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News INCOME TAX

  • Nov 23, 2021
  • 14 cos approach govt to settle retrospective taxation cases: Revenue Secretary

    As many as 14 companies against whom retrospective tax demands were raised have approached the government to settle cases, Revenue Secretary Tarun Bajaj said.

    The government in August enacted a law to end all retrospective taxation imposed on indirect transfer of Indian assets. The rules under the law seek to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets and also refund the amount paid in these cases without any interest.

    Talking to PTI, Bajaj said of the 17 companies against whom retrospective tax demand was raised, barring three or four entities, all have given an undertaking to the government to resolve the cases.

    "All of them have approached. There were 17 cases, out of which 3/4 had no trace. We had also sent the order in email, we never got a response. The remaining 14, baring 1 odd, who still has time to file, the remaining has filed... Cairn, Earlyguard have come (for settlement)," he said.