NEW DELHI: The Lok Sabha on Tuesday passed the Taxation Laws (second) Amendment Bill, which provides another chance for people with unaccounted cash to come clean. The Taxation Laws (Second Amendment) Bill, 2016 was passed by a voice vote in a complete din without any debate. The amended law provides those with unaccounted cash or deposits of cancelled Rs 500 and Rs 1,000 notes to pay 50% tax and come clean, or else, if caught, face a much harsher penalty and possible prosecution.A quarter of the amount declared will be locked up for four years in interest free deposits, leaving such declarant with only 25% of funds for immediate use.Finance minister Arun Jaitley said the government had made these changes after it was seen that people were trying to launder the demonetised currency. “It was seen after November 8 that many people were trying to illegally convert those currency notes that were not legal tender,” he said, moving the bill for consideration and passage amid fierce sloganeering by the opposition.“It will give means to the Government of India to run schemes like Garib Kalyan Kosh...I urge the House to accept the amendments,” he said.The government proposes to use the funds from the deposit scheme for pro-poor programmes including providing subsidy for housing. Jaitley said that as per the amendment proposed, those caught with unaccounted cash or deposits will have to cough up 60% tax plus penalties, which will come to 85%. They also run the risk of prosecution.The law also provides for imposing up to 60% (tax + penalty) — if it’s admitted and return is filed — and 90% (tax + penalty) on cash seized in searches. Opposition members said the bill could not be discussed before the debate on demonetisation as the measure was a follow-up of the note ban decision.Congress leader Mallikarjun Kharge and TMC's Sudip Bandhopadhyay said the two — adjournment motion on demonetisation and the income tax amendment bill — can be discussed together as the issues were similar.Speaker Sumitra Mahajan said that since the bill is of urgent public importance, it has to be passed immediately. She said that though she wanted a debate “it is impossible” because of the behaviour of the opposition members.She also disallowed some amendments moved by opposition members as they required approval of the President which could not be obtained. Two amendments by N K Premchandran (RSP) and B Mahtab (BJD) were allowed. While Premachandran refused to move the amendment as he was shouting slogans, Mahtab's amendment was negated by a voice vote.