Quick Summary
The Taxation Laws (Amendment) Act, 2021 (2021 Act), which received the assent of the President on the 13thAugust, 2021, has, 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 transfer of Indian assets if the transaction was undertaken before 28thMay, 2012 (i.e., the date on which the Finance Bill, 2012 rec
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FAQ :
The Act aims to provide tax certainty by preventing future tax demands on offshore indirect transfers of Indian assets made before 28th May 2012 and nullifying existing demands under specific conditions.
Conditions include withdrawing or undertaking to withdraw pending litigation, and providing an undertaking not to file claims for costs, damages, or interest, along with fulfilling other prescribed conditions.
No, any amounts paid or collected will be refunded without any interest, upon fulfilment of the specified conditions.
The draft notification containing the proposed rules can be accessed on the official website: www.incometaxindia.gov.in.
Suggestions and comments can be furnished electronically to ustpl1@nic.in.
The deadline for submitting comments is 4th September 2021.
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