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Our Bureau

New Delhi , Dec. 14

THE Lok Sabha on Wednesday passed a crucial taxation laws (second amendment) Bill that seeks to bring legal validity to the income-tax department's efforts to recover tax on a retrospective basis on certain income arising from sale of Duty Entitlement Passbook (DEPB) licences.

The Bill was passed even as the Bharatiya Janata Party members staged a walkout, protesting the Government's decision not to raise the Rs 10 crore-turnover limit, below which the department would not pursue cases for recovery of tax.

While the BJP demanded that this limit be raised to give benefits to more small exporters, the Finance Minister, Mr P. Chidambaram, insisted on retaining the limit.

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Lok Sabha passes taxation laws Bill

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