India's Central Board of Direct Taxes issued Notification No. 49/2016 on 22 June 2016, which sets the effective date for the country's General Anti-Avoidance Rule (GAAR) at 1 April 2017. The GAAR will not apply to any income accruing, arising or received (or deemed to be) before that date, but will apply for any tax benefit received on or after that date regardless of when the relevant arrangem…