Retro Tax

The Indian government has refunded Rs 7,900 crore to Britain's Cairn Energy Plc to a dispute over the levy of retrospective taxes.

Britain's Cairn Energy has said it has complied with all rules of retro tax repeal law to now become eligible for about Rs 7,900 crore refund of taxes

With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination.

About Rs 8,100 crore collected from companies under the scrapped tax provision are to be refunded if the firms agreed to drop outstanding litigation, including claims for interest and penalties.

The draft rules say the Centre will not proceed with demands related to retrospective tax levy, provided that all companies withdraw cases against it

The Parliament on Monday passed a bill that seeks to do away with the contentious retrospective tax provision and will impact retro tax cases of Cairn Energy and Vodafone.

With Lok Sabha passing a bill that aims to end all retrospective taxation, senior Congress leader and former finance minister P Chidambaram Friday said he is glad that an issue that had been troubling India for eight years has been put to an end.

The career bureaucrat-turned-central banker also welcomed the government's approach to the pandemic-triggered crisis as a prudent and calibrated one.

In a huge move to settle international disputes running into billions of dollars, the government on Thursday said it will change tax laws to do away with demands for past payments. Companies like Cairn Energy will get refunds, the government said.

Back when global investors still believed Prime Minister Narendra Modi would keep his promise to end the previous regime's "tax terror," his newly elected government made a costly error. In March 2015, someone in India's labyrinthine bureaucracy decided to send a revenue demand to U.K.'s Cairn Energy Plc - ruining Chief Executive Officer Simon Thom...

Telecom giant Vodafone on Friday won a significant ruling against the Indian government in an international court over Rs 20,000 crore in dues which it had described as unfair.

The Central Board of Direct Taxes (CBDT) on March 24 issued a circular for waiver of interest in disputed tax demand in different scenarios.

Government has fixed December 31, 2016 as the deadline for companies like Vodafone and Cairn Energy Plc to settle their retrospective tax disputes.

Dismissing notions of contradiction between ministerial assurances and departmental actions on retrospective taxation, Union Minister Jayant Sinha on Thursday said Income Tax department has to follow "due process of law" in the Rs 8,500-crore Vodafone transfer pricing case.

he government will not "coerce" companies like Vodafone Group and Cairn Energy to avail of its one-time offer to settle their retrospective tax cases and it was for them to take a call on it, Finance Minister Arun Jaitley said on Sunday.

The Indian government has refunded Rs 7,900 crore to Britain's Cairn Energy Plc to a dispute over the levy of retrospective taxes.

Britain's Cairn Energy has said it has complied with all rules of retro tax repeal law to now become eligible for about Rs 7,900 crore refund of taxes

With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination.

About Rs 8,100 crore collected from companies under the scrapped tax provision are to be refunded if the firms agreed to drop outstanding litigation, including claims for interest and penalties.

The draft rules say the Centre will not proceed with demands related to retrospective tax levy, provided that all companies withdraw cases against it

The Parliament on Monday passed a bill that seeks to do away with the contentious retrospective tax provision and will impact retro tax cases of Cairn Energy and Vodafone.

With Lok Sabha passing a bill that aims to end all retrospective taxation, senior Congress leader and former finance minister P Chidambaram Friday said he is glad that an issue that had been troubling India for eight years has been put to an end.

The career bureaucrat-turned-central banker also welcomed the government's approach to the pandemic-triggered crisis as a prudent and calibrated one.

In a huge move to settle international disputes running into billions of dollars, the government on Thursday said it will change tax laws to do away with demands for past payments. Companies like Cairn Energy will get refunds, the government said.

Back when global investors still believed Prime Minister Narendra Modi would keep his promise to end the previous regime's "tax terror," his newly elected government made a costly error. In March 2015, someone in India's labyrinthine bureaucracy decided to send a revenue demand to U.K.'s Cairn Energy Plc - ruining Chief Executive Officer Simon Thom...

Telecom giant Vodafone on Friday won a significant ruling against the Indian government in an international court over Rs 20,000 crore in dues which it had described as unfair.

The Central Board of Direct Taxes (CBDT) on March 24 issued a circular for waiver of interest in disputed tax demand in different scenarios.

Government has fixed December 31, 2016 as the deadline for companies like Vodafone and Cairn Energy Plc to settle their retrospective tax disputes.

Dismissing notions of contradiction between ministerial assurances and departmental actions on retrospective taxation, Union Minister Jayant Sinha on Thursday said Income Tax department has to follow "due process of law" in the Rs 8,500-crore Vodafone transfer pricing case.

he government will not "coerce" companies like Vodafone Group and Cairn Energy to avail of its one-time offer to settle their retrospective tax cases and it was for them to take a call on it, Finance Minister Arun Jaitley said on Sunday.