Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul class="p-rich_text_list p-rich_text_list__bullet"><li>India has decided to do away with a 2012 law that allowed the government to tax profits from earlier years even though theywere not taxable at the time.</li><li>This brings to end a decade-long tussle with foreign companies that saw the law as a deterrent to investments in India.</li><li>Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws (Amendment) Bill, 2021' which will undo the damage from the 2012 law.</li><li>The bill also proposes to refund the amount paid so far, in these cases, without any interest thereon.</li></ul>In a bid to bury the ghost of retrospective taxation, the government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws (Amendment) Bill, 2021' in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets. The bill provides for the withdrawal of tax demand made on "indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 (i.e. the day the <keyword id="996979" type="PERSON" weightage="20" keywordseo="retrospective-tax">retrospective tax</keyword> legislation came into being)." "It is also proposed to refund the amount paid in these cases without any interest thereon," it said. The bill has a direct bearing on long-running tax disputes with British firms Cairn Energy Plc and Vodafone Group. The Indian government has lost two separate arbitrations brought by the two companies against the levy of retrospective taxes. While the government has virtually no liability in the Vodafone case, it has to refund USD 1.2 billion to Cairn Energy for the shares of the company it had sold, tax refund withheld and dividends confiscated. The bill states that the issue of taxability of gains arising from the transfer of assets located in India through the transfer of shares of a foreign company (indirect transfer of Indian assets) was a subject matter of protracted litigation. The Supreme Court in 2012 had given a verdict that gains arising from indirect transfer of Indian assets are not taxable under the extant provisions of the Act. But to circumvent this, the provisions of the Income Tax Act, 1961 were amended by the Finance Act, 2012 with retrospective effect, to clarify that gains arising from the sale of shares of a foreign company is taxable in India if such shares, directly or indirectly, derive their value substantially from assets located in India. "Pursuant thereto, income-tax demand had been raised in 17 cases. In two cases assessments are pending due to stay granted by High Court," the objects of the Bill said. Out of the 17 cases, arbitration under Bilateral Investment Protection Treaty with the United Kingdom and the Netherlands had been invoked in four cases. "In two cases, the Arbitration Tribunal ruled in favour of the taxpayer and against the Income Tax Department," it said in a reference to arbitration awards won by Cairn and Vodafone. "The said clarificatory amendments made by the Finance Act, 2012 invited criticism from stakeholders mainly with respect to the retrospective effect given to the amendments. It is argued that such retrospective amendments militate against the principle of tax certainty and damage India's reputation as an attractive destination," it said. While the government has in the past few years brought major reforms in the financial and infrastructure sector to create a positive environment for investment in the country, "the retrospective clarificatory amendment and consequent demand created in a few cases continue to be a sore point with potential investors," it said. The country today stands at a juncture when quick recovery of the economy after the COVID-19 pandemic is the need of the hour and foreign investment has an important role to play in promoting faster economic growth and employment. "The Bill proposes to amend the Income-tax Act, 1961 so as to provide that no tax demand shall be raised in future on the basis of the said retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before 28th May 2012 (i.e., the date on which the Finance Bill, 2012 received the assent of the President)," it said. It further proposed to provide that the demand raised for indirect transfer of Indian assets made before May 28, 2012 shall be nullified on fulfilment of specified conditions such as withdrawal or furnishing of undertaking for withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc shall be filed. It also proposed to "refund the amount paid in these cases without any interest thereon," it said. The bill proposes to amend the Finance Act, 2012 so as to provide that the validation of demand under section 119 of the Finance Act, 2012 shall cease to apply on fulfilment of specified conditions such as withdrawal of pending litigation and furnishing of an undertaking that no claim for cost, damages, interest, etc shall be filed. SEE ALSO <a href="https://www.businessinsider.in/tech/news/google-is-now-using-chrome-as-another-security-layer-for-account-sign-ins/articleshow/84975356.cms">Google is now using Chrome as an added security layer for account sign-ins</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-glenmark-life-sciences-ipo/articleshow/84978486.cms">Glenmark Life Sciences IPO: How to check allotment status, listing date and more</a>

Indian government brings in a bill to bury the infamous retrospective tax that haunted Cairn and Vodafone for nearly a decade

