The Taxation Laws (Second Amendment) Bill, 2016 on the voluntary disclosure and investment scheme, Pradhan Mantri Garib Kalyan Yojana, was passed without waiting for the next Union Budget. The government should wait for the Budget to enact tax-related changes linked to demonetisation and black money.
I support black money tax laws but considering the way it is being presented and/or changed, is this the right approach? Current tax laws are enough to catch those hoarding black money, but the rich and politically influential can never be touched.
To minimise black money, the root causes have to be identified and weeded out. One reason for the proliferation of black money is multiple and heavy taxation. Also, frequent changes in tax laws hampers tax planning.
M Kumar New Delhi
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