India: CBDT published comprehensive Guidance Note and FAQs on procedural aspects regarding the Unilateral, Bilateral or Multilateral APA applications

Tax Insights ()

The Advance Pricing Agreement (APA) provisions were introduced in India with effect from 1 July 2012 by the Finance Minister in the Union Budget 2012. The Central Board of Direct Taxes (CBDT), by notification in the official gazette dated 31 August 2012, had introduced detailed rules providing the necessary forms for application of a Unilateral, Bilateral/ Multilateral APA.

The CBDT has now published a comprehensive Guidance Note and Frequently Asked Questions (the Note) detailing the procedural aspects concerned with the Unilateral, Bilateral or Multilateral APA applications. The Note also addresses some of the commonly asked questions of the applicants.