https://www.taxtmi.com/acts?id=45726 Safe harbour applies to an eligible assessee carrying on the specified eligible business where the income declared satisfies the prescribed threshold and the option is not declared invalid. For selling of raw diamonds, profits and gains under the head "Profits and gains of business or profession" must be 4 per cent or more of gross receipts. Once validly exercised, deductions under sections 30 to 38 are treated as fully allowed, written down value is adjusted as if depreciation were claimed, and set-off of unabsorbed depreciation, carried-forward loss, or other business and head losses is barred. Transfer pricing provisions apply to international transactions. en-us Mon, 02 Dec 2024 11:36:30 +0530 Tue, 19 May 2026 11:01:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=45726 Safe harbour applies to an eligible assessee carrying on the specified eligible business where the income declared satisfies the prescribed threshold and the option is not declared invalid. For selling of raw diamonds, profits and gains under the head "Profits and gains of business or profession" must be 4 per cent or more of gross receipts. Once validly exercised, deductions under sections 30 to 38 are treated as fully allowed, written down value is adjusted as if depreciation were claimed, and set-off of unabsorbed depreciation, carried-forward loss, or other business and head losses is barred. Transfer pricing provisions apply to international transactions. Act-Rules Income Tax Mon, 02 Dec 2024 11:36:30 +0530 https://www.taxtmi.com/acts?id=45726