{"id":195252,"date":"2018-04-16T11:28:06","date_gmt":"2018-04-16T05:58:06","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=195252"},"modified":"2018-04-16T11:28:06","modified_gmt":"2018-04-16T05:58:06","slug":"comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/16\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\/","title":{"rendered":"Comments invited on draft notification proposing amendment as per BEPS Action 5, for improving transparency in tax rulings\u00a0"},"content":{"rendered":"<div class=\"text-center\" style=\"text-align: justify;\">\n<p>Under Base Erosion and Profit Shifting (BEPS) Action 5, exchange of rulings on Permanent Establishment (PE) by Authority for Advance Rulings is required to be done not only with the countries of residence of all related parties with whom taxpayer enters into transaction, but also