New Delhi, Feb 1 () The government has proposed changes in the Income Tax law to ensure uniform treatment for unlisted Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs).
 The proposal is part of the Finance Bill tabled in the Parliament on Saturday.
 The Income Tax (I-T) Act provides for a taxation regime for business trusts. Definition of a business trust means a trust registered as an InvIT or a REIT under markets regulator Sebi and these units need to be listed on a recognised stock exchange.
 Against this backdrop, the Finance Bill 2020 said representations have been received stating that private unlisted InvITs should be given the same status as public listed InvITs with regards to tax treatments provided under the Act.
 Further, Sebi has done away with the requirement of mandatory listing of InvIT and REIT units.
 "In light of this, the definition of business trusts under the Act is required to be aligned with the amended Sebi Regulations. Therefore, it is proposed to amend clause (13A) of Section 2 of the Act to modify the definition of 'business trust' so as to do away with the requirement of the units of business trust to be listed on a recognised stock exchange.
 "This amendment will take effect from April 1, 2021 and will, accordingly, apply in relation to the assessment year 2021-22 and subsequent assessment years," the Bill said. RAM RAM

Govt to provide uniform tax treatment for unlisted InvITs, REITs

New Delhi, Dec 11 () The government has carried out a number of reforms in various sectors and it is a continuous process for improvement in the economy, Commerce Minister Piyush Goyal said in the Lok Sabha on Wednesday.
He said some of the reforms were by way of amendments in various acts such as the Finance (Amendment) Bills, the Special Economic Zones (Amendment) Bill, amendments in the Goods and Services Tax Act and the Insolvency and Bankruptcy Code.
"The government has already carried out a number of reforms in various sectors and the reform process is a continuous process for improvement in the economy," Goyal said during the Question Hour.
He said as regards reforms in the tax system, it is stated that through the Taxation Laws (Amendment) Ordinance, 2019 (the Ordinance), corporate tax rates were reduced to 22 per cent plus the applicable surcharge and cess for all domestic corporate persons not claiming any deduction or incentive.
Further, an option was given to any new domestic manufacturing company incorporated on or after October 1, 2019 to avail lower corporate tax rates of 15 per cent, with the applicable surcharge and cess, without claiming any deduction or incentive as per sub-section (2) of section 115BAB of the Act, provided they commence manufacturing or production of an article or thing by March 31, 2023, Goyal said. ACB RC

Govt carrying out reforms to boost economy: Goyal

New Delhi, Dec 5 () Finance Minister Nirmala Sitharman on Thursday said the lower 15 per cent tax rate for new manufacturing companies will not apply to computer software development, mining and printing of books.
 She was replying to a debate in the Rajya Sabha on the Taxation Laws (Amendment) Bill, 2019 that replaces the Taxation Laws (Amendment) Ordinance, 2019, promulgated on September 20, 2019, to cut the base corporate tax rate.
 The amendment carries a negative list of industries that will not qualify for lower tax rate meant for manufacturing companies set up on or after October 1, 2019 but that begin production before 2023, she said.
 The negative list includes computer software development, mining and printing of books as they are not manufacturing per se, the minister added.
 Sitharaman had on September 20 announced lowering of the base corporate tax rate to 22 per cent from 30 per cent for companies that do not seek exemptions, and reduced the rate for some new manufacturing companies to 15 per cent from 25 per cent. Including surcharges and cesses (levies to raise funds for specific purposes), the effective corporate tax rate will drop by nearly 10 percentage points to 25.2 per cent.
 The corporate tax cut followed other measures by the government to prop up slowing GDP growth adopted since the May general elections. These include efforts to reduce red tape and boost foreign direct investment (FDI), and plans to consolidate the state-owned banks.
 She said the objective of providing a lower 15 per cent corporate tax rate for new manufacturing units was to draw new investment.
 New manufacturing companies have been given the option to move to the higher 22 per cent tax bracket if they fail to satisfy conditions meant for availing lower rates, she said.
 Sitharaman also promised to continue rollout of reforms to boost the economy. GDP growth rate in July-September slowed to a six-year low of 4.5 per cent. MJH ANZ ABM
ABM

Software development, mining, printing books not to qualify for lower 15 pc corp tax rate: FM

