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of <h1>Finance Bill 2012 Introduces GAAR to Combat Tax Avoidance, Effective April 2013, Under Sections 95-102 of Income-tax Act.</h1> The Finance Bill, 2012 introduces a new Chapter X-A to the Income-tax Act, effective April 1, 2013, focusing on General Anti-Avoidance Rules (GAAR). Section 95 allows arrangements by an assessee to be declared as impermissible avoidance arrangements, with tax consequences determined accordingly. Section 96 defines such arrangements and presumes tax benefit as the main purpose unless proven otherwise. Section 97 outlines when an arrangement lacks commercial substance. Section 98 specifies methods for determining tax consequences. Sections 99 to 102 address connected parties, alternative applications, guidelines, and definitions. These provisions apply from the 2013-2014 assessment year onward.
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