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Ministry of Finance (Department Of Revenue) (Central Board Of Direct Taxes) Notification No. 25/2020-Income Tax New Delhi, the 20th May, 2020 INCOME-TAX G.S.R. 304(E).-In exercise of the powers conferred by section 295 read with sub-section (2) of section 92CB of the Income-tax Act, 19
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FAQ :
The main purpose is to amend the Income-tax Rules, 1962, to provide for Safe Harbour Rules.
These amendments are deemed to have come into force from the 1st day of April, 2020.
Rule 10TD, rule 10TE, and Form No. 3CEFA in Appendix II of the Income-tax Rules, 1962, have been amended.
The amendment inserts sub-rule (3B) into rule 10TD, stating that the provisions of sub-rules (1) and (2A) shall apply for the assessment year 2020-21.
Yes, a proviso has been inserted into sub-rule (2) of rule 10TE stating that nothing in this sub-rule shall apply to an option for safe harbour validly exercised under sub-rule (3B) of rule 10TD.
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Notification No : 25/2020Published in Income Tax
Source : https://www.incometaxindia.gov.in/communications/notification/notification_25_2020.pdf