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General Anti-avoidance Rule (India)
General anti-avoidance rule (GAAR) is an anti-tax avoidance law under Chapter X-A of the Income Tax Act, 1961 of India. It is framed by the Department of Revenue under the Ministry of Finance. GAAR was originally proposed in the Direct Tax Code 2009 and was targeted at arrangements or transactions made specifically to avoid taxes. GAAR provisions were also present in the Direct Tax Code 2010 and Direct Tax Code 2013. However, the Direct Tax Code did not see the light of the day and was not implemented in India. GAAR was finally introduced in India by then Finance Minister, Pranab Mukherjee, on 16 March 2012 during the Budget session introduced vide Finance Act, 2012. However, it was considered controversial because it had provisions to seek taxes from past overseas deals involving local assets retrospectively . During the 2015 Budget presentation, Finance Minister Arun Jaitley announced that its implementation will be delayed by 2 years. GAAR is finally applicable from asse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anti-avoidance
Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law. A tax shelter is one type of tax avoidance, and tax havens are jurisdictions that facilitate reduced taxes. Tax avoidance should not be confused with tax evasion, which is illegal. Forms of tax avoidance that use legal tax laws in ways not necessarily intended by the government are often criticized in the court of public opinion and by journalists. Many corporations and businesses that take part in the practice experience a backlash from their active customers or online. Conversely, benefiting from tax laws in ways that were intended by governments is sometimes referred to as tax planning. The World Bank's World Development Report 2019 on the future of work supports increased government efforts to curb tax avoidance as part of a new social contract focused on human capital investments and expanded social prot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supreme Court Of India
The Supreme Court of India ( IAST: ) is the supreme judicial authority of India and is the highest court of the Republic of India under the constitution. It is the most senior constitutional court, has the final decision in all legal matters except for personal laws and interstate river disputes, and also has the power of judicial review. The Chief Justice of India is the Head and Chief Judge of the Supreme Court, which consists of a maximum of 34 judges, and has extensive powers in the form of original, appellate and advisory jurisdictions. New judges here are uniquely nominated by existing judges and other branches of government have neglible say as the court follows collegium system for appointments. As the apex and most powerful constitutional court in India, it takes up appeals primarily against verdicts of the High Courts of various states of the Union and other courts and tribunals. It is required to safeguard the fundamental rights of citizens and settles dispute ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anti-tax Avoidance Measures
Tax resistance is the refusal to pay tax because of opposition to the government that is imposing the tax, or to government policy, or as opposition to taxation in itself. Tax resistance is a form of direct action and, if in violation of the tax regulations, also a form of civil disobedience. Examples of tax resistance campaigns include those advocating home rule, such as the Salt March led by Mahatma Gandhi, and those promoting women's suffrage, such as the Women's Tax Resistance League. War tax resistance is the refusal to pay some or all taxes that pay for war, and may be practiced by conscientious objectors, pacifists, or those protesting against a particular war. Tax resisters are distinct from "tax protesters", who deny that the legal obligation to pay taxes exists or applies to them. Tax resisters may accept that some law commands them to pay taxes but they still choose to resist taxation. History The earliest and most widespread forms of taxation were the corvée and t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CLSA
CLSA Ltd. (formerly known as Credit Lyonnais Securities Asia) is a capital markets and investment group focused on alternative investment, asset management, corporate finance and capital markets, securities and wealth management for corporate and institutional clients. Founded in 1986 by two former journalists, CLSA has its headquarters in Hong Kong and offices or representatives in 20 cities across the Asia-Pacific region, as well as Amsterdam, London and New York. In 2013, CITIC Securities, China's largest investment bank acquired CLSA for US$1.3 billion. History In 1986, Winfull Laing & Cruickshank Securities began operations in Hong Kong, with former business journalist Jim Walker as chairman. The small brokerage was a 50-50 joint venture between the Woo Hon Fai family and Alexander Laing & Cruickshank. Walker was soon joined by two other former journalists: Gary Coull, as head of the dealing room, and Malcolm Surry, as head of research. All three had worked at the ''Sou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
JP Morgan
JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the world's largest bank by market capitalization, and the fifth largest bank in the world in terms of total assets, with total assets of US$3.774 trillion. Additionally, JPMorgan Chase is ranked 24th on the Fortune 500 list of the largest United States corporations by total revenue. It is considered a systemically important bank by the Financial Stability Board. As a " Bulge Bracket" bank, it is a major provider of various investment banking and financial services. It is one of America's Big Four banks, along with Bank of America, Citigroup, and Wells Fargo. JPMorgan Chase is considered to be a universal bank and a custodian bank. The J.P. Morgan brand is used by the investment banking, asset management, private banking, wealth management, co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Haven
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national), and tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs. The first known taxation took place in Ancient Egypt around 3000–2800 BC. A failure to pay in a timely manner ( non-compliance), along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent. Most countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government. Some levy a flat percentage rate of taxation on personal annual income, but mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
