CBDT Notifies Extension Of Applicability Of TP Safe Harbour Rules Till AY 2022-23
The Central Board of Direct Taxes (CBDT) has extended the applicability of Rule 10TD (3B) of the Income-tax Rules, 1962, which deals with safe harbour, till Assessment Year 2022-23. Rule 10 TD prescribes a list of eligible international transactions where the transfer price declared by the assessee shall be required to be accepted by the Income-tax Authorities. According to Rule...
The Central Board of Direct Taxes (CBDT) has extended the applicability of Rule 10TD (3B) of the Income-tax Rules, 1962, which deals with safe harbour, till Assessment Year 2022-23.
Rule 10 TD prescribes a list of eligible international transactions where the transfer price declared by the assessee shall be required to be accepted by the Income-tax Authorities.
According to Rule 10TD (3B), the rules will apply for the assessment years 2020-21, 2021-22, and now, following the amendment, until 2022-23.
The CBDT has notified the Income-tax (18th Amendment) Rules, 2022 to further amend the Income-tax Rules, 1962.
In the Income-tax Rules, 1962, in rule 10TD, in sub-rule (3B), for the words and figures "assessment years 2020-21 and 2021-22", the words and figures "assessment years 2020-21, 2021-22, and 2022-23" shall be substituted.
The amendment will take effect on April 1, 2022, and will apply to the assessment year 2022–2023, which corresponds to the previous year 2021–2022. The Board has certified that no person is being adversely affected by giving retrospective effect to these rules.
Notification No. 66 /2022/F. No. 370142/26/2022-TPL
Dated: 17.06.2022
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