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I’ve told the custom and excise Department to collect 3 lakh crores in indirect taxes, and you get me the remaining 5 lakh crores from direct taxes. IT Commissioner (To Pranab): Sir, I’ve finished drafting the DTC and included GAAR In it. Pranab tables the Direct Tax Code-2010 bill in parliament.

It’s your job to write the bill, give paper to me; I present it in parliament, and if parliament approves and President signs, the bill becomes the Act and I take all the credit. I’m done writing the major provision about Income Tax in Direct Tax Code. Then Canada, New Zealand, Germany, France and South Africa also adopted GAAR. I’m surprised to see Indian authorities were sleeping all these years and suddenly realized in 2009 that we too need a GAAR!

So there is no ‘black-money’ because all the money is reported to the tax-authorities.Means illegal arrangements where liability to tax is hidden or ignored i.e.The tax payer pays less tax than he is legally obligated to pay by hiding income or information from tax authorities. An arrangement of a tax payer’s affairs that is intended to reduce his liability and that although the arrangement could be strictly legal.Kalmadi can walk out on bail despite stealing crores from Indian-taxpayers and we are not even allowed to do proper tax planning. Do you have any idea how much time and money did it cost me to prove my innocence in Vodafone-Hutch deal?This GAAR will only generate more income for the top 10-12 tax lawyers of India.

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Pranab (intervenes): haha dude we have neither signed nor ratified that Vienna Convention! Vodafone: But then how am I supposed to do business?

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  1. It's remarkable that, multiculturalism notwithstanding, such institutions as the U. government and the Vatican are warning women away from inter-religious marriages. 1, 2005 update: Cardinal Camillo Ruini, president of the Italian Bishops Conference and a right-hand man to Pope Benedict XVI, issued a statement yesterday on behalf of the conference, warning against Catholics marrying Muslims.