The federal govt has suggested a 30% tax, a problem of 10% and 33% cost on undisclosed earnings in the Income Tax Amendment Bill in the Lok Sabha on Monday.
In the revised bill, Finance Reverend Arun Jaitley has suggested a new plan called ‘Taxation and Investment Program for Pradhan Mantri Garib Kalyan Yojana’ 2016.
Under this plan, govt entities said that 25% of the undisclosed earnings after demonetization should be placed in the Pradhan Mantri Garib Kalyan Down payment Scheme. This amount will then be used in non-urban techniques, it included.
The earnings tax revised bill has been sent to the Chief executive for concern, Cogencis said, and govt entities wishes to bring in the changes in the Parliament by Tuesday.