ANTIAVOIDANCE TAX RULE TO KICK IN FROM APRIL 2017

Anti-avoidance tax rule, GAAR, will kick in from April 1, 2017, the tax department said on Sunday. In its 2016 year-end review, the Central Board of Direct Taxes (CBDT) listed its major achievements. “Major achievements of CBDT in the current financial year so far include, among others, the enactment of the Benami Transactions (Prohibition) Amendment Act, 2016, implementation of the Direct Tax Dispute Resolution Scheme, 2016, and of GAAR from 2018-19,” an official statement said.