What does GAAR stand for?
QLI Coaching for CA CS
(www.qli.co.in)
(539 Points)
Replied 15 January 2015
DILEEP KUMAR.A
(Executive Finance)
(475 Points)
Replied 16 January 2015
Hi,
Every thing about GAAR. Find the ppt. may be helpful for you.
Mudala Srinivas Kumar
(Head - Finance/Accounts)
(42 Points)
Replied 16 January 2015
Dear Ms.Devika Alva
G.A.A.R stands for General Anti Avoidance Rules.These rules are governed under I.T.Act'61 from 95-102 as against S.A.A.R(Sppecific Anti Avoidance Rules)
The basic idea for framing such rules is Tax Avoidance as contrasted from Tax Evasion & Tax Mitigation.
A.O has the authority to look thru the transaction as a whole or a step in process:
1) Commercial substance & prudence.
2) Substance over form
3) As against SAAR, GAAR covers all types of transaction entered into by the person.
4) G.A.A.R takes precedence against all sections of the I.T Act.
Hope this clarifies your doubts.
Feel free to post any queries on G.A.A.R
Regards
M.Srinivas Kumar
Bangalore
09986178069
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