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Central Board of Direct Taxes amends Rule 44G of Income-tax Rules 1962

It also states that if a resolution is arrived, the same shall be communicated to the assessee, who shall communicate his acceptance or non-acceptance within 30 days

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CBDT | Income tax | Direct Tax

ANI 

CBDT TAX
Upon acceptance of the resolution, the assessee shall withdraw any appeal filed in this regard and pay the tax determined by the assessing officer after giving effect to the resolution.

Central Board of Direct Taxes on Thursday has amended Rule 44G of Income-tax Rules, 1962 for making an application to invoke the mutual agreement procedure in Form no. 34F.

"amends Rule 44G of Income-tax Rules, 1962 for making an application to invoke the mutual agreement procedure in Form no. 34F. These rules will be called Income-tax (8th Amendment) Rules, 2020," read the notification.

"The competent authority in India shall endeavour to arrive at a mutually agreeable resolution of the tax disputes...in accordance with the agreement between India and the other country or specified territory within an average time period of twenty-four months," according to the amended rule.

It also states that if a resolution is arrived, the same shall be communicated to the assessee, who shall communicate his acceptance or non-acceptance within 30 days. Upon acceptance of the resolution, the assessee shall withdraw any appeal filed in this regard and pay the tax determined by the assessing officer after giving effect to the resolution.

First Published: Fri, May 08 2020. 10:34 IST
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