Date: April 2, 2025
Applicable Act/Rule: Income-tax Act, 1961
The Central Board of Direct Taxes (CBDT) has enabled Form 3CEFC for online filing on the e-filing portal. This form is meant for taxpayers seeking to opt for the safe harbour provisions for income deemed to accrue or arise in India under Section 9(1)(i) of the Income-tax Act, 1961, which is chargeable under the head “Profits and gains of business or profession.”
The form facilitates streamlined filing for eligible taxpayers engaged in certain cross-border transactions, particularly in cases where the business connection or Significant Economic Presence (SEP) provisions apply. Safe harbour allows such taxpayers to declare income based on prescribed margins, thereby reducing transfer pricing litigation.
This digital enablement aligns with CBDT’s efforts to promote ease of compliance and reduce disputes through structured frameworks under Rule 10TA to Rule 10THD of the Income-tax Rules, 1962.
Read more at : https://1-comply.com/2024/12/02/cbdt-notifies-income-tax-tenth-amendment-rules-2024-with-key-changes/
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