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Yuri Gripas/ReutersHouse Speaker Paul Ryan</div></div></div><ul><li>House Republicans made changes to a proposed excise tax on multinational companies in the Tax Cuts and Jobs Act with an amendment on Monday.</li><li>The Join Committee of Taxation found that by weakening the proposed tax, the TCJA would add more than $1.5 trillion to the federal deficit over 10 years.</li><li>That would mean the bill would no longer qualify under the budget reconciliation rules.</li></ul> In an attempt to solve one of their biggest issues with their tax bill, the House Republican leadership may created an even bigger headache.According to an update from the Joint Committee on Taxation, an amendment to the Tax Cuts and Jobs Act (TCJA) that was added late Monday would make the bill fail a key test and force Republicans to come up with an alternative solution to raise revenue.The new complication stems from <a href="http://www.businessinsider.com/trump-gop-tax-plan-excise-tax-foreign-earnings-2017-11">a proposed 20% excise tax on payments</a> from US entities to foreign subsidiaries. The tax proposal would have made the sale of a good into the US by a foreign subsidiary of the multinational company subject to the tax.For example: If Toyota sold a part from its Japan headquarters to its US subsidiary for assembly in the US, it would have had to pay the 20% tax, something it does not currently have to do.After an uproar from multinational corporations, Ways and Means Committee Chair Kevin Brady - the author of the TCJA - offered an amendment late Monday to soften the excise tax. That amendment was passed.The Joint Committee on Taxation, however, determined that the softening of the proposed tax would lead to the provision collecting less revenue, complicating the budget math for Republicans.The excise tax was projected to bring in $154.5 billion in revenue over the next 10 years. The softened provision would only generate $6.5 billion over the same time period, the JCT said.That would push the total deficit impact for the TCJA to $1.57 trillion over the next 10 years.Rules in the Republican-passed budget only allow for the tax bill to <a href="http://www.businessinsider.com/trump-tax-reform-plan-budget-process-makes-it-difficult-2017-9/">add $1.5 trillion</a> over 10 years to be considered under the process known as budget reconciliation. Reconciliation allows a bill to be passed in the Senate with only 50 votes and without being subject to a filibuster, meaning Republicans <a href="http://www.businessinsider.com/trump-tax-reform-plan-senate-budget-mcconnell-2017-10">can pass the bill without Democratic support</a>.Brady and the other Republican tax writers will need to find a way to get the bill back under that threshold to push the TCJA forward. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/paul-ryan-roast-trump-about-his-staff-shakeups-and-his-twitter-habit-al-smith-charity-dinner-2017-10">Watch Paul Ryan roast Trump about his staff shakeups and his Twitter habit at the Al Smith charity dinner</a></h3> <div> </div> </div>

House Republicans suddenly have a massive problem with their tax bill

The war between the ruling party and the opposition over Prime Minister <a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi&amp;sortorder=effectivedate">Narendra </a><a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi&amp;sortorder=effectivedate">Modi</a>’s demonetisation move continues and relating to that, <a href="http://www.businessinsider.in/searchresult.cms?query=rahul%20gandhi&amp;sortorder=score">Rahul Gandhi</a>, <keyword id="1575" type="ORGANIZATION" weightage="100" keywordseo="Congress">Congress</keyword> vice-president, accused the government of helping <keyword id="6356023" type="UNKNOWN" weightage="100" keywordseo="Black-Money">black money</keyword> hoarders with the amendment to the <keyword id="6354751" type="COMPANY" weightage="100" keywordseo="Income-Tax">Income Tax</keyword> Act, saying half of the unaccounted cash would now be returned to them. 
 He, outside <keyword id="6354721" type="ORGANIZATION" weightage="100" keywordseo="parliament">parliament</keyword> said that the government has given 50 per cent of the black money back to hoarders again. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=lok+sabha&amp;sortorder=effectivedate">Lok sabha</a>, recently passed the Taxation Laws (2nd Amendment) Bill and it provided a window to legalise black money after paying tax on the amount post-demonetisation. As per the Bill, those who disclose black money to banks will have to pay 50 per cent tax, including surcharge and penalty. 
 <keyword id="5268" type="PERSON" weightage="100" keywordseo="Rahul-Gandhi">Rahul Gandhi</keyword> when asked about the walkout by the opposition MPs in the <keyword id="6355187" type="ORGANIZATION" weightage="100" keywordseo="Lok-Sabha">Lok Sabha</keyword>, said, "There is a practice in Parliament that whenever someone dies we respect them. This is for the first time that there was no such obituary offered for those soldiers who had died (in Nagrota attack). So the Opposition walked out." 
 
