New Delhi [India], Nov. 29: Prime Minister Narendra Modi on Tuesday asked all Bharatiya Janata Party (BJP) MPs and MLAs to give details of their bank accounts to party president Amit Shah from November 8 to December 31. Sources said that he also instructed all lawmakers and legislators to submit their financial details by January 1, 2016.
Prime Minister Modi earlier in the day attended a BJP parliamentary party meeting to discuss the Centre’s demonetisation move and strategies to counter the opposition. Opposition parties have accused the Prime Minister of plunging the country into financial anarchy post the demonetisation drive.
However, the ninth day of the Winter Session of Parliament saw the Centre introducing the Income Tax Laws (Second Amendment) Bill. The Bill provides for ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016’ (PMGKY).
The Amendment Bill, introduced by Finance Minister Arun Jaitley, proposes 30 percent tax on undisclosed income plus 10 per cent penalty beside a 33 percent surcharge. The Bill also proposes a 75 percent tax and 10 percent penalty in case the Income Tax authorities detect undisclosed wealth deposited post demonetisation.