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

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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