Opposition members walked out of the Lok Sabha as their demand for an obituary reference on the soldiers who died in the terror attack on army camp in Jammu was rejected by the Speaker on the grounds that final details were yet to emerge. 
 
Countering Rahul's charges, Information and Broadcasting Minister M Venkaiah Naidu said, "It is unfortunate that Congress is doing politics over the issue involving defence of the country." 
 
(Image: Indiatimes)

Government will give 50% of the black money back to hoarders: Rahul Gandhi

New Delhi, Dec 2 () Finance Minister Nirmala Sitharaman on Monday said the lower rate of 15 per cent minimum alternate tax (MAT) announced as part of the corporation tax rate cuts in September will be applicable from the current financial year.
 She made the statement in the Lok Sabha to clarify a typo in the Taxation Laws (Amendment Bill), 2019, which said the reduced MAT will be come into force from the next financial year beginning April 1, 2020.
 The intention, she said, has always been to apply reduced MAT rate from 2019-20.
 "The intention again was always to apply a reduced MAT rate of 15 per cent from the year 2019-20. So that correction or the error that has crept in will be now corrected through the official amendment now. So, it applies from 2019-20 the original intent was that. It continues to be so even now," she said.
 The Bill, with amendment, was later approved by a voice vote in the Lok Sabha. The Bill replaces an Ordinance which effected the corporate tax reduction.
 For companies that continue to avail exemptions/incentives, the MAT has been reduced from 18.5 per cent to 15 per cent.
 MAT is the minimum tax that companies have to pay in case their normal tax liability after claiming deductions falls below a certain limit.
 Sitharaman also said the Bill has a specific intention to attract investment in manufacturing.
 "At moment our specific objective is to draw manufacturing companies from all over the world," she said.
 However, the service sector companies would benefit from the concessional tax regime of 22 per cent extended to all existing domestic companies, the minister added.
 "Further, they may also benefit from the reduced rate of MAT at 15 per cent which would be applicable to all companies which do not opt to be taxed at the concessional tax regime," the minister said. DP NKD CS HRS

Lower MAT applicable from current fiscal, clarifies FM

<ul class="summary-list"><li><keyword id="414451" type="PERSON" weightage="60" keywordseo="unemployment-benefits">Unemployment benefits</keyword> in the stimulus plan include a tax exemption on the first $10,200 of benefits.</li><li><keyword id="6534156" type="UNKNOWN" weightage="60" keywordseo="Democrats">Democrats</keyword> want to remove the requirement of an amended tax return for people who've already filed.</li><li>If this isn't possible, Democrats asked for robust outreach to make filing easy for taxpayers. </li></ul>The unemployment benefits in the $1.9 trillion stimulus plan that President <keyword id="99719" type="PERSON" weightage="60" keywordseo="Joe-Biden">Joe Biden</keyword> <a href="https://www.businessinsider.com/stimulus-biden-signs-trillion-covid-relief-package-checks-direct-payments-2021-3">signed into law</a> on Thursday included a tax exemption on the first $10,200 of the benefits received last year. But it could still be difficult for taxpayers to claim this exemption, and Senate Democrats are pushing the IRS to make it as easy as possible. In a <a href="https://www.durbin.senate.gov/imo/media/doc/Durbin-Axne%20Letter%20to%20IRS_Treasury%20re.%20UI%20Tax%20Relief%20Final.pdf">letter</a> led by Senate Democratic Whip Dick Durbin, supported by 20 other Democrats, he requested that the IRS and the Treasury Department take action to ensure Americans are aware of the tax exemption. He also asked that they remove the current requirement of an amended tax return for the taxpayers who have already filed.The letter added that if doing so isn't possible, accessible information should be provided to taxpayers who have already filed on how to file an amended return as quickly as possible."We recognize the challenges of implementing this change in tax law during filing season, particularly as millions of Americans have already filed their tax returns for 2020," the letter said. "This underscores the need for Treasury and the IRS to take every action to ensure that all eligible individuals, including those who have already filed their 2020 tax return, are aware of and able to receive this critical relief."Biden's stimulus plan provides an income tax exclusion on the first $10,200 of unemployment benefits received in 2020 for households earning under $150,000, which the letter said could reduce the tax bills of unemployed workers by more than $1,000. It doesn't apply to jobless benefits paid out after December 31, 2020.Under the plan, eligible Americans are set to receive <a href="https://www.businessinsider.com/stimulus-senate-democrats-broker-deal-on-unemployment-benefits-2021-3">$300 weekly federal unemployment benefits</a> through September 6. White House Press Secretary Jen Psaki said on <a href="https://twitter.com/PressSec/status/1367875430716477443?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1367875430716477443%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.businessinsider.com%2Fsenate-democrats-cut-stimulus-unemployment-benefits-300-weekly-extend-september-2021-321-3">Twitter</a> on March 5 that Biden supported the <a href="https://www.businessinsider.com/senate-democrats-cut-stimulus-unemployment-benefits-300-weekly-extend-september-2021-3">extended</a> unemployment benefits, along with the tax exemption, to help struggling Americans."The compromise amendment achieves that while helping to address the surprise tax bills that many are facing by eliminating the first $10,200 of UI benefits from taxation for 2020," Psaki said. "Combined, this amendment would provide more relief to the unemployed than the current legislation."Durbin's letter also notes that the Treasury Department and IRS should conduct "a robust public awareness campaign" to ensure those who received unemployment benefits are aware they can receive more federal relief."This may be especially important for those who could be eligible for a larger Earned Income Tax Credit or Child Tax Credit with this exclusion, or are newly eligible for these credits," the letter said.The stimulus law also extended Pandemic Unemployment Assistance for gig workers and Pandemic Emergency Unemployment Compensation for long-term unemployed people until Labor Day.

