Founder of the hedge fund called attention to the large share of the population who are not eligible for taxes
The GAAR provisions were introduced in the 2012-13 Budget by then Finance Minister Pranab Mukherjee to check tax avoidance and were to have come into effect from April 1, 2014. The proposal generated controversy, with investors apprehensive about harassment by tax authorities.
Western governments wll be targetting tax loopholes used by Apple, Amazon etc. as part of its drive to stop corporate tax avoidance, says a draft action plan.
The finance minister has rejected the Shome Panel's recommendation to defer GAAR by 3 years. Instead Chidambaram is in favour of rolling out GAAR from April 2014, reports Aakansha Sethi quoting sources.
Amendments to GAAR, the controversial law against tax avoidance through foreign investments, have been finalised, finance minister P Chidambaram disclosed on Sunday.
HP Ranina, corporate tax lawyer spoke to CNBC-TV18 about the contours of applicability of GAAR.
Speaking to CNBC-TV18, finance ministry sources say that GAAR will be invoked only if a company is found setting up plant in a country, that has DTAA with India, for the purpose of tax avoidance.
Chinese authorities found three companies linked to Google Inc broke tax rules and are investigating possible tax avoidance, a Chinese state-run newspaper said on Thursday, raising the risk of fresh pressure on the Internet search giant.