Mon, Feb 20, 2017 | updated 04:21 PM 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)

New Delhi [India], Feb. 20 (ANI): In the wake of the uproar created over Prime Minister Narendra Modi's 'Diwali, Ramzan bhed-bhav' remark, the meeting between the delegation from the Congress with the Election Commission of India (ECI), scheduled for today at 5.30 p.m., has been postponed till further notice.

Full Story >>

Kaptanganj (Uttar Pradesh) [India] Feb. 20 (ANI): Ridiculing the alliance between the Congress and the Samajwadi Party for the ongoing assembly polls in Uttar Pradesh, the Bharatiya Janata Party (BJP) on Monday sardonically remarked that the 'shehzaadey' of the alliance - Congress vice-president Rahul Gandhi and incumbent Chief Minister Akhilesh Yadav - have disappointed their respective parents and hence, cannot do anything good for the state.

Full Story >>

New Delhi [India], Feb. 20 (ANI): Senior Samajwadi Party leader Gayatri Prajapati on Monday moved the Supreme Court against the apex court's earlier order of registering an FIR against him in connection with a gangrape and sexual harassment case.

Full Story >>

New Delhi [India], Feb. 20 (ANI): In the wake of the uproar created over Prime Minister Narendra Modi's 'Diwali, Ramzan bhed-bhav' remark, a delegation from the Congress, consisting of Kapil Sibal, Deputy Leader of opposition in Rajya Sabha Anand Sharma, Rajya Sabha MP Satyawrat Chaturvedi and Secretary of the Legal and Human Rights Department of the Congress party K.C. Mittal, will meet the Election Commission of India (ECI) today at 5.30 p.m.

Full Story >>

Lucknow (Uttar Pradesh) [India] Feb. 20 (ANI): Lashing out at the Bharatiya Janata Party (BJP) for accusing Uttar Pradesh Chief Minister Akhilesh Yadav of rendering shelter to criminals, the Samajwadi Party (SP) ion Monday said that BJP should stop focusing on petty issues and concentrate on real ones.

Full Story >>

Orai (Allahabad) [India], Feb. 20 (ANI): Hitting back at Bahujan Samaj Party (BSP) chief Mayawati's opposition to the Centre's demonetisation drive, Prime Minister Narendra Modi on Monday said the nature of the party has changed to 'Behenji Sampatti Party' and accused her for amassing ill-gotten wealth after demonetisation.

Full Story >>

Alwar (Rajasthan) [India], Feb. 20 (ANI): A minor girl from Rajasthan's Alwar district was rescued by local villagers after her father had sold her off for Rs. 7 lakh to unknown persons in Haryana.

Full Story >>

Srinagar [India], Feb. 20 (ANI): In view of the Shivratri or Herath festival celebrations in the state, the Hurriyat leadership in Jammu and Kashmir has called off its strike on Friday.

Full Story >>

Mumbai (Maharashtra), Feb.20 (ANI): Former IPL player Harmeet Singh was detained by the Mumbai police on Monday when he barged into a crowded platform of the Andheri Railway station.

Full Story >>

New Delhi [India], Feb. 20 (ANI): Branding Prime Minister Narendra Modi's "Diwali, Ramzan bhed-bhav" remark as deplorable, Secretary of the Legal and Human Rights Department of the Congress party K.C. Mittal on Monday appealed to the Election Commission to exercise its constitutional powers and take stern action to ensure that free and fair elections are held.

Full Story >>

Chennai (Tamil Nadu) [India], Feb. 20 (ANI): The Dravida Munnetra Kazhagam (DMK) on Monday approached the Madras High Court demanding that Chief Minister E.K. Palaniswami's trust vote in the State Assembly be declared null and void.

Full Story >>

New Delhi [India], Feb. 20 (ANI): The Special Court on Monday adjourned the hearing in the Coal Scam case for March 6th, as the Central Bureau of Investigation (CBI) has sought more time to examine documents pertaining to the matter.

Full Story >>

New Delhi [India], Feb. 20 (ANI): With Pakistan finally putting Hafiz Saeed, the co-founder of Lashkar-e-Taiba and the chief of Jamaat-ud-Dawah under the Anti-Terrorism Act, India has asserted that effective action mandated internationally against him is the first step in ridding the region of the twin menaces of terrorism and violent extremism.

Full Story >>

New Delhi [India], Feb.20 ANI: Days after a popular Malayalam actress was allegedly molested by her driver in Ernakulum district of Kerala, Member of All India Mahila congress, Shobha Oza, blamed the Communist Party governance in state asserting that crime is on the rise under the Pinarayi Vijayan-led government.

Full Story >>

New Delhi [India], Feb. 20 (ANI): After the unfortunate incident of a leading actor from Malayalam film industry being allegedly molested, many celebrities and dignitaries have rallied in support and the latest to join the list is Congress MP Shashi Tharoor, who has minced no words to condemn the incident.

Full Story >>

New Delhi [India], Feb. 20 (ANI): Samajwadi Party spokesman Rajendra Chaudhary courted controversy by branding Prime Minister Narendra Modi and Bharatiya Janata Party (BJP) President Amit Shah as 'terrorists', adding that they are trying to mislead voters in Uttar Pradesh to gather support for the party.

Full Story >>

Kohima [India], Feb. 20 (ANI): The ruling Naga People's Front (NPF) Legislature Party will meet in Kohima today to elect a new leader following the resignation of Nagaland Chief Minister TR Zeliang.

Full Story >>

New Delhi [India], Feb. 20 (ANI): In the aftermath of noted gangster Lovely Lamba's arrest in Ludhiana, Punjab, his supporters resorted to vandalism across the city, expressing their resentment over the same.

Full Story >>

New Delhi [India], Feb. 20 (ANI): A post office in Delhi's Anand Vihar was looted by five to six unknown men and around 17 bags on money were stolen on Sunday night.

Full Story >>

New Delhi [India], Feb. 20 (ANI): Prime Minister Narendra Modi on Monday greeted the states of Arunachal Pradesh and Mizoram on their Statehood Day, expressing his desire to see development usher into the states.

Full Story >>