Amendments in Rule 10TA and 10TD of Safe Harbour Rules for International Transactions - Income-tax (Twenty-Ninth Amendment) Rules, 2023

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Rules, 2023. (2) Save as otherwise provided in these rules, they shall come into force from the 1st day of April, 2024. 2. In the Income-tax Rules, 1962,- (a) in rule 10TA, with effect from the date of publication of this notification in the Official Gazette,-- (i) for clause (f), the following clause shall be substituted, namely:- '(f) "intra-group loan" means loan advanced to an associated enterprise being a non-resident, where the loan-- (i) is not advanced by an enterprise, being a financial company including a bank or a financial institution or an enterprise engaged in lending or borrowing in the normal course of business; and (ii) does not include credit line or any other loan facility which has no fixed term for repayme....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of the relevant previous year: (i) 150 basis points, where the associated enterprise has a credit rating of AAA, AA+, AA, AA-, A+, A, A- or equivalent; (ii) 300 basis points, where the associated enterprise has credit rating of BBB+, BBB, BBB- or equivalent; (iii) 400 basis points, where the associated enterprise has a credit rating of BB+, BB, BB-, B+, B, B-, C+, C , C-, D or equivalent or where the credit rating of the associated enterprise is not available; (b) If amount of loan advanced to the associated enterprise including loans to all associated enterprises exceeds a sum equivalent to two hundred and fifty crore Indian rupees in the aggregate as on 31st March of the relevant previous year: (i) 150 basis points, where the as....