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: VAT RATES :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: form 3cd :: TDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: VAT Audit :: list of goods taxed at 4% :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India
 
 
« Direct Tax »
 Can we measure demonetisation’s impact on income tax collections?
 CBDT signs 2 more advance pricing pacts
 Income tax returns: How to calculate income from house property
 CBDT proposes new accounting standards for real estate firms
 1 lakh entities face I-T action as ‘clean money’ drive gains pace
 Here are 4 things to know about how CBDT improves ease of doing business by issuing PAN and TAN within 1 day
 Online platforms make tax filing easy, help fill details automatically
 Delhi HC refuses to stay tax case against Young Indian
 CBDT issues draft ICDS on real estate
 CBDT chairman Sushil Chandra gets one-year extensiona
 Income-tax (9th Amendment) Rules, 2017? - Amendment of Income-tax Rules, 1962 - Prescribing form & manner of exercise of option by the domestic company for the purposes of section 115BA of the Income-tax Act, 1961-reg

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