GAAR

Common strategies used to avoid Permanent Establishment status

Income Tax - Avoidance of Permanent Establishment (PE) status of Non-Residents are made through various arrangements. Company structures their business in way that status of PE can artificially be avoided. The definition of permanent establishment included in tax treaties is therefore crucial in determining whether a non-resident enterprise must pay i...

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GAAR and PPT: Beginning of a new era of co-existence?

Income Tax - The global tax landscape is constantly evolving to keep pace with ever-changing business models and structures. Introduction of the Base Erosion and Profit Shifting (BEPS) project by OECD/G-20 in the year 2016 was one such significant international stepsince the advent of bilateral tax treaties, wherein more than 100 countries collaborate...

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Ruling on Benefit of India–Mauritius Treaty on Capital Gains (POEM/PPT/GAAR)

Income Tax - AAR – Ruling on Benefit of India–Mauritius Treaty on Capital Gains taken by Tiger Global International Group in respect of Shares of Flipkart (Singapore Co) sold by Mauritius based Co to a Company in Luxembourg (which is controlled by Walmart) and the value of shares is derived from assets located in India Summary of Case […]...

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Decoding Flipkart-Walmart Deal

Income Tax - Recently , a ruling by AAR against Tiger Global’s claim of exemption on capital gain in the Flipkart –Walmart deal has once again brought forth the issues of treaty shopping and GAAR . Background of the ruling is narrated as follows. Investors of Flipkart included Tiger Global Management, Accel, Naspers , Softbank , Vision Fund [&hell...

Read More

Understanding basics of General Anti-Avoidance Rule (GAAR)

Income Tax - General Anti-Avoidance Rule (GAAR) is an anti-tax avoidance law in India to curb tax evasion and avoid tax leaks. It came into effect on 1st April 2017. The GAAR provisions come under the Income Tax Act, 1961. GAAR is a tool for checking aggressive tax planning especially that transaction or business arrangement which is/are entered into ...

Read More

Tax Audit Report- Applicability of Clause 30C & Clause 44 deferred

Income Tax - Tax Audit Report (Form 3CD- Applicability of Clause 30C & Clause 44 deferred till March 31, 2021 Central Board of Direct Taxes (CBDT) has issued Circular No. 10/2020 dated April 24, 2020 by which the CBDT has deferred the applicability of certain Clause of Form 3CD (Tax Audit Report) till March 31, 2021. Order under […]...

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GST FAQs for Real Estate; Deferment of Implementation of GST details in Form 3CD

Income Tax - A. CBIC has released 2 sets of FAQ on Real Estate on new GST Rate Structure: There has been number of issues reported by various stake holders on the new GST Rate Structure for Real Estate Sector. Considering the issues, CBIC has issued compilation of 2 sets of FAQ for the guidance and easy understanding […]...

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Taxation of Digital Businesses

Income Tax - The Government has not held any consultation regarding taxation of digital businesses as such. However, to address the challenges posed by the enterprises who conduct their business through digital means and carry-out activities in the country remotely, the following measures have been taken:...

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Guide to new Tax Audit Report Clauses WEF 20.08.2018

Income Tax -  Implementation Guide w.r.t. Notification No. 33/2018 dated 20.07.2018 effective from 20.08.2018 – (23-08-2018) The Central Board of Direct Taxes, vide Notification No. 33/2018/F No. 370142/9/2018-TPL dated 20th July 2018, notified amendments to Form No. 3CD enhancing substantially the reporting requirements and the role of tax aud...

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ICAI represents on Revised Form 3CD – Demands Deferment of Revised 3CD

Income Tax - ICAI vide its representation suggested CBDT to that changes made in Form No. 3CD be implemented from AY 2019-20 for smooth implementation and compliance. It is further suggested that the new clauses may be reconsidered and appropriately modified preferably after due consultation with the stakeholders....

