Finance Minister Arun Jaitley has presented in Lok Sabha on 28.11.2016 THE TAXATION LAWS (SECOND AMENDMENT) BILL, 2016 to tax  at higher rates with penalty, Cash Deposit in Bank accounts out of Black Money or out of income on which tax not been paid in earlier years despite the same being payable for approval of Lok Sabha Members.

The bill been passed by Lok Sabha on 29.11.2016 without any discussion on the bill. Now the bill will go to Rajya Sabha for Approval and After Rajya Sabha approves the same, the will be Presented to Honourable President for Approval and once its approved by President than Government will notify it by publication in official gazette of India.

Link to Download The Taxation Laws (Second Amendment) Bill, 2016 as passed by Lok Sabha on 29.11.2016

Speech by Finance Minister Arun Jaitley in  Lok Sabha on Taxation Laws (Second Amendment) Bill, 2016

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Category : Income Tax (28342)
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Tags : black money (739) Demonetization (479)

4 responses to “Lok Sabha Approves bill to tax cash deposit of black Money”

  1. Taher Ali says:

    there was no discussion allowed in the parliament and bill was passed without any opportunity to opposition to discuss and debate. very harmful to the democracy! Here the question is not the accuracy or inaccuracy of law approved, but the question is to follow demacratic way to approve any such crucial bill…..

  2. s.p.sarma says:

    who has restricted discussion in the Lok sabha< Treasury bench or the opposition bench. The opposition has no no reply to the the Black money manace and now objecting Union Govt's move on black money. Its shameful for the behaviour of the members of Parliament..Why not opposition take part in the discussion as a good citixen rather shouting like jackel..

  3. Hhhh says:

    Passing of bill without any discussion in loksabha????? How far Democratic. Is not dictatorship???which direction our country moving,???does it prove that substantial mandate to one party very harmful for country?????

    • Nagender says:

      Opposition parties are not allowed to discuss and they only one slogan that roll back the ban of 500/1000 notes ban decision.
      due to that opposition parties are misusing their rights. True its harmful to country… they have to understand this..
      Having substantial majority members in house is required to pass the this type of bill.
      Jai Hindu…

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