- The government has deferred implementation of the general anti-avoidance rules (GAAR) by two years. The rules were to come into effect from financial year 2013-2014, but the Parthasarathi Shome committee had recommended putting it off by three years. The information was given by finance minister P. Chidambaram to reporters here today. Now it will come into effect from 2015-2016 financial year or 2016-2017 assessment year.
- If assessee not liable to pay advance tax, interest u/s. 234B cannot be charged. In The ITAT Delhi Bench `E’ [Deputy Director of Income-tax v. MGB Metro Group buying HK Ltd].
- As per the latest notification by M.C.A, the date of X.B.R.L filling for the financial year 2011-2012 is further extended up to February 15, 2013.