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Oct 11, 2023 · As a result of the Finance Amendment Act, of 2012, retrospective taxation was introduced in India to impose taxes on deals executed after 1962 which involve transfers of shares in foreign corporations with existing assets in Indian jurisdictions.
May 3, 2024 · Retrospective Tax. Retrospective tax is nothing but a combination of two words, “retrospective” and “tax”, where “retrospective” means taking effect from a date in the past and “tax” refers to a new or additional levy of tax on a specified transaction.
Feb 12, 2022 · Retrospective taxation allows a nation to implement a rule to impose a tax on certain products, goods or services and deals and charge companies from a time before the date on which the law is passed.
Aug 24, 2021 · The Taxation Laws (Amendment) Act, 2021, received the assent of the President on August 13, scrapping the retrospective taxation clause in income tax law. So what is Retrospective Tax, and why did the government remove it?
A retrospective tax is one that is charged for transactions in the long past. It can be a new or additional charge on transactions done in the past. The government has moved to do away with retrospective tax now.
May 21, 2024 · A retrospective tax is a law that is applied with retrospective effect. Here are the reasons why the Indian government applies a retrospective tax. Retrospective tax law aims to bring about clarification in the law and to identify and amend loopholes that have the potential to promote tax evasion.
Aug 6, 2021 · It was introduced after an amendment to the Finance Act enabled the tax department to impose retrospective capital gains tax for deals — involving the transfer of shares in foreign entities located in India — after 1962.
Aug 28, 2021 · The finance amendment Act, 2012 introduced retrospective taxation in India with a objective to impose tax on deals executed after 1962 involving transfer of shares in foreign corporations which had existing assets in India.
Feb 24, 2022 · Retrospective tax is the charge imposed on transactions that have taken place in the past. It creates an additional liability on the taxpayers with effect from a defined previous year. The amendment can either result in an increase in old charges or create a new charge altogether. Why is retrospective tax levied?
Aug 6, 2021 · A retrospective tax is a tax imposed on a transaction or deal that was conducted in the past. It was introduced in a 2012 amendment to the Finance Act, which enabled imposition...
