Pradhan Mantri Garib Kalyan Yojana

Dear Readers, 

The Lok Sabha has passed the Pradhan Mantri Garib Kalyan yojna (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 tax and penalty in respect of undisclosed incomes.

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