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THE INCOME TAX ACT, 2025
Section 168 of Income Tax Act - Ad...
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Section 325 of Income Tax Act - As... Section 326 - Assessment when sect... Section 327 - Change in constituti... Section 328 - Succession of one fi... Section 329 - Joint and several li... Section 330 - Firm dissolved or bu... Section 331 - Liability of partner... Section 332 - Application for regi... Section 333 - Switching over of re... Section 334 - Tax on income of reg... Section 335 - Regular income... Section 336 - Taxable regular inco... Section 337 - Specified income... Section 338 - Income not to be inc... Section 339 - Corpus donation... Section 340 - Deemed corpus donati... Section 341 - Application of incom... Section 342 - Accumulated income... Section 343 - Deemed accumulated i... Section 344 - Business undertaking... Section 345 - Restriction on comme... Section 346 - Restriction on comme... Section 347 - Books of account... Section 348 - Audit... Section 349 - Return of income... Section 350 - Permitted modes of i... Section 351 - Specified violation... Section 352 - Tax on accreted inco... Section 353 - Other violations... Section 354 - Application for appr... Section 355 - Interpretation... Section 356 - Appealable orders be... Section 357 - Appealable orders be... Section 358 - Form of appeal and l... Section 359 - Procedure in appeal... Section 360 - Powers of Joint Comm... Section 361 - Appellate Tribunal... Section 362 - Appeals to Appellate... Section 363 - Orders of Appellate ... Section 364 - Procedure of Appella... Section 365 - Appeal to High Court... Section 366 - Case before High Cou... Section 367 - Appeal to Supreme Co... Section 368 - Hearing before Supre... Section 369 - Tax to be paid irres... Section 370 - Execution for costs ... Section 371 - Amendment of assessm... Section 372 - Exclusion of time ta... Section 373 - Filing of appeal by ... ... Section 375 - Procedure when asses... Section 376 - Procedure where an i... Section 377 - Revision of orders p... Section 378 - Revision of other or... Section 379 - Dispute Resolution C... Section 380 - Interpretation... Section 381 - Board for Advance Ru... Section 382 - Vacancies, etc, not ... Section 383 - Application for adva... Section 384 - Procedure on receipt... Section 385 - Appellate authority ... Section 386 - Advance ruling to be... Section 387 - Powers of the Board ... Section 388 - Procedure of Board f... Section 389 - Appeal... Section 390 - Deduction or collect... Section 391 - Direct payment... Section 392 - Salary and accumulat... Section 393 - Tax to be deducted a... Section 394 - Collection of tax at... Section 395 - Certificates... Section 396 - Tax deducted is inco... Section 397 - Compliance and repor... Section 398 - Consequences of fail... Section 399 - Processing... Section 400 - Power of Central Gov... Section 401 - Bar against direct d... Section 402 - Interpretation... Section 403 - Liability for paymen... Section 404 - Conditions of liabil... Section 405 - Computation of advan... Section 406 - Payment of advance t... Section 407 - Payment of advance t... Section 408 - Instalments of advan... Section 409 - When assessee is dee... Section 410 - Credit for advance t... Section 411 - When tax payable and... Section 412 - Penalty payable when... Section 413 - Certificate by Tax R... Section 414 - Tax Recovery Officer... Section 415 - Stay of proceedings ... Section 416 - Other modes of recov... Section 417 - Recovery through Sta... Section 418 - Recovery of tax in p... Section 419 - Recovery of penaltie... Section 420 - Tax clearance certif... Section 421 of Income Tax Act - Re... Section 422 of Income Tax Act - Re... Section 423 of Income Tax Act - In... Section 424 of Income Tax Act - In... Section 425 of Income Tax Act - In... Section 426 of Income Tax Act - In... Section 427 of Income Tax Act - Fe... Section 428 of Income Tax Act - Fe... Section 429 of Income Tax Act - Fe... Section 430 of Income Tax Act - Fe... Section 431 of Income Tax Act - Re... 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Section 535 of Income Tax Act - Re... Section 536 of Income Tax Act - Re... SCHEDULE I of Income Tax Act - CON... SCHEDULE II of Income Tax Act - IN... SCHEDULE III of Income Tax Act - I... SCHEDULE IV of Income Tax Act - IN... SCHEDULE V of Income Tax Act - INC... SCHEDULE VI of Income Tax Act - IN... SCHEDULE VII of Income Tax Act - P... SCHEDULE VIII of Income Tax Act - ... SCHEDULE IX of Income Tax Act - DE... SCHEDULE X of Income Tax Act - DED... SCHEDULE XI of Income Tax Act... SCHEDULE XII of Income Tax Act... SCHEDULE XIII of Income Tax Act -... SCHEDULE XIV of Income Tax Act - L... SCHEDULE XV of Income Tax Act - DE... SCHEDULE XVI of Income Tax Act - P...Section 168 of Income Tax Act - Advance pricing agreement
