India has published the Taxation Laws (Amendment) Act 2021 (Act No. 34 of 2021) in the Official Gazette, which received the assent of the president (was enacted) on 13 August 2021. The Act provides important amendments to the Income Tax Act 1961 and the Finance Act 2012 in regard to the taxation of indirect transfers of Indian assets. While the Finance Act 2012 allowed for retroactive taxation, Taxation Laws (Amendment) Act 2021 provides for the nullification of the retroactive taxation of i…