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These amendments will come into effect from April 1, 2024, applicable for assessment year 2024-25, and pertaining to the ongoing financial year 2023-24. Key highlights of the amendments include:
Safe Harbour Rules (Transfer Pricing) prescribed under Rule 10TD made applicable for AY 2023-24 vide the Income-tax (Fifteenth Amendment) Rules, 2023 w.e.f. 01.04.2023 - Notification No. 58/2023, dated 09-08-2023
Aug 11, 2023 · The CBDT has extended the validity of provisions of Rule 10TD (1) & Rule 10 (2A) till Assessment Year 2023-24. Rule 10TD (1) and Rule 10TD (2A) prescribe 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.
CBDT amends Safe Harbour Rules In brief The Central Board of Direct Taxes (CBDT) has recently amended the Safe Harbour Rules for international transactions, i.e. rules 10TA and 10TD of the Income-tax Rules, 1962 (the Rules), vide a notification1. These
These amendments will come into force from 1 April 2024 (i.e. AY 2024-25 and onwards). The amendments broadly provide change in the definition of operating expenses, intra-group loan transaction, benchmark interest rate in view of alternative reference rate after discontinuation of LIBOR.
Jan 2, 2024 · The Central Board of Direct Taxes (CBDT) vide Notification 1 dated 19 December 2023 has sought to amend the Safe Harbour rules, specifically Rule 10TA and 10TD of the Income-tax Rules, 1962 (the Rules).
1. A public consultation on the GloBE Implementation Framework was held in April 2022. At that public consultation, the Inclusive Framework invited input from stakeholders on the development of simplifications and safe harbours.
Recently, the CBDT has amended Rule 10TA and Rule 10TD of the IT Rules 4 vide the Income Tax (Twenty-Ninth Amendment) Rules, 2023, which shall be effective from 1 April 2024. We, at BDO in India, have hereunder summarised the key provisions of the said amended rules:
Feb 9, 2024 · The Indian Central Board of Direct Taxes Dec. 19 issued Notification No. 104/2023, amending rules 10TA and 10TD of the Income Tax Rules 1962, pertaining to transfer pricing safe harbor rules.
Dec 21, 2023 · Tax alert: Safe Harbour rules amended to streamline intra group financing arrangements with global standards. 21 December 2023. Unveiling India's latest Safe Harbour amendments: Revised intra-group loan rules and new interest rate benchmarks.
