TMC lashes Centre over passage of Taxation Bill in Lok Sabha

Reacting to the passage of the Taxation Laws (2nd Amendment) Bill, 2016, in the Lok Sabha on Tuesday, the All India Trinamool Congress (TMC) lashed out at the Centre for not taking the opposition into confidence.

"The opposition wants a debate in the Lok Sabha, we want a good debate on this subject and we want the debate to be followed by voting. What is the problem? Why is the government so scared, they have got the huge majority? The BJP-led NDA have a huge majority. So, why can't we have a debate? We will start a debate Thursday morning if they want to have a debate, but they are shying away from a debate and they are shying from voting", TMC leader Derek O'Brien told ANI.

He also told ANI here that opposition parties are planning to put forward their concerns on demonetisation to President Pranab Mukherjee on Thursday.

"All parties are coming for it, and before the 16th of December, there will be a big event, and its looks like all these parties, once we decide, to walk to Rashtrapati Bhavan, may be 200 MPs, to show that we are all united and we are fighting this draconian demonetization," he added.

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'.