Lok Sabha passes Bill to tax black money deposited post demonetization

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Finance Minister Arun Jaitley
Finance Minister Arun Jaitley

New Delhi : Lower house of the Parliament (Lok Sabha) on Tuesday passed Income Tax Amendment Bill to tax black money deposited in banks post demonetization (November 8).

The Bill was passed amid protests and raising slogans by the leaders of opposition inside the house.

Union Finance Minister Arun Jaitley termed it as BJP-led government’s move to curb black money flowing in the economy.

"This is an attempt to get the (black) money into the mainstream," he said.

Trinamool Congress member Sudip Bandyopadhyay suggested that the debate and the bill can be clubbed, which Speaker Sumitra Mahajan said was not possible.

Amid protest, the speaker asked members of Parliament to cast votes and the Bill was passed by a voice note.

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.