Taxpayer-friendly GAAR

Given how the rupee’s strength very largely depends on what happens to FII and FDI flows—half of FDI and two thirds of FII come through Mauritius and Singapore—it’s not surprising the finance minister has accepted most of the Parthasarathi Shome committee recommendations on toning down General Anti-Avoidance Rules (GAAR) that sought to put too many powers in the hand of the taxman by allowing him to reinterpret transactions with very little independent oversight.

Read Full Story>>