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‘Safe harbour rules’ means circumstances in which the income tax authorities shall accept the transfer price declared by the taxpayer. In this regard, Rule 10TD of the Income Tax Rules, 1962 (IT Rules) provides a list of eligible international transactions and circumstances for which the transfer price declared by the taxpayer shall be accepted by the tax authorities.
On 18 September 2013, the CBDT issued the SHR, applicable for five years from FY 2012-13 to FY 2016-17. The SHR provided the procedure for adopting a safe harbor, the transfer price to be adopted, the compliance procedures upon adoption of a safe harbor and circumstances in which a safe harbor adopted may be held to be invalid.
Safe Harbour Rules for AY2022-23. The CBDT has now amended Rule 10TD (3B) to further extend the applicability of Rule 10TD till Assessment Year 2022-23 with effect from 1st April 2022 vide the Income-tax (18th Amendment) Rules, 2022. The notification explained that the rates contained in safe harbor rules applicable for the Assessment Years ...
Nov 21, 2020 · Safe harbor refers to a legal provision to reduce or eliminate liability in certain situations as long as certain conditions are met. Safe harbor also refers to a shark repellent tactic used by ...
On 24 September 2021, the CBDT issued a new notification extending the applicability of the safe harbor rules to FY 2020-21. India Tax Administration extends applicability of transfer pricing safe harbor rules to financial year 2020-21 | EY - Global
Aug 10, 2023 · The Safe Harbour rules are available for a variety of transactions, including cost sharing arrangements, services, royalties, interest, and sale and purchase of goods. The rules are based on a number of factors, including the type of transaction, the functions performed by the related parties, and the risks assumed by the related parties.
A safe harbor is a provision of a statute or a regulation that specifies that certain conduct will be deemed not to violate a given rule. It is usually found in connection with a more-vague, overall standard. By contrast, " un safe harbors" describe conduct that will be deemed to violate the rule. For example, in the context of a statute that ...
