GAAR : An in depth report
The introduction of General Anti Avoidance Rules (or GAAR), first proposed as part of the Direct Tax Code, in the union budget of 2012 is one of the most significant changes in the Indian Income Tax Act. Having caused significant consternation to the foreign investment community, the implementation of the rules has been deferred to April 1, 2015 from the initially proposed date, being April 1, 2013. At the same time, the government has also factored in many recommendations of the “Expert Committee on GAAR” by limiting the scope of GAAR and incorporating several safeguards as recommended by the committee in its report.
In light of the said events, the tax team at Arkay & Arkay has put together a report on GAAR which seeks to trace the origins, the current state and perhaps, the foreseeable future for this regulation. The report specifically addresses the recommendations of the Expert Committee and the changes as accepted by the honorable Finance Minister in his statement dated the 15th of January, 2013.
We look forward to your questions and comments on the report.
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