Section 92CD of ITA, 1961 : Section 92Cd: Effect To Advance Pricing Agreement

Explanation using Example

Imagine a company, XYZ Corp, that has entered into an Advance Pricing Agreement (APA) with the tax authorities under section 92CC of the Income Tax Act, 1961, to determine the pricing of its international transactions with associated enterprises. The APA is finalized on April 10, 2023, and applies to financial years starting from April 1, 2021.

XYZ Corp had already filed its tax return for the financial year 2021-2022 (Assessment Year 2022-2023) on July 31, 2022, following the regular provisions without the guidance of the APA, as it was not in place at that time.

Following the finalization of the APA, XYZ Corp is required to...

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