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...

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...

-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...

-The Hindustan Times Under fire from the opposition for the indefinite postponement of the Lokpal Bill, the government on Wednesday assured the Rajya Sabha that it will be taken up before March 30 during the ongoing budget session. In his reply to the notice given by the leader of the opposition Arun Jaitley, seeking immediate resumption of the debate on the bill, parliamentary affairs minister Pawan Kumar Bansal said it will be...

-PTI The Delhi high court on Wednesday asked the central government to respond to a plea for Amendment to the Right To Education (RTE) Act to make it recognize homebased studies and alternate schooling too as education, besides the one acquired through formal schooling. A division bench of Acting Chief Justice A K Sikri and Justice Rajiv Sahai Endlaw asked the central government's standing counsel Jatan Singh to file the response...