F.No.DGIT (Intl. Tax.)//2012-13/644
Dated: June 28, 2012
As we all know that 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. In order to make the process more participative, it has been decided to put the draft guidelines, the draft forms, and also the illustrations in the public domain.
The Guidelines together with the relevant annexures have been put on the Departmental website i.e. www.finmin.nic.in. www.incometaxindia.gov.in and www.irsofficersonline.gov.in.
Comments/Suggestions, if any, can be forwarded at the following address or at the email id: firstname.lastname@example.org, on or before..20.7.2012.
Ram Mohan Singh, IRS