Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

The Government is committed to implement General Anti Avoidance Rule (GAAR) in the country from the next financial year. The commitment of the Government to implement GAAR from 1.4.2017, i.e., Assessment Year 2018-19 relevant to the Financial Year 2017-18, is also reflected in the Budget Speech 2016 delivered in the house on 29.02.2016. 

The Government has taken following steps to overcome the hurdles and implement the GAAR: 

a) The provisions relating to GAAR are contained in Chapter XA and Section 144BA of the Income-tax Act, 1961. 

b) Necessary rules for implementing GAAR have also been notified. 

Further, the Government would be constituting a panel as mandated by the law and also, provide for the guidelines on practical aspects relating to implementation of GAAR, in due course. 

This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today. 

"Loved reading this piece by Guest?
Join LAWyersClubIndia's network for daily News Updates, Judgment Summaries, Articles, Forum Threads, Online Law Courses, and MUCH MORE!!"




Tags :

  Views  371  Report



Comments
img