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The Central Board of Direct Taxes (CBDT) on Monday said it has entered into four advance pricing agreements (APAs) in August, which takes the total number of APAs in the current fiscal to 23. Of the latest pacts, three are unilateral while one is a bilateral agreement, the policymaking body of the income tax department said on Monday.
The APA programme was launched by the government in 2012 to provide taxpayers with an alternate dispute resolution mechanism with respect to transfer pricing. The board said the bilateral APA is for international transactions between an Indian company and a UK-based company. It added this is the 8th bilateral APA with the UK and 13th overall (the other 5 being with Japan), the Central Board of Direct Taxes said.
With the signing of agreements, the total number of APAs entered into by the Central Board of Direct Taxes has reached 175. This includes 162 unilateral APAs and 13 bilateral APAs. In the current financial year, a total of 23 APAs (two bilateral and 21 unilateral) have been signed till date.
The agreements signed last month pertain to sectors including telecom, banking, manufacturing and education. FE