27.Recently, the Taxation Laws (Amendment) Bill, 2021 was passed in Lok Sabha to remove the contentious retrospective tax provision in Income Tax Act. Who was finance minister when retrospective tax provision was included in 2012?
On August 13, 2021, the Taxation Laws (Amendment) Act, 2021 received presidential assent to amend the Income Tax Act, 1961 and the Finance Act of 2012. The 2021 Act nullifies the 'retrospective taxation' that was introduced with the Finance Act of 2012.
