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TMI BlogMeasures to promote Domestic manufacturingX X X X Extracts X X X X X X X X Extracts X X X X ..... Question - What are the proposed measures in Finance Bill 2015 to promote domestic manufacturing and improving the investment climate (Make in India) ? - Reply By Admin TMI - The Reply = Deferment of provisions relating to General Anti Avoidance Rule ( GAAR ) The existing provisions of the General Anti Avoidance Rule (GAAR) introduced by the Finance Act, 2013 are contained in Chapter X ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -A (consisting of section 95 to 102) and section 144BA of the Act. Chapter X-A provides the substantive provision of GAAR whereas section 144BA provides the procedure to be undertaken for invoking GAAR and passing of the assessment order in consequence of GAAR provisions being invoked. As provided in the Act, GAAR provisions are to come into effect from 1.04.2016. These provisions, therefore, sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be applicable to the income of the financial year 2015-16 (Assessment Year 2016-17) and subsequent years. The implementation of GAAR provisions has been reviewed. Concerns have been expressed regarding certain aspects of GAAR. Further, it has been noted that the Base Erosion and Profit Shifting (BEPS) project under Organisation of Economic Cooperation and Development (OECD) is continuing and I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia is an active participant in the project. The report on various aspects of BEPS and recommendations regarding the measures to counter it are awaited. It would, therefore, be proper that GAAR provisions are implemented as part of a comprehensive regime to deal with BEPS and aggressive tax avoidance. Accordingly, it is proposed that implementation of GAAR be deferred by two years and GAAR provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sions be made applicable to the income of the financial year 2017-18 (Assessment Year 2018-19) and subsequent years by amendment of the Act. Further, investments made up to 31.03.2017 are proposed to be protected from the applicability of GAAR by amendment in the relevant rules in this regard. This amendment will take effect from 1st April, 2015. - Measures to promote Domestic manufacturing - Q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uery Started By: - Admin TMI Dated:- 28-2-2015 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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