Analysis of New Taxation Bill 2016 to Tax Black Money in India

By | November 30, 2016
(Last Updated On: November 30, 2016)

Legislation aimed at addressing “ black money ” in tax law changes

  • As a step forward to curb “black money,” bank notes of existing series of denomination of the value of Rs.500 and Rs.1000 were recently withdrawn from circulation by the Reserve Bank of India. There have been concerns also that certain existing provisions of the Income-tax Act, 1961 can possibly be used for concealing black money. India’s government introduced a bill in Parliament that would amend tax law provisions to determine that “defaulting taxpayers” are subjected to tax at a higher rate and that stringent penalty provision would apply. Read a November 2016 report [PDF 289 KB] report of KPMG
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