Applicability of Transfer price under Rule 10TD in respect of Safe Harbour extended

Applicability of Transfer price under Rule 10TD declared by the assessee in respect of Safe Harbour transaction extended to AY 2021-22

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

Notification No. 117/2021

New Delhi, the 24th September, 2021

INCOME-TAX

G.S.R. 661(E).—In exercise of the powers conferred by sub-section (2) of section 92CB read with section 295 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. Short title and commencement. -(1) These rules may be called the Income-tax (30th Amendment) Rules, 2021.

(2) They shall be deemed to have come in to force from the 1st day of April, 2021.

2. In the Income-tax Rules, 1962, in rule 10TD, in sub-rule (3B), for the words and figures “assessment year 2020-21”, the words and figures “assessment years 2020-21 and 2021-22” shall be substituted.

[F. No. 370142/44/2021-TPL]

NEHA SAHAY, Under Secy.
(Tax Policy and Legislation)

Explanatory Memorandum:
It is hereby certified that no person is being adversely affected by giving retrospective effect to these rules .

Note: The principal rules were published in the Gazette of India, Extraordinary, Part-II,section-3, sub-section (ii) vide number S.O. 969 (E) dated the 26th March, 1962 and were last amended vide notification number GSR 627 (E) dated the 13th September, 2021.

Download CBDT Notification Click Here >>

• When testator was illiterate, burden was on propounder of Will to satisfy judicial conscience of Court
• Which ITRS are relevant for assessing income of deceased person under MV Act 1988
• CBDT condones delay in filing Form No. 10AB
• SC express concern over AI generated judgments/paragraphs escaping scrutiny by NCLT/NCLAT
• ICAI to take disciplinary action for quoting very low & incommensurate fee by Chartered Accountants