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Indian Ministry of Finance Proposes Amendment to Budget 2012-13
2 pages
Published by
Nandita Verma
Indian Finance Ministry Proposes Amendments to Tax
Evasion Rules Introduced During Budget 2012-13
The Indian Ministry of Finance has proposed certain amendments to the Union Budget 2012-13, which introduced
certain provisions to check...
[More]
Indian Finance Ministry Proposes Amendments to Tax
Evasion Rules Introduced During Budget 2012-13
The Indian Ministry of Finance has proposed certain amendments to the Union Budget 2012-13, which introduced
certain provisions to check tax evasion.
To address concerns of the adverse impact of the provisions, the Indian
finance minster has announced revision of the Union Budget.
The proposed amendment highlights areas like deferred implementation of General Anti-Avoidance Rules (GAAR),
retrospective amendments to indirect transfers abroad and capital gains on private equity.
The proposed revisions to the tax evasion laws are as follows:
Revisions to General Anti-Avoidance Rules (GAAR)
Provisions of the GAAR are expected to be applicable in the financial year 2013-14 and following years.
Proposed amendments for the GAAR include:
Shift of onus of proof from the taxpayer to the Revenue Department in case of any action taken under the
GAAR.
To ensure transparency, an independent
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