Consider the following Statements I GAAR General Anti Avoidance Rule is one of the an...........

Economic Affairs Tax System

Consider the following Statements:

I. GAAR (General Anti Avoidance Rule) is one of the anti avoidance measures adopted by the tax authorities in developed economies.

II. GAAR was first proposed in the Direct Taxes Code (DTC) draft.

III. The expert committee on GAAR was headed by Vijay Kelkar

IV. It recommended to defer the GAAR for two years along with along with abolition of capital gains tax on transfer of securities.

Which of the above Statements is/ are correct?

I, II, IV

III, IV

I & II

All are correct

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Explanation:

1st and 2nd statements are incorrect.
General anti-avoidance rule (GAAR) is an anti-tax avoidance Rule of India. Originally proposed in the Direct taxes code 2009,are targeted at arrangement or transactions made specifically to avoid taxes.It was introduced by then Finance Minister, Pranab Mukherjee, on 16 March 2012 during the Budget session.