English Vocab 56 By Anoop Verma Sir
A last chance for amnesty The amendments ( संशोधन / सुधार ) to the Income Tax law passed by the Lok Sabha now offer those with unaccounted cash a last shot at amnesty ( माफ़ी / क्षमादान ) . They can pay half their cash as tax and deposit a quarter into a new Pradhan Mantri Garib Kalyan Yojana. Those who fail to do this voluntarily ( स्वेच्छा से / स्वेच्छापूर्वक ) for bank deposits made since November 8 would end up retaining about 15 per cent of the total amount if they cannot establish a legitimate ( कानूनी / तर्कसंगत / उचित ) source for the funds. There is a Robinhood-esque edge to the PMGKY approach, directly linking the war on black money to welfare of the poor. Essentially an extension of the recent Income Disclosure Scheme that cleaned up about Rs.65,000 crore of undeclared income by levying ( करारोपण / कर लगाना ) 45 per cent tax, the December 30 deadline for bank deposits in d...