Taxation in India is a very trick subject but interesting at the same time. It needs to be known in detail so that you can take advantage of it in all aspects. Taxation has a very vast component and needs to be added to every part of income. This tax law is updated each year to accommodate the changes in the financial sector and the budget rolled out as well. In the year 2016, there was a huge step taken by the Indian government to demonetize a few currency notes from the usage in the market. This was a very important step in Indian history to evade the money laundering acts in the black market. It did have its pros and cons, and the government was doing every bit of it to get the public out of the money crisis. But there were a few parameters that did make a lot of other changes. This had led the Modi government to take the taxation laws’ second amendment action. This amendment was much in discussion and many academics had taken it up as a to get more insights.