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of <h1>New Income-Tax Rules: Introducing Mutual Agreement Procedure for Foreign Tax Disputes in Part IX-C with Form No. 34F.</h1> The Income-tax (Amendment) Rules, 2003, effective from their publication date, introduce changes to the Income-tax Rules, 1962. A new Part IX-C, titled 'Mutual Agreement Procedure,' is added, detailing procedures for residents aggrieved by foreign tax authorities' actions. Residents can apply to the Indian Competent Authority using Form No. 34F. The Competent Authority in India will coordinate with foreign counterparts to resolve issues and communicate resolutions to relevant Indian tax officials. The Assessing Officer must implement the resolution within ninety days, provided the taxpayer accepts the resolution and withdraws any related appeals. Form No. 34F is also introduced.
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