Around three weeks after its announcement to withdraw high-denomination currency notes, the government introduced amendments to the Income Tax Act in Lok Sabha on Monday to enable them to impose a higher penalty and tax rate on assessees of unexplained deposits. The Taxation Laws (Second Amendment) Bill, 2016 also proposes to introduce a scheme named the ‘Pradhan Mantri Garib Kalyan Yojana, 2016’ (PMGKY), under which the declarant will have to pay a tax of 30 per cent on the undisclosed income, a penalty of 10 per cent and a surcharge called ‘Pradhan Mantri Garib Kalyan Cess’ of 33 per cent on the tax payable.
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