No fresh notices under retrospective tax, says Jaitley

No fresh notices under retrospective tax, says Jaitley

New Delhi: Finance Minister Arun Jaitley Friday said that the government will not issue any fresh notices under retrospective tax amendment act.

Speaking at a book launch here, the finance minister said that the government does not intend to spook foreign investors and will not initiate any new proceedings under the amendment.

In his budget speech Jaitley had clarified that the government would not ordinarily bring about any change retrospectively which could create fresh tax liability.

That time the finance minister had assured the investors that the retrospective amendments to tax laws will be undertaken with extreme caution and that all fresh cases arising out of the 2012 amendment to the I-T Act will be looked into by a high level CBDT (Central Board of Direct Taxes) committee.

Jaitley said that the reforms sought by the industry in several sectors do not necessarily have to be implemented in the government's first year in office.

He added that the government will try and pass the bill amending insurance act to incorporate higher foreign investment cap in the sector in the upcoming winter session of parliament.

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