 "Tax laws")
The right to plan tax affairs is a fundamental right of every taxpayer. However, there are times when tax planning results in tax avoidance. To prevent this, rules have been introduced, both globally as well as in India, to ensure that appropriate taxes are levied.
Though there were Specific Anti-Avoidance Rules (SAAR) in India through provisions in the Income-Tax Act, there were no codified General Anti-Avoidance Rules (GAAR) until they were introduced in the Finance Act, 2012, only to be deferred and then made applicable from April 1, 2017.
Under the GAAR provisions, the tax authorities have the powers to
