As reported by Times Now, the Lok Sabha passed the Taxation Laws (Second Amendment) Bill, 2016. The government proposed to levy total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don’t disclose but are caught.
For an overview of the amendments proposed in the Bill, click here.
Source: Times Now