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CBDT deffer GST & GAAR Reporting in Tax Audit Report by one more year

Circular No. 10/2020-Income Tax - (24/04/2020) - Income Tax Circular No. 10/2020-Income -Regarding reporting requirement under clause 30C and clause 44 of the Form 3CD defers GST & GAAR Reporting in amended Income Tax Audit Report amidst Covid-19. Income Tax Circular No. 10/2020 F.No. 370142/9/2018-TPL Government of India Ministry of Finance D...

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CBDT defers furnishing of GST & GAAR details in Form 3D till 31.03.2020

Circular No. 09/2019-Income Tax - (14/05/2019) - Reporting requirements under clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD is been kept in abeyance till 31st March, 2020. Circular No. 09/2019-Income Tax F. No. 370142/9/2018-TPL Government of...

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No need to report clause 30C (GAAR) & 44 (GST) of Revised 3CD Report till 31.03.2019

Circular No. 6/2018-Income Tax - (17/08/2018) - Representations have been received by the Board that the implementation of reporting requirements under the proposed clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and proposed clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred....

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16 FAQS on implementation of GAAR provisions

Circular No. 07/2017-Income Tax - (27/01/2017) - Question no. 1: Will GAAR be invoked if SAAR applies? Answer: It is internationally accepted that specific anti avoidance provisions may not address all situations of abuse and there is need for general anti-abuse provisions in the domestic legislation. The provisions of GAAR and SAAR can coexist an...

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CBDT notifies dates for General Anti Avoidance Rule

Notification No. 49/2016-Income Tax - (22/06/2016) - Application of General Anti Avoidance Rule- 10U. Chapter X-A not to apply in certain cases.—(1) The provisions of Chapter X-A shall not apply to—any income accruing or arising to, or deemed to accrue or arise to, or received or deemed to be received by, any person from transfer of investments ma...

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Recent Posts in "GAAR"

Common strategies used to avoid Permanent Establishment status

Avoidance of Permanent Establishment (PE) status of Non-Residents are made through various arrangements. Company structures their business in way that status of PE can artificially be avoided. The definition of permanent establishment included in tax treaties is therefore crucial in determining whether a non-resident enterprise must pay i...

Read More
Posted Under: Income Tax |

GAAR and PPT: Beginning of a new era of co-existence?

The global tax landscape is constantly evolving to keep pace with ever-changing business models and structures. Introduction of the Base Erosion and Profit Shifting (BEPS) project by OECD/G-20 in the year 2016 was one such significant international stepsince the advent of bilateral tax treaties, wherein more than 100 countries collaborate...

Read More
Posted Under: Income Tax |

Ruling on Benefit of India–Mauritius Treaty on Capital Gains (POEM/PPT/GAAR)

AAR – Ruling on Benefit of India–Mauritius Treaty on Capital Gains taken by Tiger Global International Group in respect of Shares of Flipkart (Singapore Co) sold by Mauritius based Co to a Company in Luxembourg (which is controlled by Walmart) and the value of shares is derived from assets located in India Summary of Case […]...

Read More
Posted Under: Income Tax |

Decoding Flipkart-Walmart Deal

Recently , a ruling by AAR against Tiger Global’s claim of exemption on capital gain in the Flipkart –Walmart deal has once again brought forth the issues of treaty shopping and GAAR . Background of the ruling is narrated as follows. Investors of Flipkart included Tiger Global Management, Accel, Naspers , Softbank , Vision Fund [&hell...

Read More
Posted Under: Income Tax |

Understanding basics of General Anti-Avoidance Rule (GAAR)

General Anti-Avoidance Rule (GAAR) is an anti-tax avoidance law in India to curb tax evasion and avoid tax leaks. It came into effect on 1st April 2017. The GAAR provisions come under the Income Tax Act, 1961. GAAR is a tool for checking aggressive tax planning especially that transaction or business arrangement which is/are entered into ...

