All You Need To Know About The New Taxation And Investment Regime For PMGKY

The Taxation Laws (Second Amendment) Bill 2016 has been passed in the Lok Sabha. During the debate in the lower house, Finance Minister Arun Jaitley said amendments to the income tax law became necessary in light of the fact that people were rushing to turn their black money white.

Part of the amendment to the income tax law comprises the introduction of a new taxation and investment regime, which encourages people to disclose their hitherto undisclosed incomes in cash and deposits by paying a penalty.

Here’s an overview of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016 (PMGKY).