THE CBDT has issued draft guidelines regarding implementation
of GAAR in terms of Sec 101 of the I-T Act, 1961.
The
implementation of General Anti Avoidance Rules (GAAR) has been deferred by one
year. GAAR will now be applicable w.e.f. 1.4.2013.
The
Government had set up a Committee under the Chairmanship of Director General of
Income Tax (International Taxation) to frame draft guidelines in terms
of
Section 101 of Income Tax Act, 1961. Draft guidelines have since been finalized
together with the forms. Some illustrations have also been provided to clarify
the GAAR provisions.
In
the Draft, the Panel has proposed monetary threshold, time limits, Approving
Panels; Special provisions for FIIs etc as significant changes as compared to
what was incorporated in the DTC Bill.
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