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of <h1>General Anti-Avoidance Rule (GAAR) Targets Tax Avoidance in Finance Act 2012, Effective April 2014, Reallocates Tax Benefits</h1> The Finance Act, 2012 introduces Chapter X-A, the General Anti-Avoidance Rule (GAAR), into the Income-tax Act, effective April 1, 2014. This chapter targets impermissible avoidance arrangements primarily aimed at obtaining tax benefits. Such arrangements may involve non-arm's length dealings, misuse of tax provisions, lack commercial substance, or employ unconventional means. GAAR allows tax authorities to disregard or recharacterize these arrangements and deny tax benefits. It includes provisions for determining connected and accommodating parties and outlines consequences for impermissible arrangements, such as reallocating tax benefits and disregarding corporate structures. Definitions for key terms like arrangement, asset, and tax benefit are provided.
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