Finance Minister Arun Jaitley today introduced the Taxation Laws (Second Amendment) Bill,2016 in the Lok Sabha.The Bill seeks to impose a higher rate of tax and levy of penalty in respect of certain incomes.<br/><br/>It also provides for a scheme for payment of tax, penalty and surcharge on the undisclosed income and investment of certain amount of such income in the Pradhan Mantri Garib Kalyan Deposit Scheme.<br/><br/>