Presidential assent for Finance Bill

The Finance Bill 2012 has received Presidential assent on Monday. With this move, the Finance Bill has now been enacted into law. This would imply that Government can go ahead and garner tax revenues from all indirect transfers of shares including a tidy pile from the controversial Vodafone tax matter. The Finance Bill 2012 had proposed retrospective changes to the income tax law to bring all indirect transfer of shares into the tax net. The tax revenue implication of the proposal on indirect transfers is estimated at Rs 40,000 crore.