Income Tax Act

Income Tax Amendment Bill passed in Lok Sabha

November 29, 2016

Lok Sabha has passed the Taxation Laws (Second Amendment) Bill, 2016 in the Lok Sabha. The Bill was introduced as some of the existing provisions of the Income Tax Act, 1961 can possibly be misused for concealing black money. The new bill attempts to impose a higher rate of...

Union Cabinet approved proposal to levy 60% deduction on accounted deposits

November 25, 2016

The Union Cabinet has approved a proposal to levy close to 60% deduction on unaccounted deposits in banks above a threshold by amending the Income Tax (I-T) Act. The move was taken amid banks reporting over Rs 21,000 crore being deposited in zero-balance Jan Dhan accounts post demonetisation, which the government...

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