CBDT extends applicability of Transfer Price Safe Harbour Rules till AY 2023-24
The Central Board of Direct Taxes(CBDT) has extended the applicability of Transfer Price Safe Harbour Rules till AY 2023-24 via issuing Notification.
The Notification Stated, “In exercise of the powers conferred by section 295 read with sub-section (2) of section 92CB of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962.”
These rules may be called the Income-tax (Fifteenth Amendment) Rules, 2023. They shall deemed to have come into force from the 1st day of April 2023.
In the Income-tax Rules, 1962, in rule 10TD, in sub-rule (3B), for the words and figures “assessment years 2020-21, 2021-22 and 2022-23”, the words and figures “assessment years 2020-21, 2021-22, 2022-23 and 2023-24” shall be substituted.
Rule 10TD direct the list of eligible international transactions where the transfer price declared by the assessee shall be required to be accepted by the Income Tax Authorities.
For Official Notification Download PDF Given Below:
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