New Delhi: The provisions of General Anti Tax Avoidance Rules (GAAR) should be 'intelligently' applied, said the Chairman of expert committee, Parthasarathi Shome, after submitting the draft report to Finance Ministry.
"GAAR should be intelligently applied...some times there are areas of subjectivity so you limit them, truncate them and define them to the extend feasible," Shome told a private news channel.
The committee, which was set up by Prime Minister Manmohan Singh in July to address concerns of foreign and domestic investors on GAAR, also emphasised the need for having an internationally comparable tax administration in India.
"We have to be internationally comparable in benchmarking various international tax mechanism. Even in tax administration, we have to become internationally comparable," Shome added....more
08:21 PM, Sep 01, 2012
New Delhi: The Prime Minister-appointed Shome Committee on Saturday submitted its second draft General Anti Avoidance Rules (GAAR) recommendations to Finance Minister P Chidambaram, whereby he proposed delaying the implementation of GAAR by three years. The Committee, headed by Parthasarathi Shome, suggested abolishing Capital Gains Tax on listed securities and distinguishing tax mitigation from tax avoidance, among others. The panel in its report proposed that GAAR should apply from assessment...
04:18 PM, Sep 01, 2012