Notification No. 58/2023 dated 09-08-2023
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.
Sub-rule (3A) to Rule 10TD sets the time limit for the application of the provision of sub-rules (1) and (2A). It provides that provisions shall apply for the Assessment Year 2017-18 and two Assessment Years immediately following that. In other words, the provisions applied for Assessment Years 2017-18 to 2019-20. Later the Board inserted a new sub-rule 3B to Rule 10TD(3B) to extend the applicability of provisions of sub-rules (1) and (2A) till Assessment Year 2022-23.
The Board has now amended Rule 10TD(3B) to further extend the applicability of Safe Harbour Rules until Assessment Year 2023-24.
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