Finance Minister Nirmala sitharaman introduced the taxation lows ( Amendment) bill 2021 in the lal sabha.
The bill seeks to amend the income tax act of 1961 and the finance act of 2012.
The bill provide for the with drawan of tax demand made on indirect transfer of Indian assets if the transaction was undertaken before may 28 2012.
It is also proposed to refund the amount paid in these cases with out any interest the rcon.
The bill has a direct bearing on long bunning tax disputes with British firms cairn energy and Vodafone group.
