{"id":124005,"date":"2021-08-06T19:20:44","date_gmt":"2021-08-06T13:50:44","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=124005"},"modified":"2021-08-11T11:21:01","modified_gmt":"2021-08-11T05:51:01","slug":"retrospective-taxation-and-the-taxation-laws-amendment-bill-explained-pointwise","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/retrospective-taxation-and-the-taxation-laws-amendment-bill-explained-pointwise\/","title":{"rendered":"Retrospective taxation and the Taxation Laws (Amendment) Bill &#8211; Explained, pointwise"},"content":{"rendered":"\n<h5><b>Introduction<\/b><\/h5>\n<p><span data-contrast=\"auto\">The government has recently introduced the Taxation Laws (Amendment) Bill, 2021, in Parliament.<\/span>\u00a0<span data-contrast=\"auto\">The bill seeks to nullify the contentious\u00a0<\/span><b><span data-contrast=\"auto\">retrospective tax law\u00a0<\/span><\/b><span data-contrast=\"auto\">by amending the<\/span><b><span data-contrast=\"auto\">\u00a0Income Tax (IT) Act<\/span><\/b><span data-contrast=\"auto\">\u00a0<\/span><b><span data-contrast=\"auto\">of 1961 and the Finance Act of 2012.<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p>By the 2012 amendment, the government permitted itself to tax entities retrospectively in 2012, the government has so far made 17 tax demands. This includes tax claims against British telecom company Vodafone and gas major Cairn Energy. The government has collected Rs 8,100 crore in four cases, including Rs 7,800 crore from Cairn alone.<\/p>\n<p>It resulted in the companies making appeals against this decision in the international arbitration. Indian government lost various retrospective Taxation cases within India and abroad also. The recent one was the <a href=\"https:\/\/forumias.com\/blog\/cairn-says-it-has-got-court-nod-to-attach-20-indian-assets-in-paris\/\" target=\"_blank\" rel=\"noopener\">French tribunal&#8217;s last month order to freeze Indian properties<\/a> as part of a guarantee of the amount owed to Cairn.<\/p>\n<h5><strong>What is retrospective taxation?<\/strong><\/h5>\n<p>Retrospective taxation allows a country to pass a rule on taxing certain products, items, or services. This taxation is<strong> applied to the companies from a previous date,<\/strong> i.e. before the date on which the law is passed.<\/p>\n<p>Usually, the <strong>Countries apply<\/strong> retrospective tax <strong>to correct anomalies in their taxation<\/strong> policies, that have, in the past, allowed companies to take advantage of such loopholes.\u00a0But, this retrospective tax hurts companies that had knowingly or unknowingly interpreted the tax rules differently.<\/p>\n<p>In the past, many other countries like the USA, the UK, the Netherlands, Canada, Belgium, Australia, and Italy have retrospectively taxed companies.<\/p>\n<h5><b><span data-contrast=\"auto\">The History behind\u00a0retrospective tax law<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"495\" class=\"size-full wp-image-124061\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2021\/08\/Retrospective-taxation-1.jpg?resize=750%2C495&#038;ssl=1\" alt=\"Retrospective taxation\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2021\/08\/Retrospective-taxation-1.jpg?w=779&amp;ssl=1 779w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2021\/08\/Retrospective-taxation-1.jpg?resize=300%2C198&amp;ssl=1 300w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2021\/08\/Retrospective-taxation-1.jpg?resize=768%2C507&amp;ssl=1 768w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/>\n<ul>\n<li>Earlier, the Supreme Court had ruled against the retrospective reading of the law by tax officials in the case of Vodafone. Despite that, In 2012, the Indian <strong>government then retrospectively amended the tax code<\/strong>, giving itself the power to go after\u00a0<strong>mergers and acquisitions(M&amp;A) deals all the way back to 1962 if the underlying asset was in India<\/strong>.<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">The 2012 amendment to the Income Tax Act aimed to tackle\u00a0complex transactions that manage to escape taxation in India\u00a0involving a capital gains tax liability here.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">That included the Dutch arm of Vodafone Group buying a Cayman Islands-based company in 2007, which indirectly held a majority stake in Indian firm Hutchison Essar Ltd\u00a0later renamed Vodafone India\u00a0for $11 billion.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">It also covered Cairn Energy\u2019s internal restructuring of its India unit in 2006-07 before it went public.\u00a0<\/span><\/li>\n<\/ul>\n<h5><strong>Salient provisions of the Taxation Laws (Amendment) Bill, 2021<\/strong><\/h5>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">According to the new bill, tax claims made on offshore <strong>transactions,<\/strong> executed <strong>before 28 May 2012<\/strong>, when the amendment to the Income Tax Act was brought out,\u00a0<strong>will be nullified<\/strong>.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">The government has also proposed to <strong>refund the amount paid in litigation<\/strong> by companies <strong>without any interest<\/strong> thereon.