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