CBDT notifies Safe Harbour Rules retrospectively applicable for AY 2021-22

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Team Studycafe | Sep 25, 2021 | Views 539020

CBDT notifies Safe Harbour Rules retrospectively applicable for AY 2021-22

CBDT notifies Safe Harbour Rules retrospectively applicable for AY 2021-22

The CBDT notifies Safe Harbour Rules will be applied retroactively for Assessment Year 2021-22.

The Board of Revenue has published the Income-tax (30th Amendment) Rules, 2021, which revise the Income-tax Rules, 1962.

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

The Safe Harbour Rules and process are covered by Rule 10TD of the Income Tax Rules, 1962. Changes to these laws were announced by the CBDT, who said that rates in effect from Assessment Year 2017-18 to 2020-21 will continue to be in effect for Assessment Year 2021-22.

If an eligible assessee enters into an eligible international transaction and the option exercised by the said assessee is not held to be invalid under rule 10TE, the transfer price declared by the assessee in respect of such transaction shall be accepted by the income-tax authorities if it is in accordance with the circumstances specified in sub-rule (2) or (2A). Only Rule 2A was applicable from Assessment Year 2017-18 to Assessment Year 2020-21, but this was recently extended to Assessment Year 2021-22 as well.

They will be considered in effect as of April 1, 2021.

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