https://www.taxtmi.com/article/detailed?id=1667 Statutory General Anti-Avoidance Rule (GAAR) introduced to counter aggressive tax planning by enabling revenue authorities to declare arrangements as impermissible avoidance arrangements and to recharacterise transactions on substance over form grounds. Parallel changes expand withholding and collection obligations, extend assessment and reassessment time limits for undisclosed foreign assets, mandate reporting of foreign accounts and interests by residents, and tighten transfer pricing rules by defining international transactions and intangible property while imposing penalties for nonreporting and inaccurate disclosures. en-us Wed, 21 Mar 2012 07:53:51 +0530 Wed, 21 Mar 2012 07:53:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1667 Statutory General Anti-Avoidance Rule (GAAR) introduced to counter aggressive tax planning by enabling revenue authorities to declare arrangements as impermissible avoidance arrangements and to recharacterise transactions on substance over form grounds. Parallel changes expand withholding and collection obligations, extend assessment and reassessment time limits for undisclosed foreign assets, mandate reporting of foreign accounts and interests by residents, and tighten transfer pricing rules by defining international transactions and intangible property while imposing penalties for nonreporting and inaccurate disclosures. Articles Income Tax Wed, 21 Mar 2012 07:53:51 +0530 https://www.taxtmi.com/article/detailed?id=1667