The Director General of Income-tax has issued draft guidelines in respect of the General Anti-Avoidance Rules (GAAR) vide letter dated 28.06.2012. GAAR is scheduled to become applicable with effect from 1 April 2013. The guidelines contain procedures for implementation of GAAR and illustrations to clarify the application of GAAR provisions. Click here to download the draft guidelines
GAAR
Press Release dated 15.5.2012 issued by the Ministry of Finance: Following government amendments have been proposed in the provisions relating to General Anti-Avoidance Rules (GAAR) contained in the Finance Bill 2012.
Amended GAAR Provisions In Finance Bill 2012: Press Release
The Finance Minister through the Union Budget 2012-13 has introduced several amendments in the income-tax law having far reaching implications on the tax payers. A key tax proposal introduced is the General Anti-Avoidance Rules (GAAR) which intends to address the issue of aggressive tax planning and codify the doctrine of “substance over form”. GAAR is proposed to be implemented with effect from AY 2013-14. Click here to download the article