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TMI BlogAmendments Proposed in Provisions Relating to GAAR.X X X X Extracts X X X X X X X X Extracts X X X X ..... Amendments Proposed in Provisions Relating to GAAR. X X X X Extracts X X X X X X X X Extracts X X X X ..... endments Proposed in Provisions Relating to GAAR The following government amendments have been proposed in the provisions relating to General Anti-Avoidance Rules (GAAR) contained in the Finance Bill ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2012. i) To remove the onus of proof from the tax-payers to the Revenue Department before any action can be initiated under GAAR. ii) To introduce an independent member, not below the rank of Joint ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Secretary from the Ministry of Law, in the GAAR approving panel to ensure objectivity and transparency. iii) To provide that both resident or non-resident tax-payers can approach the Authority for A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dvance Ruling (AAR) for a ruling as to whether any arrangement to be undertaken is permissible or not under the GAAR provisions. iv) To provide more time to both tax payers and the tax administration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to address all related issues, it is proposed to defer the applicability of GAAR provisions by one year i.e. with effect from financial year 2013-14. This information was given by the Minister of St ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate for Finance, Shri S.S. Palanimanickam in written reply to a question in Rajya Sabha today.
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