Vadilal Industries had appealed that the 8 varieties of parathas it makes should all draw the same rate as chapatis
The I-T Dept had, in 2018, changed the tax audit form 3CD, seeking details under GST as well as GAAR, which seeks to prevent firms from routing transactions through other countries to avoid taxes
One way to address treaty abuse is to insert a PPT rule in double taxation avoidance agreements
GAAR will be effective from the next financial year
The right to plan tax affairs is a fundamental right of every taxpayer
New rules take effect from April 1; tax treaties won't be overridden
GAAR will not interplay with right of taxpayer to choose method of transaction
Revised double taxation avoidance agreement with Singapore says GAAR will override treaty
Already adopted by over 100 countries, the international rules could be implemented in India by 2019
Arun Jaitley had in his Budget speech in 2015, deferred GAAR implementation by two years
The industry has been demanding that GAAR provisions should apply prospectively
Fear these might be used to harass honest taxpayers
Cyprus is learnt to have approved, in-principle, the proposals made by the Indian side on taxing capital gains
Ministry asks stakeholders to provide particular provision and apprehensions or doubt in relation to tax avoidance structure
GAAR, which seeks to check tax evasion, will come into effect from Assessment Year 2018-19
The GAAR provisions, with effect from April next year will override the DTAA in case of abuse
The tax officers must use GAAR as an exception, rather than the rule, in every tax proceeding
FM has imposed an added responsibility on chartered accountants to report tax avoidance arrangements as an integral part of tax audit report