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of <h1>Income Tax Bill 2025: Key Terms Defined for Anti-Avoidance Rule, Including 'Accommodating Party' and 'Tax Benefit'</h1> The General Anti-Avoidance Rule in the Income Tax Bill, 2025, defines key terms related to tax arrangements aimed at obtaining tax benefits. An 'accommodating party' is involved in arrangements primarily for tax benefits. An 'arrangement' encompasses any transaction or scheme, while an 'asset' includes any property or right. A 'connected person' is anyone directly or indirectly related to another, including relatives, business partners, or those with substantial business interests. 'Fund' refers to cash or cash equivalents. 'Tax benefit' includes tax reductions or deferrals. A 'tax treaty' is an agreement affecting tax obligations.
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