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ARTICLE · 25 JULY 2022

Celebrating Income Tax Day – India

Majmudar & Partners
Majmudar & Partners
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Majmudar & Partners

Majmudar & Partners

Majmudar & Partners, established in 1943, is one of India’s premier law firms representing leading...

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On the occasion of Income Tax Day, the firm's tax team, headed by Ravi S. Raghavan, has compiled noteworthy tax law changes and happenings over the last year.

IndiaTax
Majmudar & Partners
Majmudar & Partners
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On the occasion of Income Tax Day, the firm's tax team, headed by Ravi S. Raghavan, has compiled noteworthy tax law changes and happenings over the last year.

Retrospective application of Indirect Share Transfer provisions nullified

Indian tax authorities have clarified that capital gains tax will not be levied on indirect share transfers that have been undertaken prior to May 28, 2012. See our update discussing these changes in detail here.

Digital Service Tax

India and the US have agreed to withdraw unilateral measures with regard to Digital Service Tax upon implementation of Pillar One of BEPS. The applicable interim period will be from April 1, 2022 until the implementation of Pillar One or March 31, 2024, whichever is earlier. See our recent case law update on India' s digital tax (equalisation levy) here.

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