Amendment to Form 3CEFA-Application for opting for safe harbour. CBDT Notification

Amendment to Form 3CEFA-Application for opting for safe harbour. more information added under Eligible International Transaction

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 62 /2017

New Delhi, the 18th July, 2017

INCOME-TAX G.S.R. 891(E).—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, namely:-

1. (1) These rules may be called the Income-tax (21st Amendment) Rules, 2017.
(2) They shall come into force and shall be deemed to have come into force from the 1st day of April, 2017.

2. In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CEFA, in paragraph 2, under the heading “Eligible International Transaction”-

(I) in Sl. No. 3, –
(i) after item (d), following item shall be inserted, namely:-
“(e) Employee cost in relation to operating expense declared

”;

(ii) the existing items (e), (f) and (g) shall be renumbered as (f), (g) and (h) respectively;

(II) in Sl. No. 4, –

(i) after item (d), the following items shall be inserted, namely:

“(e) Currency of denomination of the amount of loan for each loan transaction

(f) Whether credit rating of AE has been done? If yes, the credit rating rank and the name of the credit rating agency

”;

(ii) the existing items (e) and (f) shall be renumbered as (g) and (h) respectively;

(III) after Sl. No. 9, the following Sl. No. 10 and entities relating thereto shall be inserted, namely:

[F. No. 370142/ 20/2017-TPL]

RAJESH KUMAR KEDIA,
Director (Tax Policy and Legislation)