Modinomics is Inclusive and Taxation, Tribunal Reforms Were Ushered In Out of Conviction Not Compulsion
3 years, 6 months ago

Modinomics is Inclusive and Taxation, Tribunal Reforms Were Ushered In Out of Conviction Not Compulsion

News 18  

“Our government is ready to take the biggest risk in the interest of the nation. The Taxation Laws Bill provides for the withdrawal of tax demand made on ‘indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012.’ Rules will be framed under the law giving a reasonable timeframe for the companies to come and give an undertaking to the government that they will not pursue the cases. The Bill would withdraw the retrospective amendments to the Income-tax Act that had raised demands on Vodafone, Cairn and some others, indicating the Modi government’s move to attract foreign investments and ease procedural bottlenecks. The Modi government has proposed amendments to the Income-tax Act and Finance Act, 2012 to effectively state that no tax demand shall be raised for any indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012. The Bill proposes to amend the Income-tax Act, 1961 so as to provide that no tax demand would be raised in future on the basis of the said retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012, the date on which the Finance Bill, 2012, received the assent of the President, says the statement of objects and reasons of the legislation.

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History of this topic

10 years of Modi government: Tax reforms, challenges
10 months, 1 week ago

10 years of Modi government: Tax reforms, challenges

New Indian Express  

NEW DELHI: In the last 10 years of Modi government rule, India has undergone marked tax reforms focused on streamlining the tax framework, enhancing compliance, and fostering transparency. Key reforms common to Customs, GST, income tax, and corporate tax include digitisation for e-filing and digital payments, real-time data sharing to detect tax frauds, faceless assessment and appeals, dispute resolution schemes …

Higher capital gains tax in the offing as PM Modi looks to overhaul income tax
1 year, 11 months ago

Higher capital gains tax in the offing as PM Modi looks to overhaul income tax

Live Mint  

India is preparing an overhaul of its direct tax laws to replace a byzantine matrix of rules and help Prime Minister Narendra Modi reduce widening income inequality if he returns to power next year, according to people with knowledge of the matter. Oxfam International estimates the top 10% of India’s population holds 77% of national wealth and government data show …

Rajya Sabha approves Tax Amendment bill to end retrospective taxation
3 years, 7 months ago

Rajya Sabha approves Tax Amendment bill to end retrospective taxation

Live Mint  

A bill that aims to end all retrospective taxation imposed on indirect transfer of Indian assets was approved by Rajya Sabha on Monday amid continuous protests by the opposition. Rajya Sabha on Monday took up The Taxation Laws Bill, 2021, with Opposition Congress, DMK and TMC staging a walkout, saying adequate time was not given to them to prepare for …

Scrapping Retrospective Tax a Welcome Move, But Why Did It Come So Late?
3 years, 7 months ago

Scrapping Retrospective Tax a Welcome Move, But Why Did It Come So Late?

The Quint  

In a big move to end "tax terror", Finance Minister Nirmala Sitharaman introduced the Taxation Laws Amendment Bill in the Lok Sabha to scrap the draconian retrospective tax amendment of 2012 that had made indirect transfer of Indian assets prior to 2012 taxable. The government said, "The Bill proposes to amend the Income Tax Act, 1961, to provide that no …

US body hails Indian govt's move to withdraw retrospective tax law
3 years, 7 months ago

US body hails Indian govt's move to withdraw retrospective tax law

Firstpost  

Yesterday’s Bill introduced by the Finance Ministry will only encourage more international investments into India and is a welcome relief for companies who have long invested in the country US-India Strategic and Partnership Forum on Thursday applauded the Indian move to withdraw the retrospective law relating to tax on indirect transfers. USISPF applauds India’s move to withdraw the retrospective tax …

US body hails India's move to withdraw retrospective tax law
3 years, 7 months ago

US body hails India's move to withdraw retrospective tax law

The Hindu  

US-India Strategic and Partnership Forum on Thursday, August 5, 2021, applauded the Indian move to withdraw the retrospective law relating to tax on indirect transfers. “USISPF applauds India’s move to withdraw the retrospective tax amendment relating to tax on indirect transfers,” he said in a statement. “The 2012 decision of the UPA government to impose retrospective tax has been a …

US body hails Indian govt's move to withdraw retrospective tax law
3 years, 7 months ago

US body hails Indian govt's move to withdraw retrospective tax law

India TV News  

US-India Strategic and Partnership Forum on Thursday applauded the Indian move to withdraw the retrospective law relating to tax on indirect transfers. “USISPF applauds India’s move to withdraw the retrospective tax amendment relating to tax on indirect transfers,” he said in a statement. “The 2012 decision of the UPA government to impose retrospective tax has been a black mark on …

Centre moves to redact retrospective tax law
3 years, 7 months ago

Centre moves to redact retrospective tax law

The Hindu  

The government on Thursday took the first step towards doing away with the contentious retrospective tax law of 2012, which was used to raise large tax demands on foreign investors like Vodafone and Cairn Energy, and blamed for vitiating India’s investment climate — less than a month after Cairn Energy secured an order from a French court to freeze India’s …

Govt amends Income Tax Act, retrospective tax rule junked
3 years, 7 months ago

Govt amends Income Tax Act, retrospective tax rule junked

India TV News  

In a bid to bury the ghost of retrospective taxation, the government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws Bill, 2021' in the Lok …

Modi's 'conviction and incentive' model: From PDS to property taxation, the four reforms the Centre nudged states to implement
3 years, 8 months ago

Modi's 'conviction and incentive' model: From PDS to property taxation, the four reforms the Centre nudged states to implement

Firstpost  

Unlike in the past, reforms were implemented quickly because of the Centre’s new policy of ‘reforms by conviction and incentives’, Prime Minister Narendra Modi said Despite the Indian economy facing a whole new set of challenges due to the second wave of COID-19, Prime Minister Narendra Modi said that state governments were able to implement several “public-friendly” reforms in a …

In major tax reform, Modi govt hikes threshold limit for filing tax appeals in tribunals, courts
6 years, 8 months ago

In major tax reform, Modi govt hikes threshold limit for filing tax appeals in tribunals, courts

India TV News  

Taking a big step forward in introducing tax reforms in the country, the Narendra Modi government on Thursday changed the rules for filing tax litigations in tribunals, High Courts and Supreme Courts. As of March, 2017, tax disputes worth Rs 7.6 lakh crore were stuck in various stages of litigation in tribunals, High Courts and the Supreme Court, according to …

Income Tax Act set for overhaul
7 years, 3 months ago

Income Tax Act set for overhaul

Live Mint  

New Delhi: After the indirect tax regime was transformed by the implementation of the goods and services tax, the 56-year-old Income Tax Act is now set for an overhaul. Prime Minister Narendra Modi observed at a tax officials’ conference in early September that the Income Tax Act of 1961 was over half-a-century old and needed to be re-drafted. Almost all …

Retrospective Taxes Should Be Avoided: Law Minister Ravi Shankar Prasad
10 years, 9 months ago

Retrospective Taxes Should Be Avoided: Law Minister Ravi Shankar Prasad

India TV News  

New Delhi: Law minister Ravi Shankar Prasad, who assumed charge today, said that retrospective tax should be avoided and India should be made an investor friendly regime. The new government's goal is to remove uncertainty and provide investors a stable fiscal and legal policy, Mr Prasad, who also holds the telecom portfolio, told reporters.The BJP had criticised the previous Congress …

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