Here's your 5-point guide to this big story:
Ideally, retrospective tax is to make adjustments when policies in the past and the present are so vastly different that tax paid before under the old policy could be said to have been less.
Retrospective tax could correct that situation by charging tax under the existing policy.
However, retrospective tax faces resistance because taxpayers would have paid under the earlier regime by complying with the rules at that time, and taking into account their entire budgeting ecosystem.
Prudent financial management may get disrupted when retrospective tax is charged since taxpayers would be paying an additional amount.
The most controversial retrospective tax amendment in India is the 2012 version, which said tax is payable on indirect transfer of Indian assets before May 2012.
After Jio And Airtel, Vodafone Idea Hikes Mobile Plan Tariffs From July 4 Vodafone Idea (Vi) Announces Increase in Prepaid, Postpaid Plan Prices From July 4 After Airtel, Jio Hike Tariffs After Jio, Airtel, Now Vodafone Idea To Raise Mobile Tariffs From July 4 World's Largest Isolated Tribe Makes Rare Appearance In New Footage Barack Obama Wants Joe Biden To Pull Out Of US Presidential Race: Report 32 Dead In Bangladesh Unrest, Protesters Set Fire To State TV Headquarters NEET PG 2024: Test Cities Out For Postgraduate Medical Entrance Exam After 53 Years, Mortar Shells From 1971 Indo-Pak War Found In Fish Pond "Humanitarian Crisis Due To Israel-Hamas Conflict Concerning": India At UN Track Latest News Live on NDTV.com and get news updates from India and around the world.