GAAR to be implemented from FY 2017-18: Govt
The Dollar Business Bureau The government on Friday said that GAAR (General Anti-Avoidance Rules) would be effective from the financial year 2017-18, bringing up the possibility of further delay of the dreaded rules.The Income tax department, in a series of tweets, said, “The GAAR provisions mentioned in the Income Tax (I-T) Act shall come into effect from the financial year 2017-18 onward. Public in general and the stakeholders are requested to submit their inputs with regards to GAAR provisions that require more clarity.”In the last Union Budget, Finance Minister Arun Jaitley, agreed to the demands from its international investors and delayed GAAR’s implementation by two years to fiscal year 2017-18 (assessment year 2018-19) and succeeding years. The anti-tax avoidance regulation ...
Technology to ease tax processes, reduce compliance responsibilities: Thomson Reuters
Thomson Reuters Global Tax Market Development Lead, Vinay Sethi evaluates the Union Budget 2016-17 presented by the Finance Minister Arun Jaitley. He says the budget is in the right direction however it lacked major changes. Vanita Peter DSouza | The Dollar Business Vinay Sethi , Global Tax Market Development Lead, Thompson Reuters Though the Union Budget lacked any major changes, Finance Minister Arun Jaitley managed to provide some relief to small taxpayers, push growth, mobilise resources and bring some certainty and rationalisation into the tax regime, said Thompson Reuters. Assesses have welcomed tax rebate for small tax players under section 87Aand 80GG while turnover limit under Presumptive taxation scheme under section 44AD of the Income Tax Act has been increased to Rs.2 crore. ...
