Income tax amendment bill introduced in Lok Sabha to scrap retrospective taxes

A bill has been introduced in Lok Sabha to scrap retrospective taxation. Here is all you need to know.

A bill has been introduced in the Lok Sabha to amend Income Tax rules and scrap retrospective taxation. The bill has been introduced after India lost retrospective tax demand cases against Vodafone and Cairn Energy Plc. While India has challenged the verdict in both cases, the issue of retrospective taxation had raised many questions in the country.