FINANCE MINISTER OF INDIA INTRODUCES A BILL
TO AMEND INCOME TAX LAWS
• Taxation Laws (Amendment) Bill, 2021, has been introduced in the Parliament by the Finance Minister Nirmala Sitharaman to nullify certain provisions of Income Tax Act which raises tax demand from the companies for the indirect transfer of Indian assets.
• According to this Bill, government has proposed to refund the amount paid by the companies in the litigation without any interest thereon.
• According to this Amendment Bill, government has proposed to withdraw the retrospective amendments to the Income Tax Act with an aim to attract foreign investments.