Government of India vide the Finance (No 2) Act 2009 made significant proposals with respect to the Indian transfer pricing provisions, one of which was powers to enact safe harbour rules to Central Board of Direct Taxes. CBDT took enormous time to draft the rules. The draft rules were placed in public domain for the comments. After incorporating suggestions from the stake holders, final rules were notified 18th September 2013. In this piece we will be discussing the important aspects pertaining to these rules.
A safe harbour is a provision of a statute or a regulation that specifies that certain conduct will be deemed not to violate a given rule. To put in differently, from the perspective of Transfer pricing provisions the safe harbour rules provides a window for the taxpayers wherein in case of defined circumstances the income-tax authorities shall accept the transfer pricing declared by the taxpayer.
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