Press Information Bureau

Government of India

Ministry of Finance

29-June-2012 14:31 IST

CBDT Invites Comments/Suggestions on Draft GAAR Guidelines

            The Central Board of Direct Taxes (CBDT), Ministry of Finance has invited comments/suggestions on the Draft Guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of Section 101 of The Income Tax Act, 1961.The Draft GARR Guidelines were issued yesterday along with the relevant Annexures. All these details are available on the Departmental websites- www.pib.nic.in,      www.finmin.nic.in, www.incometaxindia.gov.in and www.irsofficersonline.gov.in.

            The comments/suggestions, if any, can be forwarded at the following address or at the email id: [email protected] on or before 20th July,2012.

Ram Mohan Singh, IRS

Additional Director of Income Tax,

(International Taxation), Range-1,

4th Floor, Room No. 402,

Drum Shape Building, I.P Estate,

New Delhi-110001

            The implementation of General Anti Avoidance Rules (GAAR) has been deferred by one year. GAAR will now be applicable w.e.f. 1.4.2013.The Government had set-up a Committee under the Chairmanship of Director General of Income Tax (International Taxation) to frame draft guidelines in terms of Section 101 of Income Tax Act, 1961. Draft guidelines have since been finalized together with the forms. Some illustrations have also been provided to clarify the GAAR provisions.

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DSM/SS/GN

General Anti Avoidance Rules: draft guideline consultation opens; implementation deferred and public comments invited. The Central Board of Direct Taxes has issued Draft GAAR Guidelines with annexures, forms and illustrative examples and invited public comments to finalise the guidelines; submissions are to be sent to the designated official or email within the consultation period. Implementation of GAAR has been deferred by one year and will be applicable from the newly communicated start date.