Central Government notified the Taxation Law Amendments Act, 2021 to repeal the contentious ‘Retrospective Tax’ brought by Finance Act 2012.
Aim
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tax certainty and ensure that once specified conditions are fulfilled, the pending Income-tax proceedings shall be withdrawn; demand, if any, raised shall be nullified; and amount, if any, collected shall be refunded to the taxpayer without any interest.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 retrospective tax disputes with Cairn Energy and the Vodafone Group.
Key Features
Provides that no tax demand shall be raised in the future based on the retrospective amendment made ....
