Controversial tax evasion targetting GAAR to come into effect from April 1, 2016

Sep 26 2013, 21:32 IST
Comments 0
Investments made by a non-resident by derivative instruments or P-Notes through FIIs, will not be covered by GAAR. Reuters Investments made by a non-resident by derivative instruments or P-Notes through FIIs, will not be covered by GAAR. Reuters
SummaryGeneral Anti Avoidance Rules (GAAR) will apply to entities availing tax benefit of at least Rs 3 cr.

broadly in line with recommendations of the Parthasarathi Shome Committee, which was set up by Prime Minister Manmohan Singh in July last year to address the concerns of investors.

"From the notification, it is apparent that many recommendations of the Shome Committee have been accepted. However, the benefit of grandfathering has been limited - firstly, to investments made before August 1, 2010, and secondly, only for benefit up to March 31, 2015," said Rahul Garg, Direct Tax Leader at PwC India.

Single Page Format
Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...