Both houses saw repeated adjournments as protests over the
demonetisation issue continued.
The Income Tax Laws (Second Amendment) Bill was passed in
Lok Sabha today. The Bill was introduced yesterday and passed
without any debate.
The Bill proposes to introduce the Pradhan Mantri Garib
Kalyan Yojana, 2016. Under the scheme,
taxpayers may declare undisclosed income possessed in the form of cash or
deposited in banks, post offices or Reserve Bank of India before a notified
date. In such cases, taxes and penalties
will be levied as presented below.