General Anti Avoidance Rules

  • Modified GAAR provision to be implemented from April 2016 February 28, 2013

    New Delhi: Modified version of controversial General Anti Avoidance Rules (GAAR) provisions will come into effect from April 2016, Finance Minister P Chidambaram said on Thursday. A number of representations were received against GAAR provisions introduced in the last Budget. Following which the government had set up an expert committee...
  • GAAR should be applied intelligently: Panel head September 1, 2012

    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...
  • GAAR should be applied intelligently: Expert panel chairman September 1, 2012

    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 the Finance Ministry. ...
  • Delay GAAR by 3 years: PM-appointed panel September 1, 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...
  • Govt aims to finalise GAAR by end September July 14, 2012

    New Delhi: The Government aims to finalise guidelines to implement controversial rules that target tax evasion by the end of September, its government said on Friday, as it aims to calm worried investors. The general anti-avoidance rules (GAAR), first introduced in the budget in March this year, target firms and investors...
  • Anand Sharma sees FDI inflows increasing this year June 3, 2012

    Mumbai: Commerce and Industry Minister Anand Sharma on Saturday expressed confidence that the country would be attracting more direct overseas investments this fiscal. "Despite the gloomy world economy, we received highest FDI of USD 50 billion last fiscal and we are hopeful of attracting more this fiscal," Sharma told...
  • Deferment of GAAR offers only short term relief: PwC May 8, 2012

    New Delhi: Finance minister Pranab Mukherjee on Monday deferred the implementation of GAAR (General Anti-Avoidance Rules) to 2013-14. Speaking on amendments in the Finance Bill in parliament, Pranab also said the onus of proof will lie with the tax authorities and that the proposed retrospective amendment of income tax laws...
  • Pranab Mukherjee to reply on Budget proposals May 8, 2012

    New Delhi: Finance Minister Pranab Mukherjee is expected to reply on Tuesday to various proposals in his 2012-13 budget. The Finance Minister will be seeking Parliament's approval to move the Finance Bill and is likely to relook at some of the controversial proposals, such as changes in the tax laws that...
  • Tax on gold jewellery withdrawn, GAAR deferred May 7, 2012

    New Delhi: Bowing to pressure, Finance Minister Pranab Mukherjee on Monday announced a slew of measures to provide relief to the jewellery sector and postponed implementation of the General Anti-Avoidance rules (GAAR) by one year, but offered no concessions to Vodafone involved in tax dispute. Moving the Finance Bill, 2012 for...