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GAAR Deferred! Industry Delighted!

Published on Thu, Oct 16,2014 | 07:58, Updated at Thu, Oct 16 at 08:20Source : Moneycontrol.com |   Watch Video :

The General Anti-Avoidance Rules may be deferred- the news brought immense relief for the tax fraternity who told CNBC-TV18’s Payaswini Upadhyay at the IFA Congress in Mumbai that the deferment was much needed. The Ministry is yet to put out an official statement that GAAR won’t come into effect on April 1st 2015 but the news is curious as just yesterday, the CBDT Chairman KV Chowdary told ‘The Firm’ that the Department is in the process of framing the final GAAR provisions and they will be notified shortly. Seems that’s not to be! We spoke to Pramila Shrivastav, Former Chief Commissioner, Income Tax; SR Wadhwa, Former Chief Commissioner, Income Tax; Mukesh Butani, Managing Partner, BMR Legal; Sudhir Kapadia, Partner-Tax, EY and Krishnan Malhotra, Partner-Tax, Amarchand Mangaldas on their reaction to GAAR deferment, what needs to be done to get the Tax Department geared up for GAAR implementation and what sort of clarity is expected in the final GAAR framework.

 
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