Implementation of General Anti Avoidance Rule (GAAR)
The Government has taken following steps to overcome the hurdles and implement the GAAR:
a) The provisions relating to GAAR are contained in Chapter XA and Section 144BA of the Income-tax Act, 1961.
b) Necessary rules for implementing GAAR have also been notified.
Further, the Government would be constituting a panel as mandated by the law and also, provide for the guidelines on practical aspects relating to implementation of GAAR, in due course.
This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.