March 2017 Current Affairs
23 MAR
NEWS
22 MAR
NEWS
21 MAR
NEWS
20 MAR
NEWS
18 MAR
NEWS
17 MAR
NEWS

February 2017 Current Affairs
28 FEB
NEWS
27 FEB
NEWS
25 FEB
NEWS
24 FEB
NEWS
23 FEB
NEWS
22 FEB
NEWS

January 2017 Current Affairs
31 JAN
NEWS
30 JAN
NEWS
28 JAN
NEWS
27 JAN
NEWS
25 JAN
NEWS
24 JAN
NEWS

December 2016 Current Affairs
31 DEC
NEWS
30 DEC
NEWS
29 DEC
NEWS
28 DEC
NEWS
27 DEC
NEWS
26 DEC
NEWS

November 2016 Current Affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS

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

Taxation Laws (Second Amendment) Bill, 2016 introduced in Lok Sabha
29 November 2016 Current Affairs: Finance Minister Arun Jaitley has introduced the Taxation Laws (Second Amendment) Bill, 2016 in the Lok Sabha on 28 November 2016. The Bill that amends tax laws seeks to impose a higher rate of tax and penalty in respect of undisclosed incomes.

This amendment bill has proposed to tax at 50 percent the unaccounted demonetised cash that is disclosed voluntary till 30 December 2016.

Highlights  :  It says, up to 85 percent tax and penalty will be levied on undisclosed wealth that is discovered by authorities after 30 December 2016.

The Bill proposes a Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016 wherein the unaccounted, now banned 500 and 1000 rupee notes, deposited in banks between 10 November and 30 December 2016, will be taxed at 30 percent plus a 10 percent penalty. A 33 percent surcharge on the tax will take the total levy to 50 percent.

The Bill proposes to amend Section 115BBE of the Income Tax Act to provide for a steep 60 percent tax and a 25 percent surcharge on it (total 75 percent) for black money holders who choose to disclose after PMGKY ends.

The bill also inserts a new section that calls for an additional 10 percent penalty on being established that the undeclared wealth is unaccounted or black money, taking the total incidence of levies to 85 percent.


March 2017 Current affairs
23 MAR
NEWS
22 MAR
NEWS
21 MAR
NEWS
20 MAR
NEWS
18 MAR
NEWS
17 MAR
NEWS

February 2017 Current affairs
28 FEB
NEWS
27 FEB
NEWS
25 FEB
NEWS
24 FEB
NEWS
23 FEB
NEWS
22 FEB
NEWS




January 2017 Current affairs
31 JAN
NEWS
30 JAN
NEWS
28 JAN
NEWS
27 JAN
NEWS
25 JAN
NEWS
24 JAN
NEWS

December 2016 Current affairs
31 DEC
NEWS
30 DEC
NEWS
29 DEC
NEWS
28 DEC
NEWS
27 DEC
NEWS
26 DEC
NEWS

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS



FreshersLive - No.1 Job site in India. Fresherslive Current Affairs 2017 section offers informative quiz questions with answers regarding latest current affairs today for all sorts of competitive exams like UPSC, TNPSC , IFS, IAS, IPS, railway exams (RRB) and banking exams like IPBS PO, IPBS clerk, Federal Bank PO, ICICI, SBI, RBI legal officer & Grade officer posts and much more. Register with us to get latest Current Affairs Updates. Also get latest Current Affairs news and quiz Updates for free alerts daily through E-mail

Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.

Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.