Govt amends Income Tax Act, retrospective tax rule junked

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    income tax act amended, income tax act, retrospective tax rule, vodafone cairn energy,


    income tax act amended, income tax act, retrospective tax rule, vodafone cairn energy,
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    Govt amends Income Tax Act, retrospective tax rule junked

    The government on Thursday introduced a bill in the Lok Sabha seeking to bury retrospective tax demands it had made on companies such as Cairn Energy Plc and Vodafone Group of UK. Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill, 2021 in the house which seeks to withdraw tax demands made on indirect transfer of Indian assets prior to May 28, 2012.

    “It is also proposed to refund the amount paid in these cases without any interest thereon,” the bill said.

    This bill impacts retro tax cases of at least two big companies — Cairn Energy Plc and Vodafone Group of UK. Both firms had won international arbitrations against levy of retrospective taxes on them.

    READ MORE: I-T Department extends deadline for various tax compliances

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