India entered into a record 125 advance tax deals on intercompany transactions in the last fiscal year, the country’s Central Board of Direct Taxes said Tuesday.
The 125 advance pricing agreements (APAs) during fiscal 2023-2024 represent a 31% increase over the 95 agreements in the previous year, the CBDT said. The number includes 86 unilateral APAs and 39 bilateral APAs.
The total number of APAs since inception of the program has now risen to 641, including 506 unilateral agreements and 135 bilateral agreements, the CBDT said.
APAs are arrangements in which companies get pre-approval from tax authorities ...
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