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

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....les, 1962, namely:- 1. (1) These rules may be called the Income-tax (Tenth Amendment) Rules, 2024.     (2) Save as otherwise provided in these rules, they shall deemed to have come into force on the 1st day of April, 2024. 2. In the Income-tax Rules, 1962,- (a) in rule 10TD, in sub-rule (3B), for the words and figures "assessment years 2020-21, 2021-22, 2022-23 and 2023-24", the words and figures "assessment years 2020-21, 2021-22, 2022-23, 2023-24 and 2024-25" shall be substituted; (b) with effect from the date of publication of this notification in the Official Gazette,- (i) after rule 10THD, the following rules shall be inserted, namely:- 'DCA. - Safe Harbour Rules for income referre....

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....in the exporting country; and (vi) falling under Tariff Heading 7102 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975). Safe Harbour.-- 10TIA. (1) The income-tax authorities shall accept the option for safe harbour exercised by an eligible assessee in any relevant previous year under rule 10TIB, where the income declared by such assessee from an eligible business is in accordance with the circumstances as specified in sub-rule (2), unless such safe harbour is declared invalid under the provisions of sub-rule (3) of rule 10TIB. (2) The circumstances referred to in sub-rule (1) in respect of the eligible business mentioned in column (1) of the Table below shall be as specified in column (2) thereof,....

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....siness. (4) The provisions of sections 92D and 92E shall apply in respect of an international transaction, if the eligible assessee enters into such transaction while carrying on the eligible business. Explanation.- For the purposes of this sub-rule, "international transaction" shall have the same meaning as assigned to in section 92B. Procedure.-- 10TIB. (1) For the purposes of exercising option for safe harbour, the assessee shall furnish Form No. 3CEFC, complete in all respects, to the Assessing Officer before furnishing the return of income under section 139 for the relevant previous year. (2) The income from eligible business shall be determined in accordance with the provisions of the Act without ha....

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.... chargeable to tax under the head "Profits and gains of business or profession" To, The Assessing Officer ............................................. Sir/Madam, I propose to opt for the safe harbour rules under section 92CB of the Income-tax Act, 1961(43 of 1961) read with rules 10TI to 10TIC of the Income-tax Rules, 1962. In this regard the particulars are as under: 1. General: (a) Full name of the assessee: (b) Permanent Account Number: (c) Address of the assessee: (d) Nature of business or activities of the assessee: (e) Status: (f) Assessment Year: 2. Eligible Business Sl. No. Particulars in respect of eligible bu....