Monday, May 7, 2012

GAAR deferred by one year

The Finance Minister said,GAAR(general anti-avoidance rules), which has evoked sharp criticism from foreign investors is deferred by one year, “to provide more time to both tax payers and tax administration to address all issues, I propose to defer the applicability of the GAAR provisions by one year...(it) will now apply to income of financial year 2013-14 and subsequent years.”

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