Anti-tax avoidance law to be effective from April 1

January 27, 2017 16:45

The Union finance ministry has said that General Anti-Avoidance Rule will be effective April 1, 2017 onwards.

GAAR will not apply to foreign portfolio investors if main purpose of jurisdiction finalised is not to obtain tax benefits.

It will not interplay with right of taxpayer to choose method of transaction.

The ministry said that invocation of GAAR will involve a two-stage process: first by income tax principal commissioner and second by panel headed by high court judge.

GAAR will not be invoked if tax treaty benefits are derived within Limitation of Benefits provisions, it said.

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