<h1>Bill Proposes 85% Penalty on Undisclosed Income to Curb Tax Evasion and Boost Financial Accountability.</h1> The Taxation Laws (Second Amendment) Bill, 2016, was introduced to address issues related to undisclosed income and assets. The bill aims to amend existing tax laws to impose higher penalties on unreported income and assets, particularly those revealed during tax assessments. It seeks to curb tax evasion by ensuring stricter compliance and transparency. The bill proposes a penalty of up to 85% on undisclosed income, intending to deter tax evaders and enhance government revenue. This legislative move is part of broader efforts to strengthen the tax framework and promote financial accountability.