The Central Board of Direct Taxes has amended the income tax rules to bring clarity in the applicability of the General Anti-tax Avoidance Rules (GAAR), with the aim to reduce ambiguity in tax avoidance provisions.
In a notification issued on March 31, CBDT said that GAAR will not apply to income from the transfer of investments made before April 1, 2017. The amendment will come into effect from April 1, 2026.
The latest development comes after the Supreme Court ruled against Mauritius-based Tiger Global International, upholding the Income Tax Department's right to tax the Private Equity major in relation to its exit from e-commerce major Flipkart in 2018.
(This is a developing story.)
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