GAAR

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

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

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

Income Tax - 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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Dividend Stripping Transactions – Income tax provisions

Income Tax - 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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General Anti Avoidance Rules (GAAR) – Applicability

Income Tax - 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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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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Budget 2018- General Anti Avoidance Rule- ICAI Suggestions

Income Tax - 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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CBDT issues Clarifications on implementation of GAAR

Income Tax - 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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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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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. Th...

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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 arrange...

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Recent Posts in "GAAR"

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...

Read More
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...

Read More
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 ...

Read More
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 […]...

Read More
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....

Read More
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....

Read More

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 […]...

Read More
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....

Read More

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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