<h1>New Tax Amendment Imposes 60% Tax on Undisclosed Income, Introduces Section 271AAC with 10% Penalty, New Declaration Scheme.</h1> The Taxation Laws (Second Amendment) Act, 2016, amends the Income-tax Act, 1961, and the Finance Act, 2016. Key changes include a 60% tax rate on undisclosed income under specific sections, with additional penalties. The Act introduces a new section, 271AAC, imposing a 10% penalty on certain income. It also establishes the Pradhan Mantri Garib Kalyan Yojana, allowing declarations of undisclosed income with a 30% tax, a 33% surcharge, and a 10% penalty. A mandatory 25% deposit of undisclosed income in a non-interest-bearing scheme is required. The scheme excludes individuals involved in serious offenses and certain other categories.