The government will settle almost all the retrospective tax cases this month, closing a chapter that plagued India’s reputation as an investment-friendly destination, a top official said on Friday. A 2012 amendment that gave taxmen powers to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets … Read more
India Thursday notified fresh rules to facilitate settlement of the retrospective tax dispute with British telecom company Vodafone. The Central Board of Direct Taxes notified ‘ Relaxation of Validation( section 119 of the finance act) Rules prescribing the forms and conditions for the declaration to be filed by the company for setting its case. Vodafone’s … Read more
India will soon notify a separate set of rules to facilitate settlement of its retrospective tax dispute with British telecom company Vodafone, a senior government official told ET. Vodafone had faced validation of tax demand under Section 119 introduced in the Finance Act 2012, as distinct from the others, and hence, rules also have to … Read more
Cairn Energy, Vodafone and 15 companies looking to settle retrospective tax disputes will have to declare details upfront of every “interested party” to the dispute with India and furnish their declaration “irrevocably” withdrawing all litigation and claims as part of proceedings. This would be in addition to their own undertaking to withdraw any pending litigation … Read more
Hope is a very powerful emotion. But holding on to hopes of good days when a company is on the brink of bankruptcy is exactly the irrationality that market veterans have been warning of for generations. This is what happened with Vodafone Idea shares in the past week. Government burying retro tax led a surge … Read more
Reserve Bank Governor Shaktikanta Das on Friday welcomed the government’s decision to end retrospective taxation and termed it as a “timely” move. The career bureaucrat-turned-central banker also welcomed the government’s approach to the pandemic-triggered crisis as a prudent and calibrated one. On Thursday, the government brought a bill in the Lok Sabha to withdraw all … Read more
(This story originally appeared in on Aug 06, 2021) NEW DELHI: The government is hoping that the amendments to the retrospective taxation provision – which are aimed at ensuring prospective application of the provisions – will end a long-pending concern and help companies and the Centre make a fresh start once both parties end litigation. … Read more
The government on Thursday introduced a bill in the Lok Sabha seeking to bury retrospective tax demands it had made on companies such as Cairn Energy Plc and Vodafone Group of UK. Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha which seeks to withdraw tax demands made on … Read more
British oil firm Cairn Energy said its shareholders, including top financial institutions of the world, expect the use of the company’s “strong powers of enforcement” to recover $1.4 billion from the Indian government should it not keep its word of honouring international arbitration tribunal awards on retrospective taxes. Cairn has already moved courts in the … Read more
Gland Pharma made a strong debut on bourses during the week gone by, while aviation major SpiceJet and telecom player Vodafone Idea advanced up to 32 per cent. On the other hand, private lender Lakshmi Vilas Bank cracked more than 40 per cent after the government placed the bank under a one-month moratorium. Overall, heavy … Read more