Updated By: LatestGKGS Desk
New Income Tax Amendment Bill rise to Garib Kalyan Kosh Yojana
Lok Sabha Passes New Income Tax Amendment Bill, 2016 for Garib Kalyan Kosh Yojana
Lok Sabha passes New Income Tax Amendment Bill, 2016 without any discussions to promote Garib Kalyan Kosh scheme.
As per the bill, the people who are illegally converting 500 and 1000 denomination notes will be charged a penalty from 60% to 85%.
Income Tax Amendment bill aims for disclosing the black money
Those who disclose Black money will only have to pay 50% tax including penalty and no questions will be asked from them in relation to the sources of this amount.
After paying 50% tax, the discloser of black money will get 25% immediately and other 25% will be returned after 4 years.
The government earning revenue from the money will be investing in Garib Kalyan Kosh yojana providing easy living for the poor people.