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><strong>Note<\/strong>: The total amount involved for all cases is about Rs 8,100 crore.<\/li>\n<\/ul>\n<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">However, the demand raised by the Indian government will be nullified based on Specific conditions such as\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Withdrawal of pending litigation\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span style=\"color: #ff0000;\"><span style=\"color: #000000;\">Companies furnishing that no claim for cost, damages, interest, etc. will be claimed<\/span><\/span><\/li>\n<\/ul>\n<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Government sources said the move was meant to send a positive message to the investor community.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"547\" class=\"size-full wp-image-124024\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2021\/08\/Taxation-Laws-Amendment-Bill.png?resize=750%2C547&#038;ssl=1\" alt=\"Taxation Laws (Amendment) Bill\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2021\/08\/Taxation-Laws-Amendment-Bill.png?w=946&amp;ssl=1 946w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2021\/08\/Taxation-Laws-Amendment-Bill.png?resize=300%2C219&amp;ssl=1 300w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2021\/08\/Taxation-Laws-Amendment-Bill.png?resize=768%2C560&amp;ssl=1 768w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/>\n<h5><b><span data-contrast=\"auto\">Implications of Retrospective taxation laws<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<ul>\n<li><span data-contrast=\"auto\">Retrospective amendments militate <strong>against the principle of tax certainty<\/strong> and <strong>damage India&#8217;s reputation<\/strong> as an attractive destination<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">For instance, the 2012 amendment had resulted in companies seeking international arbitration.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">India has recently <strong>suffered\u00a0various humiliations<\/strong> in international arbitration\u00a0while\u00a0challenging\u00a0tax demands made under the retrospective clause.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<h5><strong>Rulings against India&#8217;s retrospective taxation in the past:<\/strong><\/h5>\n<p><span data-contrast=\"auto\">Last year, the government received two adverse rulings in cases involving Vodafone and Cairn Plc<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">India\u2019s imposition of<a href=\"https:\/\/forumias.com\/blog\/retrospective-taxation-vodafone-case\/\" target=\"_blank\" rel=\"noopener\"> tax liability on Vodafone<\/a> breached an investment treaty between India and the Netherlands, ruled an <\/span><b><span data-contrast=\"auto\">international arbitration tribunal<\/span><\/b><span data-contrast=\"auto\">\u00a0last year<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Cairn was <a href=\"https:\/\/forumias.com\/blog\/india-lost-retrospective-taxation-case-to-cairn\/\" target=\"_blank\" rel=\"noopener\">awarded damages of more than $1.2 billion<\/a> in December by the\u00a0<\/span><a href=\"https:\/\/forumias.com\/blog\/permanent-court-of-arbitration-pca\/\" target=\"_blank\" rel=\"noopener\"><b><span data-contrast=\"auto\">Permanent Court of Arbitration<\/span><\/b><\/a><span data-contrast=\"auto\"> at The Hague in the retro tax case.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">A\u00a0<\/span><b><span data-contrast=\"auto\">French tribunal<\/span><\/b><span data-contrast=\"auto\"> last month ordered a freeze on some 20 properties belonging to the Indian government as part of a guarantee of the amount owed to Cairn.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><strong>Devas Multimedia<\/strong>, which has won a case against Antrix Corporation (a subsidiary of the Indian Space Research Organisation) for arbitrary cancellation of a contract. As Devas subsequently argued in a US court, nine arbitrators and three international tribunals had deemed the termination of the Devas-Antrix deal as unlawful. The sums involved in each of these cases amount to <span data-contrast=\"auto\">$160 million <\/span>dollars.\n<ul>\n<li>Following Cairn\u2019s lawsuit in the US, <strong>Devas Multimedia is also seeking a $1.3 billion award<\/strong> to seize Air India\u2019s assets abroad.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<table style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\">Read more: <a href=\"https:\/\/forumias.com\/blog\/cairn-energy-dispute-and-indias-disputes-with-private-entities\/\" target=\"_blank\" rel=\"noopener\">Cairn Energy dispute and Government disputes with private entities \u2013 Explained, pointwise<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h5><b><span data-contrast=\"auto\">Significance of Curbing\u00a0Retrospective taxation laws<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<ul>\n<li><span data-contrast=\"auto\">The amendment while maintaining the \u201csovereign right to taxation\u201d, also <strong>provides a reasonable opportunity to companies<\/strong> to resolve the issue.