The Retrospective Effect Saga!
Son: The Finance Ministry’s proposal to amend the IT Act with retrospective effect to collect capital gains tax from Vodafone is creating ripples across the world, dad.
Father: True, go on son.
Son: Such an amendment may open a Pandora’s Box with many such acquisitions in the past getting caught up in the taxation conundrum, dad.
Father: Go on, son.
Son: Even the Government of UK (Vodafone is based in UK) is said to be highly perturbed and is said to have raised the issue, dad.
Father: Go on, son.
Son: But the finance ministry is unperturbed, dad. One of the officials is said to have even suggested that the ministry may put the effective date from the day East India Company arrived in India, dad!
Father: Wonderful. Go on, son.
Son: Since the UK Government had taken over the East India Company, the ministry wants the present Government to cough up the money, dad!
Father: I don’t know, son!
Another Retrospective Amendment!
Son: Kapil Sibal, the Minister for HRD, is in the news now-a-days for all the wrong reasons, dad.
Father: True. Go on, son.
Son: The experts in the education field have strongly criticized his decision to ban a text book on account of the recent cartoon controversy, dad.
Father: True. Go on, son.
Son: The textbook had been prescribed in 2006 and till now there were no objections to the cartoon now in limelight, dad.
Father: Go on, son.
Son: When asked what was the point in banning a textbook after it had been there since 2006, Sibal had a simple solution, dad.
Father: Go on, son.
Son: He said that the Government will make the ban applicable with retrospective effect (from 2006), dad!
Father: I don’t know, son!
Man in Jail for ‘Killing’ woman who is alive!
Son: A report in Deccan Herald says that a senior citizen Gauri Rai is languishing in Begusarai jail in Bihar for ‘killing’ his daughter-in-law, dad.
Father: Go on, Son.
Son: The woman who is declared dead is actually roaming around in Jalandhar in Punjab along with her new found love, dad!
Father: Go on, son.
Son: The goof up came to light when the ‘dead’ woman appeared before a sub-divisional police officer in Punjab and admitted that she had fled to Punjab with her lover, dad.
Father: Go on, son.
Son: The police officers now say that they will release the senior citizen at the earliest.
Father: Go on, son.
Son: When asked how they would compensate him for the mental agony and social stigma, the officials said that they would release him with “retrospective effect”, dad!
Father: I don’t know, son!
Another new Idea!
Son: The Finance Ministry’s proposal for back-dated amendment of Income Tax Act, is giving ideas to even corporates, dad.
Father: How come? Go on, son.
Son: A well known Biotechnology company in Bangalore has hit upon a new idea, dad.
Father: Go on, son.
Son: The firm was facing some financial difficulty on account of the slowdown in the economy, dad.
Father: Go on, son.
Son: It is said to have implemented a salary package with retrospective effect, dad.
Father: Appears very normal. Go on, son.
Son: Not exactly, dad. The management has actually reduced the salaries of employees and has told them that the arrears will be recovered from their monthly salaries in future, dad!
Father: I don’t know, son!
The Divorce Tamasha!
Son: A married couple had applied for divorce in a family court, dad.
Father: Go on, son.
Son: The husband requested the court to order the divorce with retrospective effect from the date of marriage, dad!
Father: Interesting. Go on, son.
Son: The curious judge asked him the reasons for the strange request, dad.
Father: Go on, son.
Son: The husband told the court that the question of maintenance charges for the wife will not be there if the divorce is permitted with back-dated effect, dad!
Father: Go on, son.
Son: He added that he got the idea from the Finance Minister Pranab Mukherjee, dad!
Father: I don’t know, son!
A V Krishnamurthy
21st May 2012
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