Income-tax (8th Amendment) Rules, 2020.

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....ficial Gazette. 2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), ̶ (i) for rule 44G, the following rule shall be substituted, namely: - "44G. Application seeking to give effect to the terms of any agreement under clause (h) of sub-section (2) of section 295 and the procedure for giving effect to the decision under the Agreement. - (1) Where an assessee, being a resident of India, is aggrieved by any action of the tax authorities of any country or specified territory outside India for the reason that, according to him, such action is not in accordance with the terms of agreement with such other country or specified territory, he may make an application to the Competent Authority in India ....

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....er country or specified territory within an average time period of twenty-four months. (5) In case the mutual agreement procedure is invoked on account of action taken by any income-tax authority in India, the resolution arrived at under sub-rule (4) in a previous year shall not result in decreasing the income or increasing the loss, as the case may be, of the assessee in India, as declared by him in the return of income of the said year. (6) If a resolution is arrived at under sub-rule (4) between the Competent Authority in India and that of the other country or specified territory, the same shall be communicated in writing to the assessee. (7) The assessee shall communicate his acceptance or non-acceptance of th....

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....ch were filed by the Assessing Officer or the Principal Commissioner or Commissioner or any other income-tax authority. (12) A copy of the order under sub-rule (10), shall be sent to the Competent Authority in India and to the assessee. (13) The amount of tax, interest or penalty already determined shall be adjusted in accordance with the resolution arrived at under sub-rule (4) and in the manner provided under the Act or the rules made thereunder to the extent that such manner is not contrary to the resolution arrived at. Explanation. - For the purposes of this rule, the "Competent Authority in India'' shall mean an officer authorised by the Central Government for the purposes of discharging the functions as such....

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....signation of Tax Authority in the other country or specified territory (Treaty Partner) - (j) Date of the notice or order giving rise to the action - (k) Is the order/action of the Tax Authority of the Treaty Partner not in accordance with the agreement? If so, the reasons thereof - (complete details may be provided in a separate sheet, if required) (l) Details of remedy sought in the other country or specified territory, if any, with documentary evidence - 2. The following documents in support of the claim are enclosed: - (I) Copy of notice or order giving rise to action (II) Detailed reasons provided in respect of (k), if any (III) Documents in respect of (l), if any ....