Lok Sabha passes Taxation Laws (second amendment) Bill, 2016
The Lok Sabha on Tuesday passed the Taxation Laws (second amendment) Bill, 2016. "Government moved amendments in Income Tax law after it saw that a few people were trying to convert black money into white post-demonetisation," stated Finance Minister Arun Jaitley. The bill provides for black money declarants to mandatorily deposit 25% of the amount disclosed in an anti-poverty scheme.