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CBDT vide Circular No. 17/2021 dated 9 September 2021, has further extended time limits for various transfer pricing related compliances.
This is intended to provide some respite to the taxpayers from various challenges being faced in completing their annual transfer pricing compliances within the existing due dates, on consideration of difficulties reported by the taxpayers in e-filling of various reports.
The revised timelines for undertaking various compliances are as below:
CBDT has extended applicability of Safe Harbor Rules for assessment year 2021-22 i.e. financial year 2020-21 and will be effective from 1 April 2021. As per the Notification no. 117/2021, safe harbour rates applicable for assessment year 2017-18 shall continue to apply for assessment year 2021-22.
Based on the above amendment, taxpayers who wish to opt for Safe Harbour for financial year 20-21 need to file Form 3CEFA with the Assessing Officer on or before the due date of furnishing return of income for FY 2020-21. As per recent circular dated 9 September 2021 issued by CBDT, the due date for filing of the return of income for financial year 2020-21 is extended to 28 February 2022. The taxpayer must file the Form 3CEFA either before or along with the return of income.
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Martin Wörlein
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