Read More
Posted Under: Income Tax |

Tax Audit Report- Applicability of Clause 30C & Clause 44 deferred

Circular No. 10/2020 - CBDT - Income Tax

Tax Audit Report (Form 3CD- Applicability of Clause 30C & Clause 44 deferred till March 31, 2021 Central Board of Direct Taxes (CBDT) has issued Circular No. 10/2020 dated April 24, 2020 by which the CBDT has deferred the applicability of certain Clause of Form 3CD (Tax Audit Report) till March 31, 2021. Order under […]...

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Posted Under: Income Tax |

Relief for Compliance Related to GST in Tax Audit Report

The Government vide CBDT circular No. 10/2020 Dated 24 April 2020 deferred reporting of Compliance related to Goods and Service Tax (GST)  in the income tax audit reports by a year. The move is a major relief to businesses struggling to cope with the challenges of the Covid -19 pandemic. The tax audit report form […]...

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Posted Under: Income Tax |

CBDT deffer GST & GAAR Reporting in Tax Audit Report by one more year

Circular No. 10/2020-Income Tax (24/04/2020)

Income Tax Circular No. 10/2020-Income -Regarding reporting requirement under clause 30C and clause 44 of the Form 3CD defers GST & GAAR Reporting in amended Income Tax Audit Report amidst Covid-19. Income Tax Circular No. 10/2020 F.No. 370142/9/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Di...

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General Anti-Avoidance Rules (GAAR)

Tax Avoidance is one of the major concerns across the world. Different countries framed different rules to minimise such tax avoidance. Such rules in simple terms are known as General Anti-Avoidance Rule (GAAR). Thus GAAR is nothing but the set of rules ratified so as to check the avoidance of tax....

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Posted Under: Income Tax |

GAAR Applicability

This article is all about General Anti Avoidance rules (GAAR). These rules come into effect when any transactions are undertaken by being within the provisions of the Income tax Act but the sole purpose of such transaction is to avoid tax. So in order to develop the better understanding about our current topic, let us […]...

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Posted Under: Income Tax |

GST FAQs for Real Estate; Deferment of Implementation of GST details in Form 3CD

A. CBIC has released 2 sets of FAQ on Real Estate on new GST Rate Structure: There has been number of issues reported by various stake holders on the new GST Rate Structure for Real Estate Sector. Considering the issues, CBIC has issued compilation of 2 sets of FAQ for the guidance and easy understanding […]...

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Posted Under: Income Tax |

CBDT defers furnishing of GST & GAAR details in Form 3D till 31.03.2020

Circular No. 09/2019-Income Tax (14/05/2019)

Reporting requirements under clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD is been kept in abeyance till 31st March, 2020. Circular No. 09/2019-Income Tax F. No. 370142/9/2018-TPL Government of India Ministry of Finance Department of...

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Taxation of Digital Businesses

The Government has not held any consultation regarding taxation of digital businesses as such. However, to address the challenges posed by the enterprises who conduct their business through digital means and carry-out activities in the country remotely, the following measures have been taken:...

Read More
Posted Under: Income Tax |

General Anti Avoidance Rules (GAAR): Application, Obligation, Implication

Tax payers want to reduce their tax liability through various means available to them. It may take the form of tax planning, aggressive tax planning or tax avoidance. There has always been a tussle between taxing authorities and tax payers when there is aggressive tax planning or tax avoidance...

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Posted Under: Income Tax |

Guide to new Tax Audit Report Clauses WEF 20.08.2018

 Implementation Guide w.r.t. Notification No. 33/2018 dated 20.07.2018 effective from 20.08.2018 – (23-08-2018) The Central Board of Direct Taxes, vide Notification No. 33/2018/F No. 370142/9/2018-TPL dated 20th July 2018, notified amendments to Form No. 3CD enhancing substantially the reporting requirements and the role of tax aud...

