Speaking to CNBC-TV18 Aliff Fazelbhoy, Senior Partner at ALMT Legal, said that the PM‘s speech over the weekend on tax was uncalled-for.
Watch the interview of Ashutosh Limaye of JLL India and Aliff Fazelbhoy of ALMT Legal with Sumaira Abidi on CNBC-TV18, in which they shared their reading and outlook on proposed rental laws in Maharashtra and property in general.
The general anti-avoidance rules will now apply as Dr Shome had said from the year 2016-2017 and it will not apply to Foreign Institutional Investors (FIIs) and Non Resident Indians (NRIs). In an interview to CNBC-TV18, Aliff Fazelbhoy of ALMT Legal said that it will increase FII investment through GAAR.
Aliff Fazelbhoy, partner - tax, M&A and employment, ALMT Legal gives a detailed analysis on the draft guidelines released by the finance ministry which would exempt foreign institutional investors if they refrain from routing money to India via tax shelters.
The Indian Government has issued a notification on 13 June 2012, pursuant to which tax will no longer be deducted on multi-level software payments made to a resident, subject to certain conditions.
In an interview to CNBC-TV18, Aliff Fazelbhoy, partner-tax, M&A and employment of ALMT Legal says, whilst the FM has done a lot of good things, there is some confusion; he could have done more on the GAAR.
Foreign portfolios in India have been left shaken on implementation of certain provisions in the General Anti-Avoidance Rules (GAAR) by Income-Tax officials. The fear that FIIs will start pulling money out of India has left the market in turmoil.