GAAR panel coverage widens

The government widened the scope of the expert committee on General Anti-Avoidance Rules (GAAR) to include non-resident tax payers also, even as the Committee submitted its draft report to the Ministry. The committee headed by tax expert Parthasarthi Shome, was set up by Prime Minister Manmohan Singh in July to address concerns of foreign and domestic investors on GAAR.  Earlier the scope was only FIIs which now becomes wider with the inclusion of non-resident tax payers. Currently Government aims to implement GAAR from April 2013.

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GAAR deferred by one year
General Anti-Avoidance Rules(GAAR)
Union Budget 2012-13 highlights