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of <h1>Income-tax Rules Amended: New Reporting for International Transactions and Low Value-Adding Services in Form No. 3CEFA.</h1> The Income-tax (21st Amendment) Rules, 2017, effective from April 1, 2017, amend the Income-tax Rules, 1962, specifically Form No. 3CEFA. Changes include the addition of 'Employee cost in relation to operating expense' under eligible international transactions and new items regarding loan transaction details, such as currency denomination and credit rating of associated enterprises. A new section, Sl. No. 10, addresses international transactions involving low value-adding intra-group services, requiring details about associated enterprises, transaction descriptions, amounts, and compliance with transfer pricing rules. These amendments aim to enhance the reporting and compliance framework for international transactions.
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