Updated By: LatestGKGS Desk
In its year 2016 year-end review, the Central Board of Direct Taxes (CBDT) listed its major achievements.
CBDT is the apex policy making body of the Information Technology department.
GAAR was a part of the 2012-2013 Budget speech of the then Finance Minister Pranab Mukherjee to keep a check on tax evasion and avoidance.
GAAR was originally anticipated to come into force from April 1, 2014 but will now be implemented from April 1, 2017.
GAAR contains provisions allowing the government to prospectively tax overseas deals involving local assets and through its use, Government will try to tax P-Notes as indirect investments which would be able to attract tax rate up to 15%.
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