Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get 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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT Audit :: form 3cd :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: articles on VAT and GST in India :: TDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: VAT RATES :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARDS
 
 
Direct Tax »
 High court judges, experts brainstorm on likely GST litigations
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance
 IT expertise at banks' board level a must, says RBI ED
 Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961
 To avoid double-taxation CBDT says no tax at upstream foreign fund if local fund paid already

Draft Guidelines for implementation of GAAR
July, 04th 2012

The Finance Act, 2012 (FA 2012) contains a number of far-reaching proposals to amend the Indian Tax Laws (ITL), including a proposal to fast-forward General Anti-avoidance Rules (GAAR) from the Direct Taxes Code Bill, 2010 (DTC) through which there was a proposal to introduce GAAR.

In deference to various representations, the application of GAAR provisions has been deferred to 1 April 2013. One of the main reasons for deferral, as clarified by the Finance Minister, was to provide more time to taxpayers and the tax administration to address all related issues.

GAAR provisions are directed to be applied in accordance with the Guidelines and would be subject to the conditions and the manner, as may be prescribed. During the DTC regime itself, in February 2012, the Central Board of Direct Taxes (CBDT) constituted a Committee with the following reference terms: (i) To provide recommendations for formulating guidelines to implement the provisions. (ii) To draft a Circular so as to ensure that GAAR is not applied indiscriminately.

The Committee has, after due examination, provided its comments on various facets of GAAR provisions as introduced by FA 2012. The GAAR Committee Report (Report), as submitted to the CBDT, contains recommendations, to be eventually split between the Guidelines and the Circular, on the scope of applicability of GAAR and the procedure of its implementation. It also seeks to explain the scope of certain terms with the help of illustrations.

The recommendations are not binding on the CBDT. As per a clarification issued by the Prime Ministers Office (PMO), the recommendations are open for consultation and feedback from stakeholders.

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

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