PMGKY 2016 - Page 7

FM tables Taxation Laws (Second Amendment) Bill, 2016 in Lok Sabha

If any taxpayer voluntarily makes a declaration of his unaccounted money, then,as per the provisions of section 199C, he shall be liable to pay tax on such unaccounted money at the rate of 30% along with 33% Surcharge (on such tax) known as Pradhan Mantri Garib Kalyan Cess under section 199D....

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Posted Under: Income Tax |

Let’s understand Proposed Income Tax 2nd Amendment Bill 2016

As a step forward to curb black money, bank notes of existing series of denomination of value of five hundred rupees and one thousand rupees issued by the Reserve Bank of India have been ceased to be legal tender with effect from the 9th November, 2016....

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Posted Under: Income Tax | ,

The Taxation Laws (Second Amendment) Bill, 2016

Download Full Text Of The Taxation Laws (Second Amendment) Bill, 2016- Introduced In Lok Sabha By Finance Minister Arun Jaitley On 26.11.2016...

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Posted Under: Income Tax |

Govt. presents bill in Lok Sabha to tax Black Money

An alternative scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016' (PMGKY) is proposed to be provided in bill. Declarant under this regime shall be required to pay tax @ 30% of undisclosed income and penalty @ 10% of undisclosed income....

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Posted Under: Income Tax | ,

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