South Asia and Beyond

Govt Move To Scrap Retro Tax

India is going to do away with a contentious legislation enacted in 2012 by the previous UPA government, the retro tax provisions. A bill to do away with the retrospective taxation provisions has been tabled in parliament. It nullifies any tax demand made on transfer of indirect Indian assets prior to 2012. The amendment also makes it clear there must be withdrawal of pending litigation (Cairn Energy) and no claim for damages.

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