Friday, Mar 29 2024 | Time 11:19 Hrs(IST)
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Business Economy


CBDT signs 7 unilateral Advance Pricing Agreements with taxpayers

New Delhi, Jan 22 (UNI) In order to provide certainty to taxpayers in the domain of transfer pricing, the Central Board of Direct Taxes (CBDT) today entered into seven more unilateral Advance Pricing Agreements (APAs) with taxpayers.
With these agreements, the tally of APAs signed so far reached to 39, including one bilateral.
In the current fiscal year, which is the third year of APA programme, 30 agreements have been signed so far. Before the end of the financial year, more such agreements are expected to be signed, an official statement said.
The 7 APAs signed pertain to various sectors of the economy, including investment advisory services, software development services and IT enabled Services.
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 setting the prices of international transactions in advance, it added.
UNI ASH AE 1941
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