GAAR Amendments Finalised - FM
THE Finance Minister, P. Chidambaram disclosed that amendments to the General Anti Avoidance Rules (GAAR) have been finalised. "I have finalised the amendments to the Chapter 10A of the Income Tax Act. Now it will go to the PMO and then we should be ready with the amendments and then the GAAR rules will reflect the amended Chapter 10A of the Income Tax Act, which deals with taxation of investments.That is under preparation and I think the work is almost complete. The drafting work is complete. So, GAAR is under control. I have taken the decisions, subject to Prime Minister's approval and then Cabinet," he said. The FM in an interview spoke on m any subjects:
Direct Taxes Code: "We have now started work. This morning I spent two hours on that. Earlier I had spent several hours. We are looking at it. We have tabulated it...will take final decision."
No Major Fiscal Change before Budget: "Anything on the fiscal side, we will come up with it only in the Budget. So, I don't plan any fiscal measure. There is no major fiscal legislative measure that is on the anvil."