Tuesday, November 29th, 2016

Income Tax amendments passed in Lok Sabha despite Opposition protests, both Houses adjourned till tomorrow

Narada Desk | November 29, 2016 11:07 am Print
Jaitley said the government moved amendments in Income tax law after reports of people trying to convert black money into white post-demonetisation

Amid uproar over the government’s demonetisation decision in the parliament, the Lok Sabha has on Tuesday passed a bill to amend the Income Tax law, providing a window to black money holders.

Union Finance Minister Arun Jaitley earlier introduced the bill that  provides for black money declarants a mandatorily depositing of 25 percent of the amount disclosed in anti-poverty scheme without interest and a four-year lock-in period.

Jaitley said the government moved amendments in Income tax law after reports of people trying to convert black money into white post-demonetisation.

Meanwhile, both the houses have been adjourned till 11 am tomorrow after multiple disruptions.

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