CBDT extends Applicability of TP Safe Harbour Rules 10TD till AY 2022-23

CBDT extends Applicability of TP Safe Harbour Rules 10TD till AY 2022-23

Reetu | Jun 18, 2022 |

CBDT extends Applicability of TP Safe Harbour Rules 10TD till AY 2022-23

CBDT extends Applicability of TP Safe Harbour Rules 10TD till AY 2022-23

The Central Board of Direct Taxes (CBDT) Vide Notification No. 66 /2022 dated 17th June 2022 has extended the applicability of provisions of Rule 10TD(1) & Rule 10(2A) till Assessment Year 2022-23. Rule 10TD provides a list of eligible overseas transactions for which the assessee’s transfer price must be acknowledged by the Income-tax Authorities.

The Notification is Given Below:

G.S.R. 458(E).—In exercise of the powers conferred by section 295 read with sub-section (2) of section 92CB 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 (18th Amendment) Rules, 2022.

(2) They shall be deemed to have come into force from the 1st day of April, 2022.

2. In the Income-tax Rules, 1962, in rule 10TD, in sub-rule (3B), for the words and figures “assessment years 2020-21 and 2021-22”, the words and figures “assessment years 2020-21, 2021-22 and 2022-23” shall be substituted.

Explanatory Memorandum: This amendment is effective from 1st day of April, 2022 and applies to assessment year 2022 -2023 relevant to previous year 2021-2022. Accordingly, 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, subsection (ii) vide number S.O. 969 (E) dated the 26th March, 1962 and were last amended vide notification number G.S.R. 455 (E), dated the 16th June, 2022.

For Official Notification Download PDF Given Below:

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