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GAAR deferred by one year

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Monday, May 07, 2012, 14:29:46 (IST)
 
NEWS FLASH

The implementation of the propsed General Anti-Avoidance Rules or GAAR has been deferred by one year, Finance Minister Pranab Mukherjee said on Monday. It will come into force from April 2013.

In a nutshell, GAAR allows Indian officials to deny tax benefits on transactions or arrangements that do not have any commercial substance or consideration but are conducted merely to avoid paying taxes.
 

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