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">It is a welcome move for foreign investors, and it will directly result in <strong>attracting more foreign investments<\/strong>.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\"><strong>Quick recovery of the economy<\/strong> is the need of the hour. In this direction, foreign investment would play an important role in promoting faster economic growth and employment<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">It\u00a0is\u00a0in line with the government&#8217;s commitment to creating a\u00a0<\/span><b><span data-contrast=\"auto\">non-adversarial tax environment.<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">It is a\u00a0good<strong> opportunity for the affected taxpayers<\/strong> to close all the past disputes and avoid future litigation costs<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">The\u00a0move is expected to end litigation with 17 companies, including Vodafone and Cairn, apart from addressing criticism about uncertainty<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">The amendment also balances two different objectives. <\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">One, the policy of the government to have a predictable tax regime.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Two, India\u2019s concern towards\u00a0the adjudication of Indian tax law happening through foreign tribunals.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">This is an attempt to find a solution through the sovereign means of Indian law and not through arbitration<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>Suggestions<\/b><\/p>\n<p><span data-contrast=\"auto\">The government\u00a0now\u00a0needs to be generous in its settlements with the companies that have been affected by an action that it accepts has been counter-productive for India\u2019s development.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<div class=\"content-box-green\">\n<p><strong>Terms to know:<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/forumias.com\/blog\/retrospective-taxation\/\" target=\"_blank\" rel=\"noopener\">Retrospective taxation<\/a><\/li>\n<li><a href=\"https:\/\/forumias.com\/blog\/what-is-tax-terrorism\/\" target=\"_blank\" rel=\"noopener\">Tax terrorism<\/a><\/li>\n<li><a href=\"https:\/\/forumias.com\/blog\/income-tax-act\/\" target=\"_blank\" rel=\"noopener\">Income Tax Act, 1961<\/a><\/li>\n<li><a href=\"https:\/\/forumias.com\/blog\/finance-act-2012\/\" target=\"_blank\" rel=\"noopener\">Finance Act, 2012<\/a><\/li>\n<\/ul>\n<\/div>\n<p><b><span data-contrast=\"auto\">Sources: <\/span><\/b><a href=\"https:\/\/indianexpress.com\/article\/india\/retro-tax-withdrawal-bill-lok-sabha-cairn-vodafone-7440105\/\" target=\"_blank\" rel=\"noopener\">Indian Express<\/a>,\u00a0<a href=\"https:\/\/epaper.livemint.com\/Home\/ShareArticle?OrgId=68201fdfec&amp;imageview=0\" target=\"_blank\" rel=\"noopener\">Live Mint<\/a>,\u00a0Business Standard (<a href=\"https:\/\/www.business-standard.com\/article\/economy-policy\/govt-buries-retrospective-tax-introduces-bill-to-amend-income-tax-act-121080600051_1.html\" target=\"_blank\" rel=\"noopener\">Article 1<\/a>,\u00a0<a href=\"https:\/\/www.business-standard.com\/article\/opinion\/good-sense-finally-121080501755_1.html\">Article 2<\/a>),\u00a0<a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/govt-brings-bill-to-axe-retro-tax-imposed-on-vodafone-cairn\/articleshow\/85087178.cms\" target=\"_blank\" rel=\"noopener\">Times of India<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction The government has recently introduced the Taxation Laws (Amendment) Bill, 2021, in Parliament.\u00a0The bill seeks to nullify the contentious\u00a0retrospective tax law\u00a0by amending the\u00a0Income Tax (IT) Act\u00a0of 1961 and the Finance Act of 2012.\u00a0 By the 2012 amendment, the government permitted itself to tax entities retrospectively in 2012, the government has so far made 17&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/retrospective-taxation-and-the-taxation-laws-amendment-bill-explained-pointwise\/\">Continue reading <span class=\"screen-reader-text\">Retrospective taxation and the Taxation Laws (Amendment) Bill &#8211; Explained, pointwise<\/span><\/a><\/p>\n","protected":false},"author":10311,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[130,9],"tags":[221,216],"class_list":["post-124005","post","type-post","status-publish","format-standard","hentry","category-7-pm","category-public","tag-economy","tag-gs-paper-3","entry"],"jetpack_featured_media_url":"","views":{"total":11,"cached_at":"","cached_date":1698410449},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/124005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10311"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=124005"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/124005\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=124005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=124005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=124005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}