In Part I, CA Paras Dawar explained the legal aspects of GAAR’s applicability and its consequences. In Part II, he has explained the procedural aspects with respect to the implementation of GAAR with particular reference to the safeguards prescribed by the Shome Committee which curtail the unfettered power of the AO to challenge aggressive tax avoidance arrangements by tax payers
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Tag: GAAR
Understanding General Anti-Avoidance Rules (‘GAAR’): Part 1
The provisions of Chapter X-A of the Income-tax Act, 1961, which prescribe General Anti-Avoidance Rules (‘GAAR’), have been made applicable to all transactions entered into on and from 1st April 2017. The provisions are complicated and are likely to lead to numerous controversies and litigation between the taxpayer and the income-tax department. CA Paras Dawar has explained the salient aspects of the legal provisions in a simple and easy-to-understand format
Tagged with: 1961, CA Paras Dawar, Finance Act 2017, GAAR, General Anti-Avoidance Rules, Income-tax Act