FM may defer rollout of GAAR to FY15 | Firstpost

The Parthasarathi Shome committee today presented its final report on the General Anti-Avoidance Rules (GAAR), the controversial tax provisions aiming to target tax evaders, to Finance Minister P Chidambaram.

The Parthasarathi Shome committee today presented its final report on the General Anti-Avoidance Rules (GAAR),to Finance Minister P Chidambaram.

However, finance ministry sources told CNBC-TV18?that the government may defer the introduction of GAAR by another year to financial year 2015 in order to? provide a fillip to the investment sentiment in the country.

Through this year?s Finance Act, the government had proposed to introduce the anti-avoidance rules from April 2013. A deferment would need amendment to the Income Tax Act.

The panel has also suggested that? interest and penalty be waived if tax has been applied retrospectively. While presenting the draft report,? Shome? had advised that anti-tax avoidance measures such as GAAR should be used sparingly and not to raise revenue for the government.

Finance Minister P Chidambaram is? likely to announce? the final? decision on GAAR? on Thursday.

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Source: http://www.firstpost.com/economy/fm-may-defer-rollout-of-gaar-to-fy15-509502.html

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