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Posted Under: Income Tax |

Representation on Revised Tax Audit Report in Form 3CD for AY 2018-19

It is submitted that Since Form 3CD (an annexure to Form 3CA) is merely verified by the tax auditor, it cannot be continually amended so as to stretch the role of the tax audit professional to that of an investigator who passes value judgments on matters like impermissible avoidance arrangements and income chargeable to tax under section ...

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Posted Under: Income Tax |

Discussion on Deferment of Clause 30C and 44 of Tax Audit Report

Discussion on Circular No. 6/2018 on Tax Audit Report for deferment of Clause 30C and 44 CBDT have issued a circular no. 6/2018 dated 17 August 2018 in relation to the Tax Audit Report to be furnished under section 44AB of the Income Tax Act, 1961 (‘the Act’) read with Rule 6G of the Income […]...

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Posted Under: Income Tax |

Dividend Stripping Transactions – Income tax provisions

Dividend stripping refers to transacting in shares or securities linked to shares of a company on which dividend is payable. Typically, a dividend stripping transaction can be explained with an illustration....

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Posted Under: Income Tax |

No need to report clause 30C (GAAR) & 44 (GST) of Revised 3CD Report till 31.03.2019

Circular No. 6/2018-Income Tax (17/08/2018)

Representations have been received by the Board that the implementation of reporting requirements under the proposed clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and proposed clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred....

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General Anti Avoidance Rules (GAAR) – Applicability

Many of us have a misconception about GAAR that it deals with Tax evasion and Tax Planning. But, GAAR will come into the picture in the case of “Impermissible avoidance arrangement”, that too only when the tax benefit from such   arrangement exceeds Rs. 3 crore. All of us know that GAAR provisions are applicable […]...

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Posted Under: Income Tax |

ICAI represents on Revised Form 3CD – Demands Deferment of Revised 3CD

ICAI vide its representation suggested CBDT to that changes made in Form No. 3CD be implemented from AY 2019-20 for smooth implementation and compliance. It is further suggested that the new clauses may be reconsidered and appropriately modified preferably after due consultation with the stakeholders....

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Inapt amendments in Tax Audit Report for AY 2018-19

Chartered Accountants Association, Surat has made a representation on recent Inapt amendments in Income Tax Audit Report / From CD for AY 2018-19 vide CBDT Notification No. 33/2018 dated 20th July 2018 which are to come into effect from 20th August 2018. It highlighted following points- 1. Timely Availability of Forms and Utilities 2. Imp...

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Analysis of Amendments In Form 3CD Pertaining To GST

In this article we will discuss the clauses pertaining to the GST in the revised FORM 3CD as amended vide CBDT Notification No. 33/2018 dated 20.07.2018. ...

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Posted Under: Income Tax |

Form 3CB Reporting on GAAR

The Revised 3CD Form has introduced additional reporting in view of the applicability of the Special Provisions Relating To Avoidance Of Tax Chapter: X And General Anti-Avoidance Rule Chapter: X-A. The new reporting requirements are contained in Clauses...

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Posted Under: Income Tax |

Thin Capitalisation introduced under Income-tax with FAQs

In order to curb structuring by the multinational group Companies having their presence through subsidiaries/ associate companies or permanent establishments in India, the Finance Act 2017 introduced a new section 94B under the Income-tax Act, 1961 (the Act), in line with the recommendations of OECD BEPS Action Plan 4...

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Posted Under: Income Tax |

Budget 2018- General Anti Avoidance Rule- ICAI Suggestions

The Finance Act, 2015 deferred implementation of General Anti Avoidance Rules (GAAR) by two years so as to introduce provisions of GAAR with effect from Financial Year (FY) 2017-18. The Finance Act, 2016 provides for the effective date as 1 April 2017....

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Posted Under: Income Tax |

Understanding General Anti-Avoidance Rule (‘GAAR’) – Part 2

Even though enough safeguards have been prescribed under the provisions of GAAR, the historical experience of harassment faced from tax department may give some tax payers sleepless nights. ...

