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of <h1>Finance Minister Announces GAAR Implementation to Combat Tax Avoidance, Effective April 1, 2016, with Key Exemptions.</h1> The Finance Minister's statement outlines the implementation of General Anti-Avoidance Rules (GAAR) in the taxation system, aimed at curbing tax avoidance. Initially incorporated in the Direct Taxes Code Bill of 2010, GAAR provisions were added to the Income-tax Act, 1961, through the Finance Bill, 2012. Following stakeholder feedback, an Expert Committee was formed to refine GAAR guidelines. Key decisions include redefining impermissible avoidance arrangements, procedural safeguards for taxpayers, combining definitions of 'connected persons', and forming an Approving Panel with diverse expertise. GAAR's application is set for April 1, 2016, with certain investments and foreign investors exempted.
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