Safe harbour option for international transactions requires Form No. 49, eligibility checks, and transfer pricing verification before validity is confirmed. Safe harbour for transactions other than provision of information technology services is exercised by furnishing Form No. 49 to the Assessing Officer on or before the due date for filing the return of income, and the return must be filed on or before the date of furnishing the form. The Assessing Officer verifies eligibility of the assessee and the international transaction, and where validity is doubted, the matter is referred to the Transfer Pricing Officer, who may seek information or documents and declare the option invalid after hearing the assessee. A further objection lies to the Commissioner, and where the option is valid, the Assessing Officer verifies the declared transfer price against the prescribed circumstances in rule 89(2).