New Delhi: The lower house of the Parliament, Lok Sabha today passed a bill to amend the income tax laws by a voice vote to facilitate levy of 60 per cent tax on undisclosed income or investment or cash credit deposited in banks after the November 8th demonetisation of currency notes.
Even as opposition members indulged in ferocious slogan shouting, Finance Minister Arun Jaitley said the bill will give means to the Government of India to run schemes like Garib Kalyan Kosh. “I urge the House to accept the amendments,” he said while moving the bill for consideration and passing.
Jaitley called it one of the steps by the Centre to curb black money while moving the bill for consideration and passing.
The Finance Minister said, “This is an attempt to get the (black) money into the mainstream.”
On other hand, the members of the opposition parties insisted the lower house first take up a debate on demonetisation under the rule pertaining to an adjournment motion, and thereafter bill should be taken up for consideration.
Speaker Sumitra Mahajan while giving reply of Trinamool Congress member Sudip Bandyopadhyay who suggested that the debate and the bill can be clubbed, she said was not possible.
Even as the opposition protested, the Speaker put the bill to vote amid the din, and it was passed by a voice vote.
According to the Taxation Laws (Second Amendment) Bill, 2016, the declarant will have to pay a tax of 60 per cent and an additional surcharge of 25 per cent of the tax (i.e. 15 per cent of such income), resulting in a total tax component of 75 per cent.