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of <h1>Understanding Rule 10F: Key Terms for Advance Pricing Agreement (APA) Scheme in Income-tax Rules, 1962 Explained</h1> Rule 10F of the Income-tax Rules, 1962, defines terms related to the Advance Pricing Agreement (APA) Scheme. An 'agreement' is an APA between the Board and an applicant, approved by the Central Government. An 'application' is a request for an APA, and the 'applicant' is the person who applies. A 'bilateral agreement' involves the Board and the applicant, based on agreements between Indian and foreign authorities on transfer pricing methods. A 'multilateral agreement' involves multiple countries. 'Covered transaction' refers to the international transactions under the agreement. 'Critical assumptions' are essential factors for the agreement's validity. A 'unilateral agreement' is solely between the Board and the applicant.
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