Senate Democrats want the IRS to go above and beyond in helping the unemployed with their 2020 tax bills

<ul class="summary-list"><li>The Clayton <keyword id="11956286" type="UNKNOWN" weightage="60" keywordseo="antitrust" source="Orion">Antitrust</keyword> Act is one of several laws prohibiting anti-competitive business behavior in the US.</li><li>The Clayton Antitrust Act is meant to prevent conflicts of interest, price discrimination, and guarantees the right to sue for certain unethical business practices.</li><li>The Clayton Antitrust Act amended the Sherman Antitrust Act, which was passed in 1890.</li></ul>The Clayton Antitrust Act is one of several <a href="https://www.businessinsider.com/antitrust-laws" target="_blank" rel="noopener">antitrust laws</a> passed in the US. Its goal is to prevent anticompetitive behavior by businesses and protect consumers from monopolies - as well as the inflated prices monopolies can lead to. "Without the Clayton Act, businesses could engage in mergers until there was only a single monopolist left providing particular goods or services," says Marc Schildkraut, a partner and antitrust attorney at <a href="https://www.bakerlaw.com/" target="_blank" rel="noopener">BakerHostetler</a>. <h2>Understanding the Clayton Antitrust Act of 1914 </h2>Congress passed the Clayton Antitrust Act in 1914 in an attempt to strengthen the <a href="https://www.businessinsider.com/sherman-antitrust-act">Sherman Antitrust Act</a>, which was established in 1890. According to House documents, the original bill failed to effectively regulate corporations, leading to unfair competition. "The Sherman Antitrust Act was the first rule of its kind, so it was a little broad," says Christy Matzen, director of financial planning at <a href="https://zoefin.com/">Zoe Financial</a>. "As companies have searched for loopholes to get around it, a few more rules have come into play like the Clayton Antitrust Act and the Federal Trade Commission Act. The spirit of these rules are all the same - to promote business rivalry and keep markets competitive, but they just approach the topic from different angles."The Clayton Act does a few things, including banning price discrimination and anticompetitive mergers, which we'll go into more below. Labor unions, boycotts, and strikes are exempt under the law. Quick tip: The Library of Congress has the full text of all antitrust laws and bills. To view any of these, simply visit <a href="http://loc.gov" target="_blank" rel="noopener">LOC.gov</a>, and enter "antitrust" into the search bar. You can filter by legislation, year, and other details to zero in on the exact act you'd like to read.<h3>Provisions of the Clayton Antitrust Act</h3>There are several provisions - or sections - of the Clayton Antitrust Act. We'll go into the bigger ones in detail below. <ul><li>Price discrimination: The first provision is the Act's ban on price discrimination. This prevents businesses from charging different customers different prices for the exact same product or service. This was later amended by the Robinson-Patman Act in 1936.</li><li>Monopolies: Under Section 3, the Act bans companies from working together to fix prices, reduce competition, or create a monopoly around a certain good or service. </li><li>The right to sue: The Act also establishes the right to take legal action against companies that take part in anticompetitive business practices. Here's how it reads: "... any person who shall be injured in his business or property by reason of anything forbidden in the antitrust laws may sue … and shall recover threefold the damages by him sustained, and the cost of suit, including a reasonable attorney's fee."</li><li>Exemption for labor unions, agricultural organizations, and horticultural organizations: Labor unions and agricultural and horticultural organizations are not considered "a commodity or article of commerce" and are therefore exempt from antitrust laws, including the Clayton Act and the Sherman Act.