CBDT Notifies Rules For General Anti Avoidance Rules (GAAR)

Vide Notification dated 23.09.2013 issued by the CBDT, Rules 10U to 10UC have been inserted in the Income-tax Rules, 1962 to provide for the entire procedure for monitoring the General Anti Avoidance Rules (GAAR). The relevant forms have also been notified. The said Rules will come into effect on 1st April 2016



http://www.itatonline.org/info/?dl_id=1338

Summary of Rules of GAAR

 01. Effective from April 1, 2015.

02. Not applicable in case of arrangement does not exceed the value of INR 30 Mn.

03. Define FII

04. Before reference to commissioner, AO should seeks objections from assessee

05. AO  should  make application to Commissioner in Form 3CEG.

06. Commissioner issue direction to AO in Form 3CEH.

07. Time limit is one month.