Controversial retrospective tax law scrapped after long wait: Here’s what it means

A bill has been passed in the Lok Sabha to finally scrap the controversial retrospective tax law. Here is all you need to know.

The Lok Sabha passed a bill to scrap the controversial retrospective tax that was introduced in March 2012 on Friday. It has taken the NDA government several years to finally scrap the controversial tax rule — a move that has been welcomed by a host of economists and foreign businesses. The bill was introduced on Thursday to amend the Income Tax Act, 1961, and is aimed at scrapping tax demands for past payments from companies.