168. Advance pricing agreement.
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(1) The Board, with the approval of the Central Government, may enter into an advance pricing agreement with any person, determining the— (a) arm’s length price or specifying the manner in which the arm’s length price is to be determined, in relation to an international transaction to be entered into by that person; (b) income referred to in section 9(2), or specifying the manner in which the said income is to be determined, as is reasonably attributable to the operations carried out in India by or on behalf of that person, being a non-resident |
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(2) The manner of determination of the arm’s length price referred to in sub-section (1)(a) or the income referred to in sub-section 1(b) may include, respectively,– (a) the methods referred to in section 165(1); or (b) the methods provided by rules made under this Act, with such adjustments or variations, as may be necessary or expedient so to do. |
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(3) Irrespective of anything contained in section 165 or 166 or the methods provided by rules made under this Act,– (a) the arm’s length price of any international transaction; or (b) the income referred to in sub-section (1)(b), in respect of which the advance pricing agreement has been entered into, shall be determined as per the advance pricing agreement so entered. |
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(4) The agreement referred to in sub-section (1) shall be valid for such period not exceeding five consecutive tax years as specified in the agreement. |
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(5) The advance pricing agreement entered into shall be binding— (a) on the person in whose case, and in respect of the transaction in relation to which, the agreement has been entered into; and (b) on the Principal Commissioner or Commissioner, and the income-tax authorities subordinate to him, in respect of the said person and the said transaction |
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(6) The agreement referred to in sub-section (1) shall not be binding if there is a change in law or facts having bearing on the agreement so entered. |
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(7) The Board may, with the approval of the Central Government, by an order, declare an agreement to be void ab initio, if it finds that the agreement has been obtained by the person by fraud or misrepresentation of facts. |
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(8) Upon declaring the agreement void ab initio,— (a) all the provisions of this Act shall apply to the person as if such agreement had never been entered into; and (b) irrespective of anything contained in the Act, the period beginning with the date of such agreement and ending on the date of order under sub-section (7) shall be excluded for the purpose of computing any period of limitation under this Act and if immediately after the exclusion of the aforesaid period, the period of limitation, referred to in any provision of this Act, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended accordingly |
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(9) The agreement referred to in sub-section (1), may, subject to such conditions, procedure and manner as may be prescribed, also provide for determining the— (a) arm’s length price or specify the manner in which the arm’s length price shall be determined in relation to the international transaction entered into by the person; (b) income referred to in section 9(2), or specifying the manner in which the said income is to be determined, as is reasonably attributable to the operations, transactions and activities carried out in India by or on behalf of that non-resident person, during any period not exceeding four tax years preceding the first of the tax years referred to in sub-section (4) and the arm’s length price of such international transaction or the income of such person shall be determined in accordance with the said agreement. |
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(10) Where an application is made by a person for entering into an agreement referred to in sub-section (1), the proceedings shall be deemed to be pending in the case of the person for the purposes of this Act till such agreement is entered into, or such proceedings are closed as may be prescribed. |
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(11) For the purposes of this section, the Board may prescribe a scheme specifying therein the manner, form, procedure and any other matter in respect of the advance pricing agreement. |
GST Gyaan | https://gstgyaan.in | CA Rajesh Ritolia - 9350171263