Controversial General Anti Avoidance Rules sought to empower taxmen to clamp down on deals and income suspected to have been structured only to avoid paying taxes.
Having considered all the circumstances and relevant factors, the government has decided that provisions of Chapter 10A of the Income Tax Act (that deals with GAAR) will come into force from April 1, 2016 instead of April 1, 2014,†finance minister P Chidambaram told reporters.
Read the full report at The Hindustan times.