Beware! Draconian laws are on their way – Taxation Laws (Amendment) Bill passed by Parliament
With the Taxation Laws (Amendment) Bill having been passed by both Houses of Parliament, it is only a matter of a few days before they become Law and what a Law? Officers can attach your property immediately after issuing a Show Cause Notice. Penalty for misdeclaration can be five times the value. Many in the Revenue departments have a feeling that they do not have enough powers; now they are given enough and more powers to misuse. TIOL had the honour of appearing before the Parliamentary Standing Committee that studied this Bill.