Page 2 - Latest Updates on Retrospective Tax
Retro tax framework: Companies to indemnify govt against any future claims
Indemnity bond to be furnished by the firm and other interested party
 "Retro tax framework: Companies to indemnify govt against any future claims")
Need assurance from India on investment protection: UKIBC's Richard Heald
In a Q&A, UKIBC's group chair lists out three areas that need focus - tariff reduction in some sectors, removal of non-tariff barriers on goods, and aligning data protection rules
 "Need assurance from India on investment protection: UKIBC's Richard Heald")
Cairn accepts $1 bn refund offer, to drop cases against India: CEO
The offer to return money seized to enforce retrospective tax demand in lieu of dropping all litigations against the government 'is acceptable to us', says Cairn CEO Simon Thomson
 "Cairn accepts $1 bn refund offer, to drop cases against India: CEO")
Draft rules on retro withdrawal win-win for govt, firms, say experts
Enforcement of investment treaties remain ambiguous, they say
 "Draft rules on retro withdrawal win-win for govt, firms, say experts")
CBDT releases draft regulations for withdrawal of retro tax demands
The draft rules released by the tax department call for a declaration by the companies to "irrevocably withdraw, discontinue and not pursue" any legal proceedings
Govt releases draft of declaration for withdrawal of retro tax demands
That rule had been used to levy a cumulative of Rs 1.10 lakh crore of taxes on 17 entities, including Rs 10,247 crore on Cairn and Rs 22,100 crore on Vodafone.
I-T dept must not operate in isolation: CBDT chairman J B Mohapatra
'There is always a time and context when an amendment is brought in', said J B Mohapatra
 "I-T dept must not operate in isolation: CBDT chairman J B Mohapatra")
Telcos need three more bold decisions
Users and service providers are swimming against the tide even after the abolition of retro tax
 "Telcos need three more bold decisions")
Govt approaches 17 companies to settle retrospective tax cases
The rules under the Taxation Laws (Amendment) Act, 2021, are expected this week
Reading down retro tax law gives govt opportunity to renew BIPA
Several law firms representing interests of companies abroad hope this will happen soon
 "Reading down retro tax law gives govt opportunity to renew BIPA")
India asks US court to reject Cairn Energy's $1.2 billion suit
The Indian government has asked a federal court in Washington to dismiss Britain's Cairn Energy suit seeking enforcement of a $1.2 billion arbitral award, saying it had sovereign immunity under US law
No room to cut excise duty on petrol and diesel, says FM Sitharaman
On inflation, FM said she expected the retail price inflation rate to remain in the range mandated by the Monetary Policy Committee
 "No room to cut excise duty on petrol and diesel, says FM Sitharaman")
Rules for withdrawal of retrospective taxation to come soon: FM Sitharaman
Finance Minister Nirmala Sitharaman on Monday said that the rules for the recent taxation amendment bill will be framed soon
 "Rules for withdrawal of retrospective taxation to come soon: FM Sitharaman")
FM Sitharaman says rules on retrospective tax to be framed soon
Parliament earlier this month passed a bill to scrap all tax demands made using the 2012 retrospective tax legislations
 "FM Sitharaman says rules on retrospective tax to be framed soon")
Retro tax scrapping revived foreign interest in India's privatisation plan
The governments decision to nullify retrospective taxation provisions has brought fresh lease of life to its strategic disinvestment plan with growing overseas investor interest
 "Retro tax scrapping revived foreign interest in India's privatisation plan")
SC approves deduction of interest paid via debentures for tax calculation
In its order last week favouring MM Aqua Technologies, it held that explanation 3C to section 43B(d) of Income Tax Act is 'clarificatory' and does not add a new condition retrospectively
 "SC approves deduction of interest paid via debentures for tax calculation")
Top headlines: Govt's settlement with Cairn, hurdle in Paytm's $2.2 bn IPO
Business Standard brings you the top headlines of the day
 "Top headlines: Govt's settlement with Cairn, hurdle in Paytm's $2.2 bn IPO")
Govt's retro tax settlement with Cairn Energy may hinge on Vedanta case
India lost the international arbitration with Cairn Energy at The Hague in December and the former was given an award of $1.2 billion
 "Govt's retro tax settlement with Cairn Energy may hinge on Vedanta case")
Top headlines: RBI buys record gold, ISRO satellite mission fails
Business Standard brings you the top headlines of the day
 "Top headlines: RBI buys record gold, ISRO satellite mission fails")
Retro tax gone, industry must revive animal spirits: Revenue Secretary
Revenue Secretary Tarun Bajaj says withdrawal of retrospective tax amendments is the government's policy to provide a stable and predictable tax regime
 "Retro tax gone, industry must revive animal spirits: Revenue Secretary")
