CBDT Notification: GAAR Provisions to be Applicable from 1st April, 2017
The CBDT vide Notification 49/2016 dt. 22nd June, 2016 has notified that provisions of GAAR shall be applicable w.e.f. 1st April 2017, i.e. any tax benefit or transfer before that date shall be outside the ambit of GAAR.
CBDT Notification No. 49/2016 dt. 22nd June, 2016
In exercise of the powers conferred by section 101, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (16th Amendment) Rules, 2016.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, in rule 10U,-
(i) in sub-rule (1), in clause (d), for the figures, letters and words “30th day of August, 2010”, the figures, letters and words “1st day of April, 2017” shall be substituted;
(ii) in sub-rule (2), for the figures, letters and words “1st day of April, 2015”, the figures, letters and words “1st day of April, 2017” shall be substituted.
Note: The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide number S.O. 969(E) dated the 26th March, 1962 and was last amended vide notification number S.O. 2151(E), dated the 20th June, 2016.