Govt amends Income Tax Act, retrospective tax rule junked

 

Image Source : REPRESENTATIONAL IMAGE/PTI

Govt amends Income Tax Act, retrospective tax rule junked

The Central government on Thursday proposed to amend Income Tax Act to provide that no tax demand shall be raised in future on the basis of said retrospective amendment for any indirect transfer of Indian assets, if transaction before May 28, 2012.

This comes after Vodafone and Cairn Energy setbacks that the Central Government has moved to end Retrospective Tax and amends Income Tax Act.

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