- What: The Centre introduced a Bill in the Lok Sabha that gives tax defaulters an opportunity to come clean by paying tax and penalties
- Key feature of the proposed amendment to the Income-Tax Act is a proposal to impose 50% tax on undeclared income that is voluntarily disclosed till Dec 30
- After that 82.5% (75% tax and 10% of such tax as penalty) could be levied on undeclared income detected by authorities
- The tax changes are intended to supplement the demonetisation move targeted at curbing black money
- The proceeds will be made a part of the Pradhan Mantri Garib Kalyan Yojana
- They will be used to fund schemes for providing irrigation, housing, toilets, infrastructure, primary education, primary health and livelihood
This development indicates a sustained effort on the part of the govt against black money. Make notes of such developments, it helps to enrich mains answers. Also note the Pradhan Mantri Garib Kalyan Yojana.
Posted on | The Hindu