Introduction of General Anti-Avoidance Rule (GAAR)

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....particularly when effective rate of tax diminish significantly. The general Anti-Avoidance Rules (GAAR) provisions aim at combating "impermissible tax avoidance". Many Countries Like the Unite Kingdom, South Africa, Australia, Canada and Brazil have incorporated General Anti-Avoidance Rules in their domestic tax laws to deal with aggressive tax planning. In India, the GAAR concept was ....

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....view the proposals. the committee suggested that the rule be deferred by three year to 2016-17, arguing that more time is need to create administrative machinery for its implementation and called for intensive training of officials. In Finance Act 2015 made amendment in the section 95 by the insertion of sub section (2) "This Chapter shall apply in respect of any assessment year beginning o....