Detailed below are the main expectations of measures that could impact markets:

GUIDELINES FOR GENERAL ANTI AVOIDANCE RULES (GAAR)

- Government set to announce detailed guidelines behind GAAR, which will be implemented starting on April 2017

- GAAR is meant to crack down on tax havens, making it harder to claim some tax exemptions

- Key clarification awaited is whether GAAR will take precedence over individual tax treaties, including Singapore and Mauritius

TAXES UNDER INDIRECT TRANSFER RULES

- Government expected to say whether foreign portfolio investors, private equity funds and venture capitals are liable to pay indirect transfer taxes

- Confusion created after tax department said in December such investors could be liable to pay taxes if more than 50 pct of a fund's or investment vehicle's assets are based in India under some conditions

- Tax department also said indirect transfer tax could be charged under certain ownership and investment levels

MASALA BONDS WITHHOLDING TAX

- Government may keep in place a 5 percent withholding tax paid by issuers on "masala" bonds, or rupee-denominated debt sold overseas, despite some lobbying for its removal

SECURITIES TRANSACTION TAX ON EQUITY MARKETS

- STT on futures and options may rise for second year in a row from current levels of 0.05 percent for every 10 million trades, which rises for bigger transactions.

REDUCE TIME PERIOD FOR CAPITAL GAINS EXEMPTIONS

- Reduce threshold for tax exemptions for capital gains

- Currently investments sold after at least a 12-month holding period are exempt from taxes, while anything below that is taxed at up to 20 percent of the gains.

(Reporting by Rafael Nam; Editing by Kim Coghill)