Amendment in Income Tax Law

                 In continuation with eradication of black money scheme, Modi Government has decided to give a bit relief to black money holders.  The probable reason is to bring large number of people in income tax net with fair assessment.  BJP brought Income Tax amendment bill and hurriedly passed it amid commotion in Lok Sabha.  The declarant will have to pay 30 per cent tax with 10 per cent penalty along with surcharge on undisclosed income.  The total amount payable will be 49.9 per cent.  Additionally, 25 per cent will be deposited without any interest and the locking period will be four years.  Government has launched ‘Pradhan Mantri Garib Kalyan Cess’ where 33 per cent on the tax paid by the declarant will be used under this scheme for the welfare of the down trodden people.  The amendment in Income Tax laws were brought with the view that the black money holder shall not take disadvantage of different sections of existing IT laws.

            Time allotted for discussion in Lok Sabha was hardly two hours.  The bill passed without any discussion.  Muddle continued for one or the other reasons.  In clutter, opposition parties raised varied issues related to present demonetization policy.  In Rajya Sabha things are not different.  Discussion continued on definition of money bill.  Money bill indicates no voting in Rajya Sabha.  The strength of opposition is more than ruling parties; so, it is obvious to play tricks rather than facing an orchestra.   It seems Government has decided to pass the IT amendment in Rajya Sabha in the same fashion as that of in Lok Sabha.

                In principle, each and every bill must be discussed at length in both the houses.  Consensus after in depth discussion is always beneficial.  Many of the members in parliament are intelligent and diligent enough to evaluate the each and every content of the bill in the light of its long term utility and suggest, amend, modify it accordingly.  Many parliamentarians are chartered accountant, advocates, judges, law and political science graduates.  Their part in discussion is always beneficial.  If Government passed the IT amendments by not taking parliamentarians in confidence then it will culminate into censure on the part of Modi Government.

                It is always good to take confidence of people.  Let the bill be put in public domain and invite the suggestions of the people of India.  Why not a law be passed wherein all the bills, amendments etc to be put in public domain and then the contents to be finalized for approval of both the houses.  For instance, in the recent past the PMO has sought suggestions from public with respect to demonetization policy.