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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Politics of violence by Suhrid Sankar Chattopadhyay
West Bengal: The murder of two CPI(M) leaders in Bardhaman district points to an increase in political violence in the State. THE brutal murder of Pradip Tah, a former legislator belonging to the Communist Party of India (Marxist), or the CPI(M), and Kamal Gayen, another senior leader of the party, in broad daylight, allegedly by Trinamool Congress supporters, in West Bengal's Bardhaman district on February 22 once again points to an...
More »Soft drink increases risk of heart attack: Study
-PTI Drinking just one can of soft drink daily may increase risk of heart attack, claims a new Harvard study but experts in India are sceptical about the findings even as they agree that excess consumption of such beverages is dangerous for health. The study, which surveyed over 40,000 men in the US for over a period of 22 years, found that taking just one sugar- sweetened drink a day increase the...
More »Mukherjee’s budget: giving ‘aam aadmi’ a wide berth-Liz Mathew
The common man, whose concerns were at the heart of the Congress-led United Progressive Alliance’s two successful election campaigns, doesn’t seem to be the focus of finance minister Pranab Mukherjee’s budget. Experts and political analysts say the aam admi doesn’t appear to be the dominant concern anymore, prompting speculation about Congress party chief Sonia Gandhi’s role. She has thus far been setting the UPA’s social agenda through the National Advisory Council...
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...
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