<h1>Lok Sabha Passes Bill Imposing 30% Tax, Surcharge, Penalty on Undisclosed Income; Requires 25% Deposit in Lock-In Scheme.</h1> The Taxation Laws (Second Amendment) Bill, 2016, passed by the Lok Sabha, introduces the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. Under this scheme, individuals must pay a 30% tax on undisclosed income, a 33% surcharge, and a 10% penalty. Additionally, they must deposit at least 25% of the undisclosed income into the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, which has a four-year lock-in period and no interest. The scheme does not provide immunity for offenses under various Indian laws, including those related to foreign exchange, smuggling, and money laundering.