Central Board of Direct Taxes amends Rule 44G of Income-tax Rules 1962

It also states that if a resolution is arrived, the same shall be communicated to the assessee, who shall communicate his acceptance or non-acceptance within 30 days

Central Board of Direct Taxes on Thursday has amended Rule 44G of Income-tax Rules, 1962 for making an application to invoke the mutual agreement procedure in Form no. 34F.

"CBDT amends Rule 44G of Income-tax Rules, 1962 for making an application to invoke the mutual agreement procedure in Form no. 34F. These rules will be called Income-tax (8th Amendment) Rules, 2020," read the CBDT notification.

"The competent authority in India shall endeavour to arrive at a mutually agreeable resolution of the tax disputes...in accordance with the agreement between India and the other country or specified territory within an average time period of