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of <h1>India Adopts BEPS Action 5: New Procedures for Tax Rulings Exchange to Prevent Profit Shifting, Ensure Transparency & Confidentiality.</h1> India, as a G20 member, is committed to implementing BEPS Action 5 standards, ensuring a Transparency Framework for exchanging tax rulings. The Central Board of Direct Taxes outlines procedures for handling templates of taxpayer-specific rulings received from other jurisdictions. These include rulings on preferential regimes, unilateral APAs, cross-border profit adjustments, permanent establishments, and conduit arrangements. The templates are used to assess economic activities and ensure appropriate taxation in India, preventing profit shifting. Confidentiality of exchanged information is mandated under tax treaties, and officers must adhere to guidelines on handling such data. The instructions are effective immediately under the Income-tax Act, 1961.
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