GAAR will be effective from April 1, 2017

The Union Finance Ministry has announced that the General Anti Avoidance Rule (GAAR) will be effective from the 1 April, 2017. In this regard Income Tax (IT) department has issued a slew of clarifications on implementation of GAAR, seeking to address concerns of foreign investors over implementation of the anti-evasion measure. GAAR seeks to prevent ..

Month: Current Affairs - January, 2017

Topics: Business • Economy • Gaar • Income Tax • National • Taxation

Budget Box: Changed GAAR provisions to come into effect from April 2016

As announced in the current Budget, the modified version of controversial General Anti Avoidance Rules (GAAR) provisions will be implemented from April 2016. The modified provisions maintain the basic thrust and purpose of GAAR. The government had formed an expert committee chaired by Parathasarthi Shome to give recommendations on the anti-avoidance tax proposals. The panel ..

Month: Current Affairs - March, 2013

Topics: Committees • Current Affairs 2013 • Gaar • IBPS • March 2013

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, ..

Month: Current Affairs - November, 2012

Topics: 2012 • Economy • Gaar • November 2012

Prime Minister constitutes committee to review taxation of development centres & IT sector

To review taxation of development centres and IT sector a committee has been established by the Prime Minister Dr Manmohan Singh. The Committee will function in consultations with stakeholders and related government departments to finalize the Safe Harbour provisions announced in Budget 2010. It will also recommend the approach to taxation of Development Centres. Earlier, ..

Month: Current Affairs - July, 2012

Topics: Economic globalization • Economies • Gaar • General anti-avoidance rule • In India • Ministry of Finance • Multinational corporation • Tax

Lee Hsien Loong, the Singapore PM finds Indian Business environment complicated

Singapore PM Lee Hsien Loong on his visit to India asserted that Business environment in India is complicated. From the term “Complicated” he was referring to red-tapism. Although he didn’t point to the proposed GAAR or retrospective Income Tax Act amendments, he held that companies investing in India look for predictability of rules. After Mauritius, ..

Month: Current Affairs - July, 2012

Topics: Asia-Pacific Economic Cooperation • Association of Southeast Asian Nations • Continents • Countries • Double taxation • Economy of Singapore • Gaar • General anti-avoidance rule • Mauritius route • Singapore • World