165/2023

Income Tax (Transfer Pricing) Rules 2023

(Gazetted on 29 May 2023)

These Rules have effect for the year of assessment 2023 and subsequent years of assessment and shall to apply to a controllef transaction mentioned under Section 140A(2) of the Income Tax Act, 1967.

For the purposes of determination and application of arm's length price, a person shall determine and apply the arm's length pricefor controlled transaction in respect of the acquisition or supply of property or services in accordance with the manner provided in these Rules.

The Income Tax (Transfer Pricing) Rules 2012[P.U.(A) 132/2012] are revoked.

166/2023

Income Tax (Advance Pricing Arrangement) Rules 2023

(Gazetted on 29 May 2023)

These Rules apply to a taxpayer who carries on a cross-border transaction and intends to apply to the Director General for an advance pricing arrangement (APA) in relation to that transaction.

APA means an arrangement made to determine in advance the appropriate set of criteria to ascertain the arm's length transfer prices of a cross border transaction covered in the APA.

The Income Tax (Advance Pricing) Rules 2012 [P.U.(A) 133/2012] are revoked.