Which of the following statements is correct with respect to General Anti-Avoidance Rule (GAAR)?
1
It is designed to prevent tax avoidance in cross border transactions only
2
Its provisions are included in the Income Tax Act, 1961
3
Its provisions are effective from January 2020
4
As of now, there are no appellate tribunals to appeal against the decisions of tax authorities regarding GAAR provisions
5
None of the above