Govt introduces Income Tax amendment Bill in LS .

The Government today introduced the Taxation Laws(Second Amendment) Bill in the Lok Sabha aimed at imposing a higher rate of tax and levy of penalty in respect of certain incomes.Through this Bill, brought in the wake of demonetisation, the government is giving an opportunity to those with undisclosed income to pay taxes with heavy penalty and allow them to come clean, and bring the remaining part of the income legitimately into the formal economy.

Cash deficit hits market..

Mumbai, Nov 27 : The Centre's demonetisation move has hit various businesses, with some seeing a drop of nearly 50 per cent in sales, according to experts.

"Not only the businesses in the financial capital Mumbai and neighbouring Navi Mumbai and Thane, there is steep drop of 50 per cent in all businesses of fruits, vegetable, food grains, dry fruits due the cash flow crisis," said Sanjay Pansare, a fruit trader and former director of Navi Mumbai APMC, the biggest wholesale market of the state.

"Vegetables are perishing. We are unable to pay cash to truckers who normally charge up to Rs 1 lakh for transporting apples from Kashmir to Mumbai and they are not accepting cheque. Earlier, we would get 325 trucks of fruits everyday which has reduced to 175 trucks per day." 

Not just wholesalers, but retailers and small traders are facing taxing times though they are still supportive of the government's demonetisation move.