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Taxation Laws (Second Amendment) Act, 2016

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About the Act

The Taxation Laws (Second Amendment) Bill, 2016 was introduced consequent to demonitization of high value currency, declaring specified bank notes as not legal tender. The Bill was introduced in Lok Sabha on November 28, 2016 and got passed on November 29, 2016.

The Act seeks amendment to Income-Tax Act, 1961 and Finance Act, 2016.

The Act got assent of the President of India on December 15, 2016.

  • The Act introduced the Pradhan Mantri Garib Kalyan Yojna, 2016 scheme under which taxpayers may declare undisclosed income possessed in the form of cash or deposits in an account with bank, post office or specified entity.
  • Levy of higher tax under Section 115BBE
  • Levy of higher penalty under Section 271AAB in respect of searches initiated on or after December 15, 2016.