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Posted Under: Income Tax |

Understanding General Anti-Avoidance Rule (‘GAAR’) – Part 1

Parliament by Finance Act, 2012 inserted Chapter X-A under Income Tax Act, 1961 (‘Act’) which provided General Anti-Avoidance Rules (‘GAAR’) to be applicable from April 1, 2012. However, the protest from industry which feared arbitrary usage of power by tax officers forced the government to defer its implementation...

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Posted Under: Income Tax |

16 FAQS on implementation of GAAR provisions

Circular No. 07/2017-Income Tax (27/01/2017)

Question no. 1: Will GAAR be invoked if SAAR applies? Answer: It is internationally accepted that specific anti avoidance provisions may not address all situations of abuse and there is need for general anti-abuse provisions in the domestic legislation. The provisions of GAAR and SAAR can coexist and are applicable. as may be necessary, i...

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CBDT issues Clarifications on implementation of GAAR

Stakeholders and industry associations had requested for clarifications on implementation of GAAR provisions and a Working Group was constituted by CBDT to examine the issues raised. Accordingly, CBDT has issued the clarifications on implementation of GAAR provisions on 27th January, 2017....

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Posted Under: Income Tax |

Major Achievements of CBDT in Current Financial Year 2016-17

Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19;...

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Posted Under: Income Tax |

CBDT notifies dates for General Anti Avoidance Rule

Notification No. 49/2016-Income Tax (22/06/2016)

Application of General Anti Avoidance Rule- 10U. Chapter X-A not to apply in certain cases.—(1) The provisions of Chapter X-A shall not apply to—any income accruing or arising to, or deemed to accrue or arise to, or received or deemed to be received by, any person from transfer of investments made before the 1st day of April, 2017 by ...

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CBDT invites comment on Implementation of GAAR

The provisions of General Anti Avoidance Rule (GAAR) are contained in Chapter X-A of the Income-tax Act, 1961 (the Act). The GAAR provisions shall be effective from assessment year 2018-19 onwards, i.e.; financial Year 2017-18 onwards. The necessary procedures for application of GAAR and conditions under which it shall not apply, have bee...

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Posted Under: Income Tax |

GAAR or BEPS, What would be India’s right choice?

General Anti Avoidance Rule (GAAR) v. Base Erosion & Profit Shifting (BEPS) or both: what is India’s right choice? With India’s commitment to implement most of the recommendations of the final reports of Organization for Economic Cooperation and Development’ (OECD) BEPS Action Plans, and at the same time ensure simplification as...

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Posted Under: Income Tax |

GAAR provisions to come into effect from 01.04.2017

Deferment of provisions relating to General Anti Avoidance Rule (GAAR) The existing provisions of the General Anti Avoidance Rule (GAAR) introduced by the Finance Act, 2013 are contained in Chapter X-A (consisting of section 95 to 102) and section 144BA of the Act. Chapter X-A provides the substantive provision of GAAR whereas section 144...

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Posted Under: Income Tax |

General Anti Avoidance Rules (GAAR) Unveiled

Introduction- India as a developing economy is in dire need of the funds to boost its development. Tax is one of the major sources of Indian government revenue. Direct Taxes are contributing more than the Indirect taxes. To secure the Direct Tax collection and to curb its avoidance; the GAAR was first introduced in the […]...

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Posted Under: Income Tax |

General Anti Avoidance Rules – Applicability & Brief Provisions

Tax Evasion and avoidance is a main problem in every country. Taxpayer can choose any tax efficient method but that method should not for the purpose to obtain tax benefit. General Anti Avoidance Rules (hereinafter referred to as GAAR) has been introduced by Government to overcome from these problems. GAAR provisions aims at reducing or p...

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Posted Under: Income Tax |

​​Need for Shedding the ‘GAAR’ Weight

At present, the General Anti-Avoidance Regulations (GAAR) in India are set to kick in effective April 1, 2015. The Budget 2014 which was expected to recast and defer GAAR has remained silent. However, the subsequent announcement by the Finance Minister to revisit GAAR provisions in its current form and the effective date of its implementa...

