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.

To know more on GAAR...
Independent member on GAAR panel
GAAR deferred by one year
General Anti-Avoidance Rules(GAAR)
Union Budget 2012-13 highlights

PEN Open Book award

Indian author Siddhartha Deb won PEN Open Book Award for “The Beautiful and the Damned: A Portrait of the New India”. This book is on India’s journey on the bumpy road to stardom as globalisation impacts the lives of its ordinary people. Siddhartha Deb is from Shillong, Meghalaya. This is his second novel while his first novel is “The Point of Return.” This US literary prize includes $5,000 cash award also. 

Sahara have to return Rs.17,400 crore to investors

Supreme Court of India asked Sahara group to return Rs.17,400 crore to investors in group's two companies Sahara India Real Estate Corporation and Sahara Housing Investment Corporation with 15 per cent interest. The court gave permission to SEBI, the investment regulator to attach properties and freeze bank accounts of the two companies if they did not comply with its order.