On 9 August 2023, the Central Board of Direct Taxes (CBDT) issued a Notification No. 58/2023, to extend the applicability of the transfer pricing safe harbor rules. The extension applies for the financial year 2022-23 and 2023-24 assessment years. The safe harbour rules were in effect for the assessment years 2020-21, 2021-22, and 2022-23. Safe harbor rules apply to a range of activities, including IT-enabled services, software development, knowledge process outsourcing services, specific research and development services, intra-group loans, corporate guarantees, the production and export of automobile components and the receipt of low-value-adding intra-group services. This amendment is effective from 1 April 2023.
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