Taxation Laws Amendment Bill 2016 Targets Undisclosed Income with Higher Penalties, Incentivizes Voluntary Disclosure to Curb Black Money.

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....The Taxation Laws (Second Amendment) Bill, 2016, aims to address undisclosed income by imposing higher penalties and encouraging voluntary disclosure to combat black money. The legislation introduces stricter penalties for undisclosed income and provides incentives for individuals to voluntarily disclose unreported earnings. This approach is intended to deter tax evasion and promote transparency in financial reporting, contributing to the government's broader efforts to reduce the prevalence of black money in the economy.....