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May 07, 2012, 02.46 PM IST | Source: Reuters

Govt defers GAAR by 1 year after furore

GOVT-DEFERS-GAAR-INDIA-TAX-EVASION-PRANAB:Govt defers GAAR by 1 year after furore

NEW DELHI (Reuters) - India will delay by one year until fiscal 2013/14 the introduction of measures to crack down on tax evasion, Finance Minister Pranab Mukherjee said on Monday, responding to concern among foreign investors that has led to an exodus of funds.

Mukherjee also told parliament that the burden of proving tax evasion will lie with the authorities rather than with overseas investors.

(Reporting by Rajesh Kumar Singh; writing by John Chalmers; editing by Malini Menon)

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