India's Lok Sabha (lower house of parliament) has approved Bill No. 299-C of 2016, which introduces amendments to Income Tax Act, 1961 concerning taxes on unexplained income and amendments to the Finance Act, 2016, concerning a new voluntary disclosure scheme.
Unexplained Income
Any income in relation to unexplained credits, investments, cash, etc. will be subject to tax at an increased rate of 60%, including such income reflected in tax return or determined by the assessing officer. Such …