General Anti-Avoidance Rule
Telangana High Courts ruled in favour of GAAR against a taxpayer and has held that colourable devices (transactions without commercial substance) cannot be part of tax planning.
- GAAR empowers tax authorities to deny tax benefits on transactions that have no commercial substance and whose only purpose is to avoid tax.
- Came into effect on – 1st April 2017.
- Covered under – Income Tax Act, 1961.
East Asia Summit
East Asia Summit Senior Official’s Meeting was held in Vientiane, Lao PDR.
- Established in – 2005 at Kuala Lumpur (Malaysia).
- Membership – 18 Members, including 10 ASEAN members and Australia, China, Japan, India, New Zealand, Republic of Korea, Russia, and US.
Northern Limit of Monsoon
With the latest advancement, the Northern Limit of Monsoon now passes through several regions in Maharashtra, Andhra Pradesh, etc.
- Southwest monsoon normally sets in over Kerala around June 01 and advances northwards, usually in surges, and covers the entire country around July 15
- It is the northern most limit of monsoon upto which it has advanced on any given day