RS approves Taxation Laws Amendment Bill

New Delhi, May 22 (UNI) The Rajya Sabha today passed the Taxation Laws Amendment Bill, 2006, that aims at curbing unaccounted (black) money and widen the tax base.

The new law amends a host of taxation laws, including the Income Tax Act, 1961, and the Customs Act, 1962. The amendment bill, already passed by the Lok Sabha, also seeks to amend the Customs Tariff Act, 1975, and the Central Excise Act, 1944.

Finance minister P Chidambaram said most of the provisions in the various acts were procedural amendments aimed at removing the drafting lacunae.

He said the government expects 20 per cent increase in gross tax collections this fiscal year. But the number of people in the tax net remains static. This is worrisome, he said.

Mr Chidambaram said India's taxation laws are at par with those in developed countries.

Initiating the debate xxx (Eds: pick up from para five of PAR 19 TAXATION LAWS-RS) UNI SU LR BD1521