Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: due date for vat payment :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: VAT RATES :: ACCOUNTING STANDARDS :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: empanelment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: articles on VAT and GST in India
 
 
Direct Tax »
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal

Introduce anti-avoidance rules only after Direct Taxes Code: Assocham
April, 25th 2012

Industry chamber Assocham has urged the Government to defer the introduction of the proposed anti-avoidance rules, popularly known as GAAR, till the implementation of the new Direct Taxes Code (DTC).

The Finance Bill 2012 proposes to introduce General Anti-Avoidance Rules (GAAR) provisions, which were originally slated to be part of the DTC.

Rather than introducing GAAR through the Finance Bill 2012, the Government should wait for the implementation of DTC for its introduction, Mr Ved Jain, Chairman of Assocham's National Council on Direct Taxes, said at a press conference here.

The Finance Bill 2012 is pending before Parliament and may be passed during the second leg of the Budget session beginning on April 24.

Mr Jain said that the onus should be on the tax authorities to prove that there has been tax avoidance. According to the current GAAR proposals, the onus is on the taxpayer to prove genuineness of the transactions. He pointed out that the Standing Committee on Finance had also recommended that the onus should be on tax authorities.

He felt that the Government should revisit all double tax avoidance agreements (DTAAs) and ensure the limitation of benefit clause is inserted in all of them. This would be a better approach than the proposed move allowing GAAR to override treaty benefits, Mr Jain claimed.

In its post-Budget memorandum, submitted to the Finance Ministry a few days ago, the chamber also suggested that domestic transactions between related parties should not be subject to transfer pricing regulations.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions