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....
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08:21 PM, Sep 01, 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. ...
07:19 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
New Delhi: Within 24 hours of Finance Ministry issuing the draft guidelines on controversial General Anti-Avoidance Tax Rules (GAAR), the PMO appears to have distanced itself from the proposal saying that were not seen by Prime Minister Manmohan Singh and would be finalised only after his approval. "These (draft guidelines) have not been seen by the Prime Minister and will be finalised with the approval of the Prime Minister, who...
11:09 AM, Jun 29, 2012
New Delhi: Within days of taking over the Finance Ministry, Prime Minister Manmohan Singh has got down to business. To boost investor confidence, the Finance Ministry has proposed a monetary limit for invoking the controversial General Anti-Tax Avoidance Rules. While the monetary limit has not been specified, the new draft says GAAR provisions will be applicable after a prescribed limit. The guidelines further say that GAAR provisions would be invoked...
08:37 AM, Jun 29, 2012
New Delhi: Taking another step towards combating black money, India has signed a multi-lateral agreement with economic powers like France and Germany to check both tax evasion and avoidance. The agreement, convention on mutual administrative assistance in tax matters, is a multilateral agreement of 31 other nations which "promotes international co-operation while respecting the rights of taxpayers." The agreement has been signed under the aegis of the Organisation for Economic...
07:15 PM, Jan 26, 2012
New Delhi: The government on Wednesday said it has started investigations into transactions by Indians involving black money based on 9,900 pieces of information received from different parts of the world. "Over 9,900 pieces of information obtained regarding suspicious transactions by Indian citizens from several countries have been obtained which are now under different stages of processing and investigation," Finance Minister Pranab Mukherjee said at the Economic Editors conference here....
05:04 PM, Oct 19, 2011
