Saturday, May 4 2024 | Time 06:51 Hrs(IST)
image
Business EconomyPosted at: Apr 16 2024 7:58PM


CBDT signs 125 APAs in FY24, gives push to ease of doing biz

New Delhi, April 16 (UNI) In a bid to provide investor-friendly tax regime and promote ease of doing business, the Central Board of Direct Taxes (CBDT) signed 125 Advance Pricing Agreements (APAs) with Indian taxpayers in the financial year 2023-24.
The total APAs include 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs).
An APA provides certainty to taxpayers in the field of transfer pricing through an agreement in advance. Such agreement is entered into by the CBDT with the taxpayers on the transfer price of international transactions between associated entities.
An Unilateral APA involves only the taxpayer and the tax authority of the country where the taxpayer is located. On the other hand, BAPAs involve the taxpayer, associated enterprise (AE) of the taxpayer in the foreign country, tax authority of the country where the taxpayer is located, and the foreign tax authority.
The APA Scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the arm’s length price of international transactions in advance for a maximum of five future years.
"Further, the taxpayer has the option to rollback the APA for four preceding years, as a result of which, tax certainty is provided for nine years. The signing of bilateral APAs additionally provides the taxpayers with protection from any anticipated or actual double taxation," CBDT said in a media release on Tuesday.
The CBDT said that the number of APAs signed in FY 2023-24 represents a 31% increase compared to the 95 APAs signed during the preceding financial year.
"With this, the total number of APAs since inception of the APA programme has gone up to 641, comprising 506 UAPAs and 135 BAPAs," it said.
During FY24, the CBDT also signed the maximum number of BAPAs in any financial year till date. The BAPAs were signed as a consequence of entering into Mutual Agreements with India’s treaty partners namely Australia, Canada, Denmark, Japan, Singapore, the UK and the US.
"The APA programme has contributed significantly to the Government of India’s mission of promoting ease of doing business, especially for MNEs which have a large number of cross-border transactions within their group entities," the CBDT release said.
UNI NK CS
Please log in to get detailed story.
Tags: #CBDT signs 125 APAs in FY24# gives push to ease of doing biz
More News

M&M leads Indian auto-pack with record-breaking 674 patents in FY24

03 May 2024 | 7:12 PM

Kolkata, May 3 (UNI) Mahindra & Mahindra (M&M), the automotive and farm equipment flagship of the Mahindra Group, has received a record 674 patents in FY24, the most of any Indian 4-wheeler automobile/farm equipment manufacturer.

see more..

MRF' s consolidated income Rs 25,486 cr in FY 2023-24

03 May 2024 | 7:00 PM

Chennai, May 3 (UNI) Tyre major MRF' s consolidated total income is Rs 25,486 Crores for the year ended March 31, 2024, as compared to Rs. 23,261 crores in the previous year.

see more..
Rs 2000 banknotes continue to be legal tender; 97 76% returned till now: RBI

Rs 2000 banknotes continue to be legal tender; 97 76% returned till now: RBI

03 May 2024 | 6:48 PM

Mumbai, May 3 (UNI) The Government has received 97.76 percent of Rs 2000 currency notes as on April 30, 2024, the RBI said on Friday while adding that the banknotes continue to be legal tender.

see more..

RXIL TReDS surpasses Rs 1 lakh cr in invoice financing for MSMEs

03 May 2024 | 6:23 PM

Mumbai, May 3 (UNI) Receivables Exchange of India Limited (RXIL) Trade Receivables Discounting System (TReDS) has achieved a significant milestone, facilitating financing of over 50 lac invoices worth Rs one lakh crore since its inception, providing accessible working capital financing solutions to Micro, Small and Medium Enterprises (MSMEs) in India which play a pivotal role in driving economic growth and facilitating the nation's journey towards achieving a Rs five trillion economy.

see more..
Profit booking pulls market down nearly 1%

Profit booking pulls market down nearly 1%

03 May 2024 | 6:11 PM

Mumbai, May 3 (UNI) The stock market on Friday fell nearly one percent as the BSE sensex closed at 73878.15 points down by 732.96 points from previous close even as there were no negative surprises in the Q4 earnings of some of major companies.

see more..
image