Lok Sabha passes second amendment to Taxation Laws Bill; Bill seeks to tax up to 85 percent on those caught with undisclosed income post demonetisation. Lok Sabha on Tuesday passed the second amendment to Taxation Laws Bill. The Bill is aimed to levy tax up to 85 per cent on those caught with undisclosed income after demonetization. Union Finance Minister Arun Jaitley said in Parliamnet that
the money from the PM Gareeb Jan Kalyan Yojna will be used for welfare of the poor.
Meanwhile, despite the government asserting that PM is ready to intervene in the demonetisation debate, opposition parties continued to disrupt its functioning. Both Lok Sabha and Rajya Sabha witnessed repeated adjournments following uproar by the Opposition. Later, both the houses have been adjourned for the day.
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