Income Tax amendment bill tabled in Lok Sabha: Key takeaways

New Delhi : With an aim to catch fraud deposits post demonetisation, The Bill to amend Income Tax Act has been tabled in Lok Sabha. Finance Minister Arun Jaitley introduced the bill, proposed 30 per cent tax on undisclosed income plus 10 per cent penalty beside a 33 per cent surcharge.

The bill also proposes a 75 per cent tax and 10 per cent penalty in case Income Tax authorities detect undisclosed wealth deposited post demonetisation.

To ensure less poverty rate in India, the bill makes it mandatory to deposit 25 per cent of undisclosed income post demonetisation in the Pradhan Mantri Garib Kalyan Deposit Scheme.

The Parliament on Monday again witnessed heavy protest from opposition leaders demanding rollback on demonetisation and presence of Prime Minister Narendra Modi for debate.

Home Minister Rajnath Singh once again assured that Prime Minister Narendra Modi will speak in Parliament over demonetisation, but the rival parties demanding debate with a provision for voting remained unimpressed, forcing the House to adjourn for the second time.