US India biz council asks FM for clarity on income tax law

The US India Business Council has submitted to Union Finance Minister P Chidambaram a wish list of reforms in the taxation sector, which the industry body argues would create a fair and transparent tax environment. In its pre-budget memorandum submitter to the Finance Minister, US India Business Council asked Chidambaram to ensure that any changes to India's income tax law "will not be retrospective", as well as "provide clarification" that recent changes to that effect will be legally binding and not subject to arbitrary application.