Latest GK GS

Updated By: LatestGKGS Desk

CBDT Anti-avoidance rule GAAR start from 1st April 2017



The Central Board for Direct Taxes announces that The General Anti-Avoidance Rule (GAAR) will be introduced on April 1, 2017

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.

The implementation was continuously postponed due to apprehensions expressed by foreign investors

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%.


Latest Central Board Of Direct Taxes Cbdt Updates

» Banks make compulsory to submit PAN card number/ Form 60 for KYC

» Election Commission ECI declares 255 political parties invalid

» CBDT signs 4 APAs for IT (BPO), Pharmacy, Construction (R & D)

» Indian Railways Rail Display Network Policy for advertisement

» Women security emergency dial 112 Panic button in mobile phones

» Service Charge optional to pay, Service Tax compulsory in 2017