Opposition leaders object to Income Tax Amendment Bill, submit memorandum to President

Terming proposed amendments to the Income Tax Act as a “win-win” proposition, experts said it will give one more opportunity to black money holders to come clean by paying tax and penalty of 50 per cent.

By: Express Web Desk | New Delhi | Updated: December 2, 2016 2:05 pm
Income tax amendment bill, Income tax, tax, Opposition, Congress, BJP, Demonetisation, demonetisation income tax, narendra modi, modi, PM Modi demonetisation, Pranab Mukherjee, President, demonetisaton president, Arun jaitley. Arun Jaitley demonetisation, taxation laws, india news, indian express news Congress Vice-President Rahul gandhi. (ANI photo)

Condemning the manner in which the Income Tax Amendment Bill was passed in the Lok Sabha, sixteen opposition parties, including Congress on Thursday met President Pranab Mukherjee raising their objections over the matter. “We (opposition delegation) gave the President a memorandum. The Bill was passed without any discussion, this is not the way to run the Parliamentary business. Voice of the opposition was stifled in Parliament,” said Congress vice-president Rahul Gandhi.

WATCH VIDEO: PM Modi Is More Interested In TRP Politics Rahul Gandhi At Congress Parliamentary Meet

Earlier in the day, the issue of Taxation Laws (2nd Amendment) Bill, 2016 being treated as Money Bill was raised by Naresh Agrawal of Samajwadi Party in the Rajya Sabha. He said the government was “undermining” the Rajya Sabha as it does not have majority in this House.

memo

 

mmo-news

The government had introduced The Taxation Laws (Second Amendment) Bill, 2016, in the Lok Sabha, proposing to tax all unaccounted demonetised cash that is disclosed at 50 per cent and levy a steep up to 85 per cent tax and penalty on undisclosed wealth after the window closes on December 30. Under the Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY), black money declarants have to mandatorily park 25 per cent of that wealth in zero-interest, four-year-no-withdrawal scheme.

Terming proposed amendments to the Income Tax Act as a “win-win” proposition, experts said it will give one more opportunity to black money holders to come clean by paying tax and penalty of 50 per cent.

 

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First Published on: December 1, 2016 8:36 pm
  1. M
    MyTake
    Dec 1, 2016 at 8:38 pm
    Changes in Tax Law is supposed to help the Am Admi and the opposition is supposed to be the champion of Am-Admi causes against "Modi and his rich friends"! lt;br/gt;lt;br/gt;Without knowing these illiterates at last got trapped in Modi-net! Protest they loose face, not protest they loose face! Amazing Modi Chakra-Bhoho!
    Reply
    1. M
      MyTake
      Dec 1, 2016 at 8:32 pm
      Look at the faces of thieves! Isn't it too obvious what these faces are reflecting?lt;br/gt;lt;br/gt;Some ideas for the start up business men and women: print this letter in toilet paper and it will sell like hot cake! I think there is no law in the consution that can bar this attempt!
      Reply
      1. A
        Arun
        Dec 1, 2016 at 4:31 pm
        The Congress Party is never interested in discussing any bill like GST in the both houses of Parliament even it is in the interest of nation or improvement our Economy.Every Time it is searching some issue to stall proceedings of Lok Sabha and Rajya Sabha.It is acting as not the responsible oppostion Party but irrepsonsible Party in the both houses.It is misfurtune for Aam Aadmi to have such party to obstruct proceedings.Congress Party has to pay for it in all up coming embly election in various states.
        Reply
        1. R
          Raj V
          Dec 1, 2016 at 11:12 pm
          We were lucky to watch and understand what the opposition parties were doing in the Parliament for the past few days.
          Reply
          1. R
            Raj V
            Dec 1, 2016 at 11:07 pm
            Whta is wrong with opposition parties? Tey are crying for all and sundry. They could have helped in measures to improve the money flow to commoners by their suggestions.
            Reply
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