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.
Related Posts
India: CBDT launches campaign to ensure accurate disclosure of foreign assets for AY 2024-25
November 20, 2024
The Indian Central Board of Direct Taxes (CBDT) launched a Compliance and Awareness Campaign on Saturday, 16 November 2024, to ensure resident taxpayers fully disclose foreign income in their income tax returns (ITRs) for the Assessment Year (AY)
Read More
India: Tax authority is required to provide justification when rejecting a taxpayer’s chosen transfer pricing method
October 28, 2024
The Delhi High Court delivered a judgement regarding the tax authority's rejection of SABIC India Pvt. Ltd.'s chosen transfer pricing method, ruling that the tax authority is required to provide justification when rejecting a taxpayer's chosen
Read More India publishes guidance for Direct Tax Vivad se Vishwas Scheme
October 16, 2024
India's Central Board of Direct Taxes (CBDT) published a guidance, Circular No. 12 of 2024, on Direct Tax Vivad se Vishwas (DTVSV) Scheme 2024 on 15 October 2024, which was introduced in the 2024 Budget to resolve tax disputes and reduce litigation
Read More India introduces key amendments to CGST rules
October 14, 2024
The Indian Ministry of Finance has issued Notification No. 20/2024 on 8 October 2024, implementing significant amendments to the Central Goods and Services Tax (CGST) Rules, 2017. Key changes in CGST Rules Removal of IGST refund restrictions:
Read More
India consults Income Tax Act, 1961
October 14, 2024
India's Central Board of Direct Taxes (CBDT) has initiated a public consultation to conduct a comprehensive review of the Income Tax Act, 1961. The announcement was made on 7 October 2024. In the Budget 2024-2025 speech, the Finance Minister
Read More India announces tax amnesty scheme rules and start date for dispute settlements
October 04, 2024
India’s Central Board of Direct Taxes (CBDT) announced the effective date and the rules for implementing the "Direct Tax Vivad Se Vishwas Scheme 2024" (VSV), which was introduced in the 2024 Budget to resolve tax disputes and reduce litigation
Read More