GAAR amendments finalized: Chidambaram
Finance Minister P.Chidambaram held that the amendments to General Anti-Avoidance Rules (GAAR), have been finalized.
GAAR, was proposed in the 2012-13 Budget in order to preventing tax evasion. But it aroused sharp reactions from foreign as well as domestic investors who feared that unchecked powers to taxmen would result in harassment of the investors. Thus, the government subsequently appointed a committee headed by tax expert ‘Parthasarthi Shome’ to look into their matter.