Finance Minister Pranab Mukherjee maintained on Sunday that the budgetary proposal to amend the Income Tax Act with retrospective effect from 1962 to assert the government's right to levy tax on merger and acquisition (M&A) deals involving overseas companies with business assets in India is not Vodafone “case specific,” but an enabling provision to protect the fiscal interests of the country and avert the chances of a crisis. Faced with all-round...
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Change in scavenging Act soon, court told by J Venkatesan
The Centre on Friday informed the Supreme Court that appropriate steps would soon be taken to amend the Employment of Manual Scavengers and Construction of Dry Latrines (Prohibition) Act, 1993 to eliminate manual scavenging. Additional Solicitor General Harin Raval told a Bench of Justices H.L. Dattu and C.K. Prasad that necessary Amendments would be introduced in the monsoon session of Parliament. The ASG also assured the court that the government would...
More »Vodafone-Hutch deal: Retrospective change to I-T Act-Nikhi Kanekal and Kian Ganz
The government introduced a retrospective clarification to the Income-Tax (I-T) Act, 1961, virtually amending the law to ensure that cross-border transactions such as the $11.08 billion (around Rs55,735 crore today) Vodafone-Hutchison deal are taxable. The Supreme Court had ruled this deal as not being taxable in India. The amendment becomes crucial because a review petition by the government on this case is pending before the Supreme Court, which might now have...
More »Pranab banks on indirect tax hike-Ashok Dasgupta
Token relief to individual taxpayers will cost the exchequer Rs. 4,500 crore In a “pragmatic and domestic growth-oriented” budgetary exercise aimed at shoring up investor confidence and investment, Union Finance Minister Pranab Mukherjee on Friday sought to tap indirect taxes, especially service tax, to rake in an additional Rs. 45,940 crore into his kitty. Presenting the budget for 2012-13 in Parliament, Mr. Mukherjee provided a token relief to individual taxpayers that will cost...
More »Government may move amendment to keep Lokayuktas out of legislation's ambit
-The Economic Times The Opposition, acting in sync with the Trinamool Congress, a component of the ruling UPA at the Centre, on Wednesday scored a victory in the Rajya Sabha when it got the government to commit itself to the passage of the Lokpal and Lokayukta Bill in the House in the "first half of the budget session itself.'' "We want to bring the bill within this part of the session,'' parliamentary...
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