Focusing on the troubled legacy for taxation from the previous budget, CNBC-TV18's special show Taxing Times, brings on the discussion board key issues like general anti-avoidance rule (GAAR) with a panel of eminent experts.
The Parthasarathi Shome Committee set up by the government has said retrospective amendments in tax laws targeting overseas mergers and acquisitions of companies with assets in India, should be scrapped.
The recommendations on GAAR made by Shome panel has been well received across industries. Speaking to CNBC-TV18, Ketan Dalal of PwC lauded the recommendations saying it is the most pragmatic report designed to draw investments from FIIs.
Ketan Dalal of PricewaterhouseCoopers (PwC) analyses, on CNBC-TV18, the implications of the committee to prepare fresh norms on GAAR announced by the Prime Minister
While Ketan Dalal, joint leader, tax and regulatory services, PWC does not see the GAAR being scrapped, he said that the position on GAAR remains unchanged post the draft guidelines as the market still needs clarity on specific issues.
Imagine climbing a steep hill. The first 50 steps take you to the Advance Ruling Authority. Then a few hundred and you‘re at the Tribunal. Then you trudge for hours to reach the High Court. Some win there, others lose and take a deep breath with the Supreme Court in sight.
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.
Ketan Dalal, Porus Kaka and TP Oswal join The Firm to discuss whether Budget 2012 is retrospective or retrograde.
So will this be the last budget in the history of budgets as we know them in India?