Taxation Laws(Amendment Bill) 2016 introduced in Lok Sabha

Today, Finance Minister, Arun Jaitely introduced the Taxation Laws(Amendment Bill) 2016 in Lok Sabha. It is proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent if the money is caught unaccounted.  Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes.