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of <h1>New Safe Harbour Rules in Income-tax Amendment Simplify Compliance for International Transactions in India</h1> The Income-tax (16th Amendment) Rules, 2013, introduced by the Central Board of Direct Taxes, amends the Income-tax Rules, 1962, to incorporate Safe Harbour Rules. These rules define specific terms such as 'contract research and development services,' 'core auto components,' and 'corporate guarantee,' among others. They outline criteria for an 'eligible assessee' engaged in international transactions like software development, IT-enabled services, and intra-group loans. The amendment specifies acceptable profit margins or interest rates for these transactions, aiming to simplify tax compliance and reduce disputes. It also details the procedure for opting into these rules and conditions where they do not apply.
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