Govt introduces bill in Lok Sabha to scrap retrospective tax law
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Finance Minister Nirmala Sitharaman yesterday introduced the Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets.
The bill seeks to amend the Income Tax Act of 1961 and the Finance Act of 2012. The bill provides for the withdrawal of tax demand made on indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012, the day the retrospective tax legislation came into being. It is also proposed to refund the amount paid in these cases without any interest thereon.
The bill has a direct bearing on long-running tax disputes with British firms Cairn Energy and Vodafone Group.
The bill seeks to amend the Income Tax Act of 1961 and the Finance Act of 2012. The bill provides for the withdrawal of tax demand made on indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012, the day the retrospective tax legislation came into being. It is also proposed to refund the amount paid in these cases without any interest thereon.
The bill has a direct bearing on long-running tax disputes with British firms Cairn Energy and Vodafone Group.
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