The Parliamentary standing committee on finance will give its report on the Direct Taxes Code (DTC) Bill soon, paving the way for the House to consider it in the Budget session. This is because members of the panel, including those from the Opposition parties, are now convinced that the anti-avoidance provisions in the Bill need to become law in the context of the government’s drubbing in Vodafone case and the the Citigroup’s stake sale in HDFC Bank which escaped the Indian tax net. In the Vodafone judgement which said the relevant transaction being a genuine FDI deal between two non-residents are not taxable in India, the Supreme Court had also highlighted the need for legislation on general anti-avoidance rule (GAAR).
Source: Financial Express
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