RS returns Taxation Laws (Amendment) Bill, 2021 after brief discussion

The bill provides that no tax demand will be raised in future on the basis of the retrospective amendment for any indirect transfer of Indian assets, if the transaction was undertaken before 28th May, 2012.

The Rajya Sabha today returned the Taxation Laws (Amendment) Bill, 2021 after a brief discussion.

The bill provides that no tax demand will be raised in future on the basis of the retrospective amendment for any indirect transfer of Indian assets, if the transaction was undertaken before 28th May, 2012.

It is further proposed to provide that the demand raised for indirect transfer of Indian assets made before the date will be nullified on fulfilment of specified conditions.

The bill also proposes to refund the amount paid in these cases without any interest thereon. The bill seeks to amend the Income Tax Act of 1961 and the Finance Act of 2012.

Speaking on the bill, Finance Minister Nirmala Sitharaman said that it has been brought in the wake of Supreme Court’s judgments.

She said that the Sovereign rights of India to tax will remain intact and there is no dilution in it with this legislation.

Participating in the discussion, Amar Patnaik of BJD, Vijayasai Reddy of YSR Congress and others supported the bill.

The Opposition including Congress, TMC, DMK and Left staged a walkout during the discussion and passage of the bill saying enough time was not given to the members to prepare for a discussion on the legislation.

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