Procedure relating to transactions of provision of information technology services

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....ption for safe harbour, once exercised validly, shall continue to remain in force for a period of five consecutive tax years. (2) For the purposes of safe harbour in respect of eligible international transaction referred to in sub-rule (1), the threshold of two thousand crore rupees of the aggregate operating revenue shall be tested for the first of the five consecutive tax years. (3) For ex....

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....hin a period of two months from the end of the month in which the option for safe harbour is exercised, about the acceptance or the rejection of the option exercised, as the case may be. (6) The option for exercise of safe harbour shall not be rejected unless the assessee is provided an opportunity to remove defects, if any, in the application filed. (7) Where an option for safe harbour is r....

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.... tax year for which assessee has withdrawn the option and for subsequent tax years. (12) Where an assessee withdraws the option for safe harbour, he shall not be eligible to again exercise the option for safe harbour upto the period of expiry of five consecutive tax years referred to in sub-rule (1). (13) The assessee shall, in respect of each of the four consecutive tax years following the ....