President Pranab Mukherjee gives nod to Taxation Laws Second Amendment Bill

By: |
New Delhi | December 16, 2016 5:40 PM

As the Revenue Secretary announces a new tax disclosure scheme for the declaration of black money, President Pranab Mukherjee, today gave assent to the Taxation laws second amendment bill.

President Pranab Mukherjee, today gave assent to the Taxation laws second amendment bill. (Reuters)President Pranab Mukherjee, today gave assent to the Taxation laws second amendment bill. (Reuters)

As the Revenue Secretary announces a new tax disclosure scheme for the declaration of black money, President Pranab Mukherjee, today gave assent to the Taxation laws second amendment bill.

In a strong stand against black money in the country, Revenue Secretary Hasmukh Adhia, today announced that the tax disclosure scheme will be opening tomorrow and close on March 31, 2017 and the disclosures will attract 50 % tax and penalty. The declarations under the new black money disclosure scheme will be kept confidential.

The government had also announced that it will create a new e-mail ID for the people, to provide the tax authorities with information on black money. The Revenue Secretary had also asserted that people will be able to avail information, daily, on the amounts deposited to the dormant, JanDhan accounts.

Though the declarations under the new scheme stays confidential, reciepts of tax paid will be required to get the benefits of the new disclosure scheme benefits, which also includes immunity from prosecution.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1‘Not our stand’: Congress distances itself from Shiv Sena’s demand for Bharat Ratna to Savarkar
2West Bengal Election 2021: Smaller parties rally behind Mamata Banerjee to take on BJP might
3Rahul Gandhi targets govt over price rise issue