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.
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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.
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.