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: due date for vat payment :: empanelment :: cpt :: Central Excise rule to resale the machines to a new company :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: form 3cd :: VAT Audit :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules
 What is TDS and how does it work?
 Income tax return: Do super senior citizens have to file returns?

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