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Posted Under: Income Tax |

Thin Capitalization in India

1.0         INTRODUCITON A company is said to be thinly capitalized when a greater proportion of its ‘capital-structure’ is made up of ‘debt’ than of ‘equity’. The interest payments generated on ‘debt capital’ is treated as a finance charge, and is allowable as a deduction in the taxable corporate income, thereby r...

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Posted Under: Income Tax |

Calcutta HC Ruling on Section 93 of I-T Act,1961–Rising of Phoenix

The decision of the Calcutta High Court in the case of Maersk Line UK Ltd, which reiterates the fact that business transactions having commercial substance and bona fide business purpose are permissible as long as there is no misuse of the provisions, assumes importance since the same is the first (and probably the last) judicial pronounc...

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Posted Under: Income Tax |

CBDT Notifies Rules For General Anti Avoidance Rules (GAAR)

Notification No. 75/2013 - Income Tax (23/09/2013)

Notification No. 75/2013 - Income Tax Vide Notification dated 23.09.2013 issued by the CBDT, Rules 10U to 10UC have been inserted in the Income-tax Rules, 1962 to provide for the entire procedure for monitoring the General Anti Avoidance Rules (GAAR). The relevant forms have also been notified. The said Rules will come into effect on 1s...

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Modified GAAR to Come into effect from A.Y. 2016-17

A number of representations were received against the provisions relating to GAAR. An Expert Committee was constituted by the Government with broad terms of reference including consultation with stakeholders and finalising the GAAR guidelines and a road map for implementation. ...

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Posted Under: Income Tax |

Statement of FM on GAAR

Income tax press release (14/01/2013)

A number of countries have provided for General Anti Avoidance Rules (GAAR) in matters relating to taxation. While tax mitigation is recognized, tax avoidance is frowned upon. International literature describes tax avoidance as the legal exploitation of tax laws to one's own advantage and an arrangement entered into solely or primarily fo...

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Major Recommendations of Expert Committee on GAAR, GAAR Postponed till April 2016

The Finance Ministry has finalized new norms for GAAR. They will come into effect from April 1, 2016. GAAR will not apply to such FIIs that choose not to take any benefit under DTAA. GAAR will also not apply to non-resident investors in FII. Investments made before August 30, 2010, will be grandfathered. A monetary […]...

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Posted Under: Income Tax |

Download Final Report of the Expert Committee on GAAR

The Expert Committee has submitted its Final Report on General Anti Avoidance Rules (GAAR) in Income-tax Act, 1961. The Report is very comprehensive and apart from giving an in-depth explanation of what the GAAR provisions are, it also has a number of examples of transactions which would be affected by GAAR. Link to download Full report i...

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Posted Under: Income Tax |

Summary of draft report on retrospective amendments relating to indirect transfer

The Finance Act, 2012 has inserted certain retrospective amendments in the Incomes Tax Act, 1961. One of them is insertion of explanation 4 and 5 to section 9 (1) (i) with an intent to tax transfer between nonresidents of shares of foreign company deriving value from assets located in India. ...

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Posted Under: Income Tax |

GAAR to be effective from Assessment year 2014-15

Income tax press release (29/11/2012)

General Anti-Avoidance Rules The GAAR (General Anti-Avoidance Rule) provisions have not been put on hold. The Finance Act, 2012 had provided that these provisions shall be effective from the 1st day of April, 2014 and apply to Assessment year 2014-15 onwards....

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GAAR Draft Report; Comments from Stakeholders & General Public Invited By 15-9-2012

The Government had constituted an Expert Committee on General Anti Avoidance Rules (GAAR) to undertake stakeholder consultations and finalise the GAAR guidelines as well as a roadmap for implementation....

