Fri, Dec 9, 2016 | updated 09:24 AM IST

Income Tax Amendment Bill necessary to curb black money: Centre

Updated: Nov 29, 2016 19:53 IST

New Delhi [India], Nov.29 (ANI): Union Parliamentary Affairs Minister and Bharatiya Janata Party member (BJP) member Anant Kumar on Tuesday asserted that there was an urgent need to pass the Taxation Laws (Second Amendment) Bill 2016 as it would further strengthen the government's efforts to curb black money post the demonetisation drive.

The Income Tax Bill was passed in the Lok Sabha amid slogans from the Opposition against the government over the issue of demonetisation

"The Income Tax amendment bill which aims to help the poor, was brought into the parliament given its urgency. Despite our best efforts to make them understand the importance of the Bill they opposed. Had we delayed this bill further it would have adversely affected the poor," Kumar told the media here.

Earlier today, Finance Minister Arun Jaitley, during a debate on Amendment to Income Tax Bill, said that the government moved amendments after it saw that a few people were trying to convert black money into white post the demonetisation drive.

However, the Finance Minister's speech was out-voiced by the Opposition who were raising slogans inside the Parliament.

Kumar said that despite government's best efforts the Opposition have been unwilling to discuss and debate the demonitisation issue.

"We are ready for discussion and debate on every aspect of demonetisation and even ready to answer the opposition. The opposition has been coming up with various excuse and deferring discussions on demonetisation. I request the Congress party and other Opposition parties to allow the discussion to take place. The Prime Minister will intervene and answer both in Lok Sabha and Rajya Sabha," he said.

The Bill provides for 'Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016' (PMGKY).

As per the Bill, declarants under this regime shall pay a tax of 30 percent of their undisclosed income and a penalty of 10 percent of their undisclosed income.

The Bill also proposes to levy a 'Pradhan Mantri Garib Kalyan Cess', at 33 percent tax rate.

Additionally, the declarants shall have to deposit 25 percent of undisclosed income under the 'Pradhan Mantri Garib Kalyan Deposit Scheme, 2016'. (ANI)