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)
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.
After holding that the cash receipts and cash payments are unexplained, ad-hoc estimation of income can not be adopted –…
Dividing total turnover by 365 days and concluding that assessee could not have made such cash sale on a single…
NERIST Arunachal Pradesh invites EoI for Empanelment of Chartered Accountant firm North Eastern Regional Institute of Science and Technology, (NERIST)…
Sibsagar University invites Expression of Interest (EOI) for Appointment of Internal Auditor Sibsagar University invites Expression of Interest (EOI) from reputed…
In a recent judgment Andhra Pradesh High Court struck down Section 147A of the Income Tax Act, 1961 as unconstitutional.…
Bank was liable to pay compensation to borrower as it did not verify the progress of construction before loan disbursals…