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Amendment of section 92CC.

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..... be entered into by that person; (b ) income referred to in clause (i ) of sub-section (1 ) of section 9, or specifying the manner in which 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. (2 ) The manner of determination of the arm's length price referred to in clause (a ) or the income referred to in clause (b ) of sub-section (1 ), may include the methods referred to in sub-section (1 ) of section 92C or the methods provided by rules made under this Act, respectively, with such adjustments or variations, as may be necessary or expedient so t .....

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..... tional transaction or the income of such person shall be determined in accordance with the said agreement. . - Clause 44 of the Bill seeks to amend section 92CC of the Income-tax Act relating to advance pricing agreement. It is proposed to substitute sub-section (1) of the said section so as to provide that 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 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 clause (i) of sub-section (1) of section 9, or specifying the manner in .....

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..... nal transaction entered into by the person; (b) income referred to in clause (i) of sub-section (1) of section 9, 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, during any period not exceeding four previous years preceding the first of the previous years referred to in subsection (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. These amendments will take effect from 1st April, 2020. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation .....

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