December 23, 2024 01:22 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Mohali building collapse: Death toll rises to 2, many feared trapped for 17 hours | 4-year-old killed after speeding car driven by a teen hits him in Mumbai | PM Modi attends opening ceremony of Arabian Gulf Cup in Kuwait | Jaipur gas tanker crash: Toll touches 14, 30 critical | Arrest warrant against former cricketer Robin Uthappa over 'PF fraud' | PM Modi emplanes for a visit to Kuwait | German Christmas market car attack leaves 2 dead, Saudi Arabian doctor arrested | India, France come together to build world's largest museum in Delhi's Raisina Hill | Canada, US presented no evidence of Indians' involvement in purported criminal acts: Centre informs Parliament amid 'serious allegations' | Delhi Police Crime Branch to investigate FIR against Rahul Gandhi over Parliament tussle

CBDT signs two unilateral APAs with Indian taxpayer

| | Apr 29, 2017, at 12:43 am
New Delhi, Apr 28 (IBNS): The Central Board of Direct Taxes (CBDT) has entered into two Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers, strengthening the Government’s commitment to foster a non-adversarial tax regime. Both the agreements also have a “Rollback” provision in them.

The 2 APAs signed yesterday pertain to Information Technology and Banking & Finance sectors of the economy.

The international transactions covered in these agreements include Software Development services, IT enabled services and KPO services.
With these, the total number of APAs entered into by the CBDT has reached 154, which includes 11 bilateral APAs and 143 unilateral APAs.

The CBDT expects more APAs to be concluded and signed in the near future.

The approach and functioning of the officers in the APA teams have been appreciated and acknowledged by the industry in India and abroad.
The APA Scheme was introduced in the Income-tax Act in 2012 and the Rollback provisions were introduced in 2014.

The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the arm’s length price of international transactions in advance for the maximum of five future years.

Further, the taxpayer has the option to rollback the APA for four preceding years.

Since its inception, the APA scheme has attracted tremendous interest among Multi National Enterprises (MNEs) and that has resulted in more than 800 applications (both unilateral and bilateral) having been filed in just five years.

 

Image:http://www.incometaxindia.gov.in

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.