Report of the Expert Committee on Retrospective Amendments made by the Finance Act, 2012 to Income-Tax Act, 1961 Relating to Taxation of Non- Residents on Indirect Transfer; Comments and Suggestions on the Draft Report to be submitted by 19th October, 2012 https://www.taxtmi.com/news?id=3867 The Committee recommends that the Finance Act, 2012 amendments on indirect transfers be applied prospectively because they widen the tax base; it prescribes clarified definitions (ownership/control based "share or interest", "substantially" >50% of global assets, "look through" for "directly or indirectly", FMV net asset valuation at last balance sheet with adjustments), proportional taxation of gains attributable to Indian assets, exemptions for small shareholders ( en-us Wed, 10 Oct 2012 10:28:32 +0530 Wed, 11 Feb 2026 15:56:03 +0530 TaxTMI RSS Generator Report of the Expert Committee on Retrospective Amendments made by the Finance Act, 2012 to Income-Tax Act, 1961 Relating to Taxation of Non- Residents on Indirect Transfer; Comments and Suggestions on the Draft Report to be submitted by 19th October, 2012 https://www.taxtmi.com/news?id=3867 The Committee recommends that the Finance Act, 2012 amendments on indirect transfers be applied prospectively because they widen the tax base; it prescribes clarified definitions (ownership/control based "share or interest", "substantially" >50% of global assets, "look through" for "directly or indirectly", FMV net asset valuation at last balance sheet with adjustments), proportional taxation of gains attributable to Indian assets, exemptions for small shareholders ( News - Wed, 10 Oct 2012 10:28:32 +0530 https://www.taxtmi.com/news?id=3867