Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: cpt :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: form 3cd :: list of goods taxed at 4% :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment
 
 
« General »
 Accounting relief for IndAS companies
 How you can reduce your tax to zero if you have income within Rs 10 lakh
 NRIs’ overseas bank info needed only for tax refund
 Non-performance: I-T dept transfers 245 commissioners
 Income Tax efiling: Tax implications resulting from clubbing of income
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018-regd
  GST: How companies are gaming the system
 Goods And Services Tax transparency: Elimination of added taxes to boost investment in realty
 In a first, Income Tax department to charge govt official under new benami law
 Income Tax Return Filing: 10 common mistakes people make while filing return of income
 Income Tax efiling: A few essential facts for senior citizens to keep in mind

GAAR application deferred by a year, amendments to provisions announced
May, 07th 2012

After weeks of protest by both foreign and Indian investors, FM Pranab Mukherjee on Monday announced that the General Anti-Avoidance Rules (GAAR) will be applied from 2013-14 onwards, deferring its application by a year.

Speaking on amendments in the Finance Bill in parliament, Mukherjee also said the onus of proof will lie with the tax authorites and that the proposed retrospective amendment of income tax laws will not override DTAAs with 82 countries.

The Finance Minister also said that the capital gains tax on private equity will be halved to 10 per cent.
"Deferment of GAAR is needed to bring about more clarity in guidelines and (put in place) the complete framework after stakeholder consultations to ensure its smooth implementation," said Rahul Garg, leader (direct tax), PwC India to ET.

A deferment of GAAR can perk up sentiment in general, but the overall mood towards emerging markets is so weak there may not be a flood of investments, says Abheek Barua, chief economist, HDFC Bank. Under the GAAR regime, authorities can deny tax benefit to any arrangement that is entered into primarily to avoid tax. The rule will almost certainly tax foreign institutional investors that route portfolio investments into India through token operations in Mauritius with which India has a tax treaty.

Avalanche of Criticism

India's economic growth dropped to its lowest after the 2008 financial crisis, expanding just 6.1% for the quarter ended December 31, 2011, way below the near-9% between 2004 and 2008. Capital formation growth has turned negative while the current account deficit is close to 4%, regarded as a danger zone by economists.

On Friday, a slowdown in capital flows prompted the Reserve Bank of India to raise the interest rates banks can offer nonresident Indians to encourage them to bring in dollars. The Sensex ended below the 17,000 mark for the first time since January 24, 2012, closing at 16,831 -down 320 points.

The avalanche of criticism has evoked a mix of incredulity and anger among finance ministry mandarins. "There is an attempt to pull India down. It is fashionable to criticise the government," said Economic Affairs Secretary R Gopalan, who nonetheless conceded that inflows will have to increase and investors reassured. "We will talk to foreign investors," he told ET in an interview on May 2. Another finance ministry official described the barrage of criticism as an attempt to 'bla

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Wholesale Silver Jewelry

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