CBDT seeks suggestions to bring transparency in cross-national transactions

The Central Board of Direct Taxes (CBDT) has proposed to secure information about immediate parent or ultimate parent of subsidiaries of multi-national companies (MNCs) in applications filled by companies before the Authority of Advance Rulings (AAR).

This is being done to put the application forms in line with global norms on base erosion and profit shifting (BEPS). The CBDT has sought feedback from all stakeholders by April 30. 

Subsidiaries of MNCs fill form 34C for advance ruling, while Indian companies fill form 34D for the same in relation to the advance rulings on their transactions with MNCs or their subsidiaries