Finance Minister P Chidambaram today said the Income Tax Department will come out with final guidelines by the end of this month on implementation of General Anti Avoidance Rules (GAAR). The guidelines will be based on the suggestions of the committee headed by tax expert Parthasarthi Shome who submitted the final report to the Minister earlier in the day. Speaking to reporters in New Delhi, Mr Chidambaram expected that stage one finalisation of views on the final report by the Shome Committee will take place in next 10 days. He said, stage 2-the final GAAR rules would take another 10 days as that would require vetting by the Law ministry . The minister said Finance ministry would first finalise its report on GAAR and then consider if there was a necessity to mend the Income Tax Act. The Shome Committee had in its draft report recommended postponement of the controversial tax provision by three years to April 1, 2016, and abolition of capital gains tax on transfer of securities.

Mr Chidambaram said the other report by the Shome Committee on indirect transfer of assets by non-resident Indians would be put up on the ministry's website for comments.