The new tax law on Black Money introduced in Lok Sabha
The new tax law on Black Money .Lok Sabha has passed a Taxation Law Bill (Second Amendment). On November 29, 2016,with the aim .Of giving another opportunity to whiten black money.According to this bill, the time limit for declaration. The black money has been extended to December 30, 2016.
Taxation Laws (Second Amendment) Bill, 2016 is a finance bill. therefore Rajya Sabha must approve this bill within 14 days along with suggestions if any.
New Taxation Law to curve Black Money:
- According to the new bill, 30% income tax, 10% fines and 33% surcharge . will be applied on declared black money. Surcharge of 50% will also be held on the total declared income.
- 25% out of the remaining 50% white money will be submitted to the government . For four years for the “Prime Minister poor welfare plan.”The government will use this money to build a toilet . agriculture, and primary education.
- Any black money seized post 30thDecember, 75% tax on black money and 10% penalties . A total of 85% money will be recovered.