Income Tax : CBDT’s 2026 amendment strengthens grandfathering protection for investments made before the commencement of GAAR. The clarificat...
Income Tax : Income Tax Department Ministry of Finance, Government of India DTAA & FTC Double Taxation Avoidance Agreement (DTAA) & For...
Income Tax : The issue concerns arrangements structured primarily to obtain tax benefits. It was held that such arrangements can be disregarded...
Income Tax : The ruling affirms India’s shift from literal interpretation to a substance-based tax regime. It clarifies that transactions exi...
Income Tax : GAAR allows authorities to deny tax benefits from impermissible avoidance arrangements. The article evaluates whether it protects ...
Income Tax : Tax Audit Report (Form 3CD- Applicability of Clause 30C & Clause 44 deferred till March 31, 2021 Central Board of Direct T...
Goods and Services 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 s...
Income Tax : The Government has not held any consultation regarding taxation of digital businesses as such. However, to address the challenges ...
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...
Income Tax : ICAI vide its representation suggested CBDT to that changes made in Form No. 3CD be implemented from AY 2019-20 for smooth impleme...
Income Tax : Explore the Ayodhya Rami Reddy Alla vs PCIT case, delving into GAAR vs SAAR implications. Understand the Telangana High Court's ru...
Income Tax : ABSA Bank Limited Vs Commissioner, South African Revenue Service (High Court of South Africa) FULL TEXT OF THE JUDGMENT/ORDER of S...
Income Tax : The latest amendment excludes income arising from transfer of pre-2017 investments from GAAR scrutiny. It reinforces the protectio...
Income Tax : Income Tax Circular No. 10/2020-Income -Regarding reporting requirement under clause 30C and clause 44 of the Form 3CD defers GST ...
Income Tax : Reporting requirements under clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and clause 44 (pertaining to Goods and...
Income Tax : Representations have been received by the Board that the implementation of reporting requirements under the proposed clause 30C (p...
Income Tax : Question no. 1: Will GAAR be invoked if SAAR applies? Answer: It is internationally accepted that specific anti avoidance provisio...
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 such person.
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 been enumerated in Rules 10U to 10UC of the Income-tax Rules, 1962
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 well as a non-adversial […]
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 144BA provides […]
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 […]
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 preventing impermissible tax avoidance.
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 implementation […]
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 reducing the corporate tax burden. […]
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 pronouncement in respect of the dormant section 93 of the Actand more so, since the said section, being a specific anti-avoidance provision could lose its sheen once GAAR takes the reign.
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 1st April 2016.
