GAAR not to apply on income before April 1, 2017
The Income Tax Department has said the proposed general anti-avoidance rule (GAAR) will not be imposed on income from investments before April 1, 2017. Earlier, the proposed date for the same was August 30, 2010. GAAR, which will be effective from April next year, contains provisions to tax overseas deals involving local assets and is aimed at reducing tax avoidance.