</li><li>Mergers and acquisitions: One of the more detailed provisions prohibits companies from acquiring or merging with other similar businesses if it would significantly lessen competition in the marketplace.</li><li>Conflicts of interest: Under this provision, individuals cannot be directors, officers, or employees of more than one bank, banking association, or trust company with more than $5 million in assets.</li><li>Fraudulent activity: This provision says that company presidents, directors, officers, or managers of businesses engaged in commerce can be charged a felony for embezzling, stealing, abstracting, or willfully misapplying company funds.</li><li>Enforcement: Section 11 gives the Interstate Commerce Commission, the Federal Reserve Board, and the Federal Trade Commission the power to enforce various provisions of the act. It also establishes the process by which violations are investigated and penalized.</li></ul>Quick tip: If you believe you've been a victim of anticompetitive activity that violates the Clayton Antitrust Act, you can report the company to the <a href="https://www.justice.gov/doj/webform/your-message-department-justice" target="_blank" rel="noopener">US Department of Justice</a> or the FTC at <a href="http://reportfraud.ftc.gov" target="_blank" rel="noopener">ReportFraud.FTC.gov</a>.<h3>Amendments made to the Clayton Antitrust Act</h3>The Clayton Act has been amended a few times since its passage in 1918. The big amendments include the Robinson-Patman Act of 1936, the Celler-Kefauver Anti-Merger Act of 1950, and the Hart-Scott-Rodino Antitrust Improvements Act of 1976.Here's what each of those did:<ul><li><a href="https://www.businessinsider.com/robinson-patman-act">Robinson-Patman Act</a>: This amendment strengthened the original act's ban on price discrimination. It specifically aimed to protect small businesses from unfair pricing competition from larger retailers.</li><li>Celler-Kefauver Anti-merger Act: This act closed a loophole that allowed companies to acquire assets from other businesses in an effort to reduce market competition. It also broadened the law to include acquisitions that aren't direct competitors. </li><li>Hart-Scott-Rodino Antitrust Improvements Act: Under this act, companies must notify the FTC and the U.S. Justice Department in advance of any major mergers or acquisitions.</li></ul>A new bill, dubbed the Competition and Antitrust Law Enforcement Reform Act of 2021, also aims to amend the Clayton Act. According to the current text, it would modify the standards by which acquisitions are deemed anticompetitive and enhance enforcement abilities, among other efforts. It was introduced by Sen. Amy Klobuchar (D-Minn.) in February and has since been referred to the judiciary committee. <h2>The financial takeaway</h2>At the end of the day, Matzen says, the Clayton Act - and all other antitrust legislation - exists to "protect customers from businesses gaining too much power and using it against them." If you think a business may be violating the Clayton Antitrust Act or participating in anticompetitive behavior, report it to the Justice Department or the Federal Trade Commission immediately. The government will begin an investigation if warranted.<a data-type="61731124adb1a62a3d136b51">The Federal Trade Commission Act sets the guidelines underpinning the FTC's consumer-protection enforcement</a><a data-type="617049e864d7297c4107f879">Understanding fiscal policy: The use of government spending and taxation to manage the economy</a><a data-type="615e1ce04db97a72e9528be4">Monetary Policy: How the Federal Reserve attempts to control the US economy</a><a data-type="60e75ecd2311693ddc791744">What is the FDIC?</a>

The Clayton Antitrust Act: One of many laws that protects consumers from unfair business practices

