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Central Board of Direct Taxes (CBDT) signs ten (10) more Advance Pricing Agreements (APAs) pertaining to various sectors of the economy like Telecom, Pharmaceutical, Banking & Finance, Steel, Retail and Information Technology etc. Consider the following statements regarding the APA Scheme:
I. The APA Scheme was introduced in the Income-tax Act in 2012 and the “Rollback” provisions were introduced in 2014.
II. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance.
III. The total number of APAs entered into by the CBDT has reached 140 which includes 10 Bilateral APAs and 130 Unilateral APAs.
Which of the following statement(s) is/are correct?
  • a)
        Only I
  • b)
        I and II
  • c)
        II and III
  • d)
        All of the above
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Central Board of Direct Taxes (CBDT) signs ten (10) more Advance Prici...
Answer: d
Explanation:
Recently, the Central Board of Direct Taxes (CBDT) has entered into 10 more Advance Pricing Agreements (APAs) over the last one week, including 7 Unilateral APAs signed on 28th February alone. Two of these ten agreements are Bilateral APAs with the United Kingdom and Japan. Seven of these Agreements have Rollback provisions in them.  With this, the total number of APAs entered into by the CBDT has reached 140. This includes 10 Bilateral APAs and 130 Unilateral APAs. In the current financial year, a total of 76 APAs (7 Bilateral APAs and 61 Unilateral APAs) have already been entered into. The CBDT expects more APAs to be concluded and signed before the end of the current C fiscal.The APA Scheme was introduced in the Income-tax Act in 2012 and the “Rollback” provisions were introduced in 2014. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance. Since its inception, the APA scheme has evinced a lot of interest from taxpayers and that has resulted in more than 700 applications (both unilateral and bilateral) being filed so far in about five years.
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Central Board of Direct Taxes (CBDT) signs ten (10) more Advance Pricing Agreements (APAs) pertaining to various sectors of the economy like Telecom, Pharmaceutical, Banking & Finance, Steel, Retail and Information Technology etc. Consider the following statements regarding the APA Scheme:I. The APA Scheme was introduced in the Income-tax Act in 2012 and the “Rollback” provisions were introduced in 2014.II. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance.III. The total number of APAs entered into by the CBDT has reached 140 which includes 10 Bilateral APAs and 130 Unilateral APAs.Which of the following statement(s) is/are correct?a) Only Ib) I and IIc) II and IIId) All of the aboveCorrect answer is option 'D'. Can you explain this answer?
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Central Board of Direct Taxes (CBDT) signs ten (10) more Advance Pricing Agreements (APAs) pertaining to various sectors of the economy like Telecom, Pharmaceutical, Banking & Finance, Steel, Retail and Information Technology etc. Consider the following statements regarding the APA Scheme:I. The APA Scheme was introduced in the Income-tax Act in 2012 and the “Rollback” provisions were introduced in 2014.II. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance.III. The total number of APAs entered into by the CBDT has reached 140 which includes 10 Bilateral APAs and 130 Unilateral APAs.Which of the following statement(s) is/are correct?a) Only Ib) I and IIc) II and IIId) All of the aboveCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Central Board of Direct Taxes (CBDT) signs ten (10) more Advance Pricing Agreements (APAs) pertaining to various sectors of the economy like Telecom, Pharmaceutical, Banking & Finance, Steel, Retail and Information Technology etc. Consider the following statements regarding the APA Scheme:I. The APA Scheme was introduced in the Income-tax Act in 2012 and the “Rollback” provisions were introduced in 2014.II. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance.III. The total number of APAs entered into by the CBDT has reached 140 which includes 10 Bilateral APAs and 130 Unilateral APAs.Which of the following statement(s) is/are correct?a) Only Ib) I and IIc) II and IIId) All of the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Central Board of Direct Taxes (CBDT) signs ten (10) more Advance Pricing Agreements (APAs) pertaining to various sectors of the economy like Telecom, Pharmaceutical, Banking & Finance, Steel, Retail and Information Technology etc. Consider the following statements regarding the APA Scheme:I. The APA Scheme was introduced in the Income-tax Act in 2012 and the “Rollback” provisions were introduced in 2014.II. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance.III. The total number of APAs entered into by the CBDT has reached 140 which includes 10 Bilateral APAs and 130 Unilateral APAs.Which of the following statement(s) is/are correct?a) Only Ib) I and IIc) II and IIId) All of the aboveCorrect answer is option 'D'. Can you explain this answer?.
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