The Central Board of Direct Taxes (CBDT) has notified Safe Harbour Rules as Rule 10TD, which shall apply for Assessment Year 2020-21. The Rule came into existence through the Income-tax (9th Amendment) Rules, 2020. The Board empowered under Section 295 read with Section 92CB (2) of the Income-tax Act, 1961, amended the Income-tax Rules, 1962 and the amendment came to be known as the Income-tax (9th Amendment) Rules, 2020.
Read more at: https://www.taxscan.in/cbdt-notifies-income-tax-9th-amendment-rules-2020-safe-harbour-rules-extended/58489/
The provisions of sub-rules (1) and (2A) shall apply for the assessment year 2020-21,” is inserted in rule 10TD, after sub-rule (3A). “In Rule 10TE, in sub-rule (2), after the third proviso, “Provided also that nothing contained in this sub-rule shall apply to the option for safe harbor validly exercised under sub-rule (3B) of rule 10TD” proviso shall be inserted.