<ul class="summary-list"><li>Republicans have rejected a proposal that would permit US citizens to receive refreshments while they wait to vote.</li><li>The Senate House Rules Committee on Monday rejected an amendment to prevent states from banning volunteers distributing food and water.</li><li>The proposal came in response to a controversial voting rights bill signed into law by Georgia Republican Gov. Brian Kemp in March.</li></ul>House Republicans have rejected a proposal that would permit US citizens in states like Georgia to receive water and other refreshments while they are waiting in line to vote.The Senate House Rules Committee on Monday rejected an amendment to prevent states from banning volunteers who were distributing food and water to voters queuing to vote.Sen. Jon Ossoff, a Democrat, who sits on the House Rules Committee, had proposed the bill in response to a controversial voting rights bill signed into law by Georgia Republican Gov. Brian Kemp in March.But no Republicans on the committee voted in favor of the amendment, meaning it failed, the New Yorker's Jane Mayer reported. Republican members include Sens. Ted Cruz and Mitch McConnell, the Senate minority leader.The vote came during a Senate hearing on the For The People Act, <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwimvMXN68PwAhWHmBQKHVSlDKwQFjAAegQIBBAD&amp;url=https%3A%2F%2Fwww.businessinsider.com%2Fsenate-hearing-on-s1-major-voting-rights-bill-key-takeaways-2021-3&amp;usg=AOvVaw2YcgtOg--dDjO-2t2t_Jq61-3&amp;usg=AOvVaw2YcgtOg--dDjO-2t2t_Jq6">a Democratic-led bill introduced to Congress in March to expand voting rights</a>.The controversial bill to outlaw the handing out of refreshments in Georgia is the 98-page Election Integrity Act of 2021, or SB 202, which brings sweeping changes to voting and elections law in Georgia.It has been widely criticized for what <a href="https://www.reuters.com/article/us-usa-georgia-voting-idUSKBN2BH2TC">voting rights advocates said was a deliberate attempt to reduce the influence of Black voters</a> who helped President Joe Biden win the presidency.Among the changes are provisions in <a href="https://www.documentcloud.org/documents/20527915-sb-202-as-passed">Section 33 of the bill</a>, which states that no person is legally permitted to "give, offer to give, or participate in the giving of any money or gifts, including, but not limited to, food and drink."The limits apply within 150 feet of voting locations and within 25 feet of voting lines, but <a href="https://www.businessinsider.com/ga-voting-law-bans-volunteers-from-delivering-food-water-to-voters-2021-3">it does permit volunteers and election officials to set up water stations that voters can go to of their own across</a>.It came after volunteers and activists in Georgia and other states handed out food and water to voters waiting in hours-long queues to vote during November's presidential election, <a href="https://www.businessinsider.com/ga-voting-law-bans-volunteers-from-delivering-food-water-to-voters-2021-3">Insider's Grace Panetta reported</a>.Gov. Kemp defended the law and called it "<a href="https://www.businessinsider.com/corporate-leaders-plan-new-push-on-us-voting-rights-will-reconsider-campaign-donations-2021-4">another step to making our elections fair and secure</a>."

Republicans have blocked a bid to allow voters standing in line to be given water

