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 :: empanelment :: articles on VAT and GST in India :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARDS :: form 3cd :: due date for vat payment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4%
Direct Tax »
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair
 Submit monthly data of appeals disposed of: CBDT to officers
 Direct tax mop-up jumps 9 per cent in H1, indirect tax up 26 per cent
 Income tax department slams notice on five Mumbai-based exporters over offshore accounts
 Redress TDS mismatch grievance of taxpayers: CBDT
 Tax department changes rule for accommodating deductions for deferred spectrum payment
 Tax dept renotifies income computation, disclosure standards
 Sushil Chandra to be the next CBDT chief

GAAR provisions to be part of DTC, to come into effect in April 2013
May, 18th 2012

The General Anti-Avoidance Rule (GAAR), approved under the Finance Act, will be part of the Direct Taxes Code (DTC) Bill to be tabled in the monsoon session of Parliament. The finance ministry plans to implement both GAAR and DTC from April 1, 2013. However, if the implementation of DTC is again deferred, the government will introduce GAAR under the Income Tax Act next year.

The Finance Act, introducing GAAR provisions to check cases of tax avoidance, has already been cleared by Parliament. However, DTC, which is set to replace the 50-year-old Income Tax Act, is yet to be tabled in Parliament. This would be done after incorporating the suggestions of the standing committee on finance.

The GAAR provisions approved by Parliament will be made part of DTC. The approval of the legislature will be sought for other provisions of the DTC, said a finance ministry official, adding GAAR would be introduced from April 2013, any delay in the roll-out of the DTC notwithstanding. 

The finance ministry had originally proposed GAAR provisions under the DTC, which were likely to come into effect from April 2012. While implementation of the DTC was deferred by a year, the ministry had proposed to introduce some of its provisions, including GAAR, from this financial year.

The date of implementation of GAAR was deferred, as these provisions led to protests from foreign investors who feared their investments in India through tax havens would now become taxable. Some GAAR provisions were also diluted, in line with the recommendations of the standing committee.

To address concerns of investors, the government said the onus to prove tax avoidance would be on the tax department, not on the taxpayer, as proposed earlier. It also agreed to include a non-tax officer in the three-member panel that would approve the invocation of GAAR provisions.

I will have the opportunity after the Budget session is over, to go through all the recommendations (of the standing committee), and after approval of the Cabinet, bring the DTC Bill for approval of the both the Houses in the next monsoon session, Finance Minister Pranab Mukherjee had told the Rajya Sabha this week.

Officials said if the Bill was tabled in the monsoon session, it could be put to effect in the next financial year, provided it was passed in Parliament. Though Mukherjee said many recommendations of the committee, headed by Bharatiya Janata Party leader Yashwant Sinha, would be accepted, a delay i

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