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of <h1>Finance Bill 2015 amends Income-tax Act's Section 95, implementing GAAR from April 2018 for specific assessments.</h1> Clause 25 of the Finance Bill, 2015, amends section 95 of the Income-tax Act concerning the General Anti Avoidance Rule. The amendment renumbers the existing section as sub-section (1) and introduces a new sub-section (2), specifying that Chapter X-A provisions apply to assessment years starting on or after April 1, 2018. This change is effective from April 1, 2015, allowing arrangements deemed impermissible avoidance arrangements to be scrutinized and taxed accordingly under the updated framework.
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