The Central Board of Direct Taxes (CBDT) has notified Safe Harbour Rules as Rule 10TD, which shall apply for Assessment Year 2020-21. The Rule came into existence through the Income-tax (9th Amendment) Rules, 2020.
The Board empowered under Section 295 read with Section 92CB (2) of the Income-tax Act, 1961, amended the Income-tax Rules, 1962 and the amendment came to be known as the Income-tax (9th Amendment) Rules, 2020.
“The provisions of sub-rules (1) and (2A) shall apply for the assessment year 2020-21,” is inserted in rule 10TD, after sub-rule (3A).
“In Rule 10TE, in sub-rule (2), after the third proviso, “Provided also that nothing contained in this sub-rule shall apply to the option for safe harbor validly exercised under sub-rule (3B) of rule 10TD” proviso shall be inserted.
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