Gaar

  • 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...
  • India defers GAAR tax laws to April 2016 January 14, 2013

    New Delhi: India will delay by two years the implementation of controversial rules on tax avoidance to 2016, Finance Minister P Chidambaram said on Monday, giving some respite to investors after the measures dented confidence at a time the country needs capital inflows. The General Anti-Avoidance Rules (GAAR), which will target...
  • GAAR amendments finalised, says Chidambaram November 18, 2012

    New Delhi: Amendments to GAAR, the controversial law against tax avoidance through foreign investments, have been finalised, Finance Minister P Chidambaram disclosed on Sunday. "I have finalised the amendments to the Chapter 10A of the Income Tax Act. Now it will go to the PMO and then we should be...
  • Decisions on taxation issues soon, says PM November 10, 2012

    Mumbai: Prime Minister Manmohan Singh on Saturday said the government has dispelled the atmosphere of 'gloom and doom' and will soon announce steps to stave off investors' fears ensuing from taxations measures like anti-tax avoidance rule and retrospective tax amendments. "We have dispelled gloom and doom, improved the climate for...
  • India should not tax assets retrospectively: Govt panel October 9, 2012

    New Delhi: In a recommendation that could provide relief to firms like Vodafone, a Government-appointed committee on Tuesday favoured companies facing tax liability following retrospective amendment to the Income Tax Act should be exempted from payment of interest and penalty. "In all cases where demand of tax is raised on...
  • Final guidelines on GAAR by October end: Chidambaram October 1, 2012

    New Delhi: The Income Tax department will come out with final guidelines by the end of October on implementation of General Anti Avoidance Rules (GAAR), Finance Minister P Chidambaram said in New Delhi on Monday. The guidelines will be based on the suggestions of the committee headed by tax expert...
  • 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...
  • PM expands terms of reference of GAAR panel July 30, 2012

    New Delhi: Prime Minister Manmohan Singh on Monday expanded the terms of reference of the GAAR committee by referring the issues relating to taxation of FIIs and portfolio investors to it with a view to provide greater clarity to them. "It is necessary to have clarity on the tax liability of...
  • Panel to review taxation of development centres, IT July 30, 2012

    New Delhi: In yet another move to provide clarity on taxation issues, Prime Minister Manmohan Singh on Monday set up a committee to look into such matters pertaining to IT sector and research and development related activities. The panel, headed by former Central Board of Direct Taxes (CBDT) chairman N Rangachary,...
  • GAAR has scared investors, safeguards needed: BJP July 16, 2012

    New Delhi: As the government seemed determined to go ahead with the controversial GAAR, BJP has said adequate safeguards needed to be put in place with regard to the new tax provision which has already created a scare among the foreign investors. BJP leader Yashwant Sinha alleged that the government...
  • New GAAR panel a continuation of discussions: Pranab July 15, 2012

    New Delhi: Pranab Mukherjee, who proposed GAAR as Finance Minister in March, on Saturday said he had deferred its implementation for further discussions and that the Prime Minister's decision to set up a panel on the issue is continuation of the process. "GAAR, I also deferred...
  • 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...
  • Govt aims to finalise GAAR rules by end September July 14, 2012

    New Delhi: India 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 routing...
  • PM sets up committee to frame GAAR guidelines July 13, 2012

    New Delhi: Within a fortnight of the Finance Ministry issuing draft guidelines on GAAR, Prime Minister Manmohan Singh on Friday set up a committee to prepare fresh norms on the controversial tax provision to bring "greater clarity" and prepare a roadmap by September 30 for its implementation. The four-member committee, to...
  • No dilution in recent policy decisions: Basu June 29, 2012

    New Delhi: Amid the Prime Minister's Office seeking clarifications from the Finance Ministry on tax matters, including retrospective amendments, Chief Economic Advisor Kaushik Basu on Friday said there has been no dilution in any of the recent policy decisions. "I don't think that any policy step (of recent months) has been...
  • Monetary limits proposed on GAAR not final: PMO June 29, 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...
  • PM proposes monetary limit for invoking GAAR June 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...
  • Govt proposes monetary limit for invoking GAAR June 28, 2012

    New Delhi: To address investor concerns over taxation issues, the Finance Ministry on Thursday proposed a monetary limit for invoking the controversial General Anti-Tax Avoidance Rules (GAAR) in its draft guidelines issued late in the night. Although the draft did not specify the monetary limit, it said that those deals which...
  • 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...
  • Factbox: GAAR delay fails to soothe fears May 9, 2012

    New Delhi: India has deferred by a year the rollout of measures to crack down on tax evasion, which had sparked an outcry among foreign investors, but has yet to provide clear guidelines on the proposals. Here are some quick facts that pertain to markets about the proposed changes and clarifications...
  • FM's plan: fix GST & oil subsidies, cut inflation May 9, 2012

    New Delhi: The one year-deferral of GAAR is not on account of any fear or apprehension, asserted finance minister Pranab Mukherjee on Tuesday. He warned that India cannot become tax havens just to attract foreign investors. The 30-minute long speech while presenting the finance bill veered around tax direction, crude...
  • GAAR rollback a surrender to US: CPI(M) May 8, 2012

    New Delhi: India's decision to defer the implementation of the General Anti-Avoidance Rules (GAAR) by one year "is a meek surrender to finance capital ... and the US", the CPI(M) said on Tuesday. The decision on GAAR "and diluting many of its provisions is a meek surrender to finance capital, MNCs...
  • 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...
  • Expert Views: India defers GAAR measures by a year May 7, 2012

    New Delhi: India will delay by one year until fiscal 2013/14 the introduction of measures to crack down on tax evasion, Finance Minister Pranab Mukherjee said on Monday, responding to concern among foreign investors that has led to an exodus of funds. Pranab Mukherjee also told parliament that the burden of...
  • 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...
  • Finance Bill to be discussed in Parliament today May 7, 2012

    New Delhi: The Finance Bill will be discussed in Parliament on Monday as the investors are hoping to get some clarity on the General Anti-Avoidance Rule, which is expected to pull the market out of its three-month dip. Parliament is likely to vote on the bill over the next two...
  • India to deliberate tax measures as investors fret May 6, 2012

    New Delhi: Whatever its intentions in cracking down on abuse of tax havens, India has alienated overseas investors with the timing and communication of its measures when it can ill afford to do so. India's move to target tax evaders through a general anti-avoidance rule (GAAR), along with a plan to...