<ul class="summary-list"><li>Crypto investors are poised to take a more active role in US <keyword id="6358883" type="UNKNOWN" weightage="60" keywordseo="politics">politics</keyword>.</li><li>In August, the crypto community took a stand against a tax provision in the infrastructure bill.</li><li>While the group was unable to amend the bill, the effort points to future clashes in Washington.</li></ul>Crypto investors have begun to <a href="https://www.businessinsider.com/elon-musk-ted-cruz-jack-dorsey-crypto-tax-tech-infrastructure-2021-8">take a political stance</a> in recent months as the US government looks to pursue a more stringent policy on the taxation of decentralized currencies like <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword>.Last week, the <a href="https://www.businessinsider.com/senate-approves-biden-bipartisan-1-trillion-infrastructure-bill-mitch-mcconnell-2021-8">Senate passed a $1 trillion infrastructure bill</a> that included <a href="https://www.businessinsider.com/inside-senates-cryptocurrency-clash-delaying-biden-infrastructure-bill-2021-8">a provision that would increase tax enforcement</a> on transactions involving cryptocurrencies.The provision <a href="https://www.businessinsider.com/inside-senates-cryptocurrency-clash-delaying-biden-infrastructure-bill-2021-8">spurred a showdown in Washington DC</a>, pushing senators, crypto investors, social media influencers, and celebrities alike to mobilize. Ahead of the decision, the crypto community generated tens of thousands of calls to Congress, demanding the new tax rules be amended.<keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> CEO <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword> called the tax provisions "hasty," in a thread on the new tax rules that was started by Coinbase CEO Brian Armstrong, who called the policy "disastrous."Musk has been outspoken about his support for crypto, in particular Bitcoin. Earlier this year, the <a href="https://markets.businessinsider.com/news/currencies/tesla-stock-bitcoin-price-elon-musk-tied-fate-crypto-purchase-2021-2">CEO temporarily allowed customers to use Bitcoin to buy Teslas</a> - a major step toward entrenching the digital asset into the US financial system.<a href="https://twitter.com/aplusk/status/1423774443315372044?s=12">Ashton Kutcher</a> and <keyword id="6354616" type="UNKNOWN" weightage="60" keywordseo="Twitter">Twitter</keyword> and <keyword id="688028" type="CITY" weightage="60" keywordseo="Square">Square</keyword> CEO <keyword id="265395" type="PERSON" weightage="60" keywordseo="Jack-Dorsey">Jack Dorsey</keyword> also took to Twitter to call for people to take action against the bill. Dorsey <a href="https://twitter.com/jack/status/1424219728642465799">said</a> the new reporting rules would push innovation out of the US. While the crypto community was able to hold up the bill for about a week, they were ultimately unsuccessful in their attempts to amend the bill. But experts say the movement galvanized the community's role in politics, and paved the way for digital assets to become a more permanent part of the financial system.The main issue that crypto enthusiasts had with the bill centered around the loose language used to define the role of a "crypto broker," which could allow people to interpret as involving any type of crypto transaction. Several lawmakers, including Senators Pat Toomey, R-Pa., and Cynthia Lummis, R-Wyo. took a stand against the wording, calling it "unworkable and onerous." Other <a href="https://twitter.com/tedcruz/status/1424097171578757120?s=12">political voices quickly followed</a>, calling investors to action on social media.While the language around the crypto tax is controversial, Cowen Group managing director Jaret Seiberg said in an analyst note on Tuesday that the bill is a sign crypto is here to stay. "The tax reporting language is one of the clearest indications that Washington is prepared to accept crypto as a permanent part of the financial ecosystem," he wrote. " [It] now sees crypto as a real product that is worthy of government attention, [which] tells us that Washington is done looking at ways to end crypto."<a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fbitcoin-fans-are-suddenly-a-political-force-11629115380">The Wall Street Journal reported</a> that lobbying around cryptocurrency is on the rise. From January to the end of June, crypto companies and organizations spent about double what they had in previous years. Major crypto companies have also begun to hire policy officers with government connections, hinting at more clashes to come."The crypto community has really kind of come out as a powerful constituent," Armstrong said on an earnings call last week. "They're now actually becoming a vocal participant in the policy efforts around the U.S."

You Searched For "taxation laws amendment bill 2021" and got 11 results

Indian government brings in a bill to bury the infamous retrospective tax that haunted Cairn and Vodafone for nearly a decade

PTI

Govt to provide uniform tax treatment for unlisted InvITs, REITs

PTI

Govt carrying out reforms to boost economy: Goyal

PTI

Software development, mining, printing books not to qualify for lower 15 pc corp tax rate: FM

PTI

House Republicans suddenly have a massive problem with their tax bill

Bob Bryan

Government will give 50% of the black money back to hoarders: Rahul Gandhi

BI India Bureau

Lower MAT applicable from current fiscal, clarifies FM

PTI

Senate Democrats want the IRS to go above and beyond in helping the unemployed with their 2020 tax bills

Ayelet Sheffey,Joseph Zeballo…

The Clayton Antitrust Act: One of many laws that protects consumers from unfair business practices

Aly J. Yale

Republicans have blocked a bid to allow voters standing in line to be given water

Thomas Colson

From Ashton Kutcher to Elon Musk and Jack Dorsey, fanatical Bitcoin investors are poised to take a larger role in politics

Grace Kay

Popular Keywords

Buying Guides