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Posted Under: Income Tax |

Download Report on GAAR by Expert Committee

The Committee, chaired by Dr. Parthasarathi Shome, has submitted its draft report after analysis of the GAAR provisions and noting the concerns expressed by various shareholders. The draft report has recommended certain amendments in the Income-tax Act, 1961; guidelines to be prescribed under the Income-tax Rules, 1962; circular to clarif...

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Posted Under: Income Tax |

GAAR Expanded to Include all Non-Resident Tax Payers Instead of Only FIIs

Income Tax press release (01/09/2012)

The Standing Committee on Finance has presented its report on Current Economic Situation and Policy Options to Parliament on August 30, 2012. The Committee has inter alia found that the investment climate in the country has suffered serious setback and investors confidence has been hit mainly because of the concerns over the impact of ret...

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FM promised to review GAAR provisions & retrospective amendments

Income tax press release (06/08/2012)

Clarity in tax laws, a stable tax regime, a non-adversarial tax administration, a fair mechanism for dispute resolution, and an independent judiciary will provide great assurance to investors. We will take corrective measures wherever necessary. We have recently appointed two Committees, one to examine GAAR legal provisions and guidelines...

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Taxation of Portfolio Investments referred to GAAR Committee

Income Tax press release (30/07/2012)

The Prime Minister had constituted an Expert Committee on GAAR under the Chairmanship of Dr. Partho Shome to engage in a widespread consultation process and finalise the GAAR Guidelines. ...

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Safe Harbour Provisions to be Finalised soon

Income Tax Press release (30/07/2012)

The Prime Minister has constituted a Committee to Review Taxation of Development Centres and the IT Sector. The Committee will engage in consultations with stakeholders and related government departments to finalise the Safe Harbour provisions announced in Budget 2010 sector-by-sector. It will also suggest the approach to taxation of Deve...

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GAAR Is Extraordinarily Broad & too Vague – USCIB

USCIB believes that the proposed guidelines are too vague to provide certainty to business investors. For example, an important part of certainty is respecting the obligations imposed by double taxation agreements between treaty partners. Treaty obligations should generally not be overridden by GAAR provisions. If India chooses to overrid...

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Posted Under: Income Tax | ,

Constitution of Expert Committee to finalise GAAR Guidelines

Income Tax Press Release (13/07/2012)

The Prime Minister has approved the constitution of an Expert Committee on GAAR to undertake stakeholder consultations and finalise the guidelines for GAAR. This committee would manage the consultation process and finalise the draft GAAR Guidelines. 2. While postponing GAAR by one year to 2013 was a very welcome move, a widespread consult...

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Australian Tax Office – How to work out if an arrangement is a tax avoidance scheme

Investigating tax-effective arrangements is a guide to help you recognise some of the common types of tax avoidance schemes so you can reject them and avoid the negative consequences associated with them. You should read this guide if you are considering entering into a tax-effective arrangement that will affect your tax liability....

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Posted Under: Income Tax |

CBDT Invites Comments/Suggestions on Draft GAAR Guidelines

The Central Board of Direct Taxes (CBDT), Ministry of Finance has invited comments/suggestions on the Draft Guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of Section 101 of The Income Tax Act, 1961.The Draft GARR Guidelines were issued yesterday along with the relevant Annexures. All these details are ...

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Posted Under: Income Tax |

Draft guidelines on implementation of GAAR

Draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961. - The Chairman, CBDT, Vide OM F.NO. 500/111/2009-FTD-1 Dated 27 February, 2012 constituted a Committee under the Chairmanship of the Director General of the Income Tax (International Taxation) to give recom...

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Posted Under: Income Tax |

General Anti-Abuse Rule (GAAR) Consultation document (UK)

This Government has made a firm commitment to tackling tax avoidance. As part of our new approach to tax policy-making, we set out proposals to take a more strategic approach to the risk of avoidance by building in sustainable defences against avoidance opportunities. Through collaborative consultation and well-designed legislation, our...

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Posted Under: Income Tax |

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