income tax amendment bill amid din After several adjournments, Lok Sabha passes tax amendment bill (Third Lead) Income Tax Amendment Bill necessary to curb black money: Centre
"Congress and other opposition parties will meet the President (Pranab Mukherjee) at 7 p.m. tomorrow (Thursday) over the demonetisation issue and manner in which income tax amendment bill was passed in the Lok Sabha without any debate and discussion," said an informed source.
Among the parties which are likely to meet the President apart from Congress are CPI(M), CPI, Trinamool Congress, BSP, Samajwadi party and others.
The opposition parties had been staging protests in the Parliament over the issue of demonetisation.
In the Lok Sabha, the Taxation Laws (Second Amendment) Bill, 2016, was passed as the opposition protested and raised slogans against the government.
According to the Bill, the declarant will have to pay a tax of 60 per cent and an additional surcharge of 25 per cent of the tax (i.e. 15 per cent of income), resulting in a total tax component of 75 per cent.
Union Finance Minister Arun Jaitley, while moving the bill for consideration and passing, called it one of the steps by the Centre to curb black money.
Opposition members raised slogans against the Centre's decision to scrap Rs 500 and Rs 1,000 currency notes, which led to cash crunch across the country.
Members complained that they were not able to move for changes as certain amendments needed President Pranab Mukherjee's assent.
As the opposition protested, Mahajan's said the bill should have been debated but could not be since the house was not maintaining order.
Amid the ruckus, the bill was passed by voice vote, and the house was adjourned for the day.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)