Taxation Laws (Amendment) Act 2021

On 13th August, 2021,the Central Government notified the Taxation Law Amendments Act, 2021 to repeal the contentious ‘Retrospective Tax’ brought by Finance Act 2012.

  • It aims to bring tax certainty and ensure that once specified conditions are fulfilled, the pending Income-tax proceedings shall be withdrawn; demand, if any, raised shall be nullified; and amount, if any, collected shall be refunded to the taxpayer without any interest.
  • With this amendment, the government is aiming to settle the tax disputes with Cairn Energy Plc and the Vodafone Group.

Key Features

  • Provides that no tax demand shall be raised in the future based on the ....
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