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Comments invited on new tax rules, PM to
take final call
Friday June 29, 2012 05:38:58 PM,
IANS
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New Delhi: The
government Friday issued draft guidelines on the General Anti
Avoidance Rules (GAAR), inviting comments from different
stakeholders and clarified that Prime Minister Manmohan Singh will
take final call on the issue after receiving feedback.
The Central Board of Direct Taxes (CBDT) issued the draft
guidelines inviting comments and suggestions from different
stakeholders.
A clarificatory note released by the Prime Minister's Office said
that Manmohan Singh has not seen the draft guidelines and would
take a final call on the issue after receiving feedback from the
stakeholders.
Distancing itself from the guidelines, the PMO said it was issued
from the "official level of the finance ministry" and it has no
approval from the prime minister, who now holds finance portfolio
following Pranab Mukherjee's quitting to contest the July 19
presidential election.
"The GAAR guidelines that have been put up on the government
website from the official level of the finance ministry and shared
with some stakeholders are only draft guidelines and have been put
out for receiving wide-ranging feedback and for discussion
purposes only," the Prime Minister's Office said.
"These have not been seen by the prime minister and will be
finalised with the approval of the prime minister, who holds the
finance portfolio, only after considering the feedback received,"
it added.
The draft guidelines are put on the finance ministry and income
tax department websites. Comments and suggestions on the issue
have been invited till July 20, 2012.
The CBDT clarified that the proposed rules, which aims at checking
loopholes in the taxation system and trace tax evaders, will be
implemented from April 1, 2013.
Pranab Mukherjee had proposed the new rules in the union budget
for 2012-13 presented in March.
However, implementation of the rules was deferred by a year
following widespread protests from business community, especially
overseas investors.
According to the guidelines, the foreign institutional investors (FIIs)
would be exempt from the new rules. The controversial tax
avoidance rules will not cover participatory notes, through which
many foreign investors invest in India.
The guidelines also calls for a monetary threshold for
implementation of GAAR.
"The committee feels that in order to avoid the indiscriminate
application of the GAAR provisions and to provide relief to small
taxpayers, there should be monetary threshold for invoking the
GAAR provisions," it said.
The draft guidelines have been prepared by a committee chaired by
Director General of Income Tax (International Taxation).
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