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Retrospective Tax
August 9 , 2021
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- The Finance Minister, Nirmala Sitharaman, introduced a Bill in Parliament to nullify the provisions of Income Tax Act.
- This Bill will withdraw the retrospective amendments in the Income Tax Act of 1961 that raised demands on Vodafone, Cairn and some others.
- This bill seeks to attract foreign investments.
- As per the bill, no tax demand would be raised in future based on the retrospective amendment for any indirect transfer of Indian assets, in case transaction was undertaken before May 28, 2012.
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