Income-tax (Tenth Amendment) Rules, 2024 - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head “Profits and gains of business or profession

Income-tax (Tenth Amendment) Rules, 2024 - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head “Profits and gains of business or profession https://www.taxtmi.com/notifications?id=142827 The rules create a safe harbour for foreign companies engaged in diamond mining selling raw diamonds in notified special zones: an eligible assessee opting in must declare income meeting a prescribed profit margin relative to gross receipts. If the option is valid, deductions under routine business expense and depreciation provisions are treated as given, written down value is adjusted accordingly, and set off of unabsorbed depreciation and carried forward losses or losses from other businesses is disallowed. Form No. 3CEFC must be filed to opt in; the assessing officer may invalidate the option for incorrect or concealed facts, and mutual agreement procedure is barred for the eligible business. en-us Fri, 29 Nov 2024 00:00:00 +0530 Sat, 30 Nov 2024 14:01:00 +0530 TaxTMI RSS Generator Income-tax (Tenth Amendment) Rules, 2024 - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head “Profits and gains of business or profession https://www.taxtmi.com/notifications?id=142827 The rules create a safe harbour for foreign companies engaged in diamond mining selling raw diamonds in notified special zones: an eligible assessee opting in must declare income meeting a prescribed profit margin relative to gross receipts. If the option is valid, deductions under routine business expense and depreciation provisions are treated as given, written down value is adjusted accordingly, and set off of unabsorbed depreciation and carried forward losses or losses from other businesses is disallowed. Form No. 3CEFC must be filed to opt in; the assessing officer may invalidate the option for incorrect or concealed facts, and mutual agreement procedure is barred for the eligible business. Notifications Income Tax Fri, 29 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/notifications?id=142827