Taxation Laws (Second Amendment) Bill, 2016
| Taxation Laws (Second Amendment) Bill, 2016 | |
|---|---|
 | |
| Enacted by | Parliament of India |
| Status: Unknown | |
The Taxation Laws (Second Amendment) Bill, 2016,[1] was introduced in the Lok Sabha during the winter session of Indian Parliament 2016. The bill was introduced on 28 November 2016, by Finance Minister of India, Arun Jaitley,.[2] The bill was introduced as taxtion and penalty measures, on people who were disclosing their black money and also on people who would be hiding their black money, by not disclosing to Income Tax Department.
The bill was passed by Speaker Sumitra Mahajan, with a voice vote[3][4] without debate[5] in Lok Sabha .
Readings
First Reading: Arun Jaitley, introduced the bill on 28 November 2016
Second Reading: No debate
Third Reading : Bill passed as voice vote by Speaker Sumitra Mahajan due disruptions by Opposition.
Taxation on Gold
The Government, clarified that gold assets in form of jewellery of People of India, were not for taxation as per the introduced Bill.[6]
Opposition reaction
The Opposition, parties, expressed anger against the passed bill in Lok Sabha, that a debate was not held.[7]
References
- ↑ "Lok Sabha passes IT amendment bill". Hindustan Times. 29 November 2016.
- ↑ "Lok Sabha passes Income Tax amendment bill". The Times of India. 29 November 2016.
- ↑ "Amendment Bill, will tax undisclosed money". Economic Times. 1 December 2016.
- ↑ "Bill to tax deposits". The Hindu. 29 November 2016.
- ↑ "No debate on Taxation laws bill". Indian Express. 30 December 2016.
- ↑ "Government clears, questions of taxation laws". Business Standard. 1 December 2016.
- ↑ "Opposition protest on Bill". Indian Express. 30 November 2016.