Finance Minister on 16th August, 2021 has clarified government’s stand on several important issues related to cryptocurrency, retrospective taxation and inflation.
Beside other issues, she said about retrospective taxation that the rule will lead to the scrapping of the retrospective tax demands made on companies such as Cairn Energy Plc and Vodafone Plc will be framed soon.
Parliament earlier this month passed a bill to scrap a tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India.
Further, on technical glitches in Income Tax portal she assured that it will be largely fixed in the next few days. “I have been constantly reminding Infosys about the issue,” said Sitharaman.
The new income tax e-filing portal ‘www.incometax.gov.in’ had a bumpy start from the day of its launch on June 7 as it continued to face technical glitches.