Govt buries Retrospective Tax

Finance Minister, Nirmala Sitharaman, introduced a Bill in Parliament to nullify the provisions of Income Tax Act. This bill has put an end to contentious retrospective tax law which has hit the confidence of foreign investors like Vodafone and Cairn. About: Government also proposed to refund amount paid in litigation by companies without any interest. According to Finance Secretary T V Somanathan, total amount involved in all cases is about Rs 8,100 crore. About Rs 7,900 crore is related to Cairn dispute. About the Bill Bill will withdraw the retrospective amendments in the Income Tax Act of 1961 that raised....Read More