December 2016 Current Affairs

November 2016 Current Affairs
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October 2016 Current Affairs
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September 2016 Current Affairs
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August 2016 Current Affairs
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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.


December 2016 Current affairs

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




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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