TMI BlogAmendments in Rule 10TA and 10TD of Safe Harbour Rules for International Transactions - Income-tax (Twenty-Ninth Amendment) Rules, 2023X X X X Extracts X X X X X X X X Extracts X X X X ..... be called the Income-tax (Twenty-Ninth Amendment) Rules, 2023. (2) Save as otherwise provided in these rules, they shall come into force from the 1st day of April, 2024. 2 . In the Income-tax Rules, 1962 , (a) in rule 10TA , with effect from the date of publication of this notification in the Official Gazette, (i) for clause (f), the following clause shall be substituted, namely:- (f) intra-group loan means loan advanced to an associated enterprise being a non-resident, where the loan (i) is not advanced by an enterprise, being a financial company including a bank or a financial institution or an enterprise engaged in lending or borrowing in the normal course of business; and (ii) does not include credit line ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed enterprises does not exceed a sum equivalent to two hundred and fifty crore Indian rupees in the aggregate as on 31 st March of the relevant previous year: (i) 150 basis points, where the associated enterprise has a credit rating of AAA, AA+, AA, AA-, A+, A, A- or equivalent; (ii) 300 basis points, where the associated enterprise has credit rating of BBB+, BBB, BBB- or equivalent; (iii) 400 basis points, where the associated enterprise has a credit rating of BB+, BB, BB-, B+, B, B-, C+, C , C-, D or equivalent or where the credit rating of the associated enterprise is not available; (b) If amount of loan advanced to the associated enterprise including loans to all associated enterprises exceeds a sum equivalent t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alian dollar, 6-month Bank Bill Swap Rates (BBSW) currently administered by Australian Securities Exchange; and (vi) for Singapore dollar, 6-month Compounded Singapore Overnight Rate Average (SORA), currently administered by Monetary Authority of Singapore, as increased by 45 basis points; (b) credit rating means the credit rating assigned to the associated enterprise by a Securities and Exchange Board of India registered and Reserve Bank of India accredited credit rating agency which is applicable for the relevant previous year, so however that- (i) where the associated enterprise has only one credit rating, then such rating shall be taken as its credit rating; and (ii) where the associated enterprise has a credit rating from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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