Quick Summary
The Taxation Laws (Amendment) Act, 2021 (2021 Act),inter-alia,amended the Income-tax Act, 1961 (Income-tax Act) so as to provide that no tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 2012 for any offshore indirect transfe
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FAQ :
The new rules are to implement amendments made by the Taxation Laws (Amendment) Act, 2021, specifically concerning tax demands on offshore indirect transfers of Indian assets made before 28th May 2012.
These rules apply to offshore indirect transfers of Indian assets that were undertaken before 28th May 2012.
Tax demands raised for offshore indirect transfers made before 28th May 2012 will be nullified if certain conditions are met, such as withdrawing pending litigation.
Yes, amounts paid or collected in these cases will be refunded without interest, provided the specified conditions, including withdrawal of litigation, are fulfilled.
Two new rules have been inserted into the Income-tax Rules, 1962: Rule 11UE outlines the conditions for claiming relief, and Rule 11UF details the process for furnishing the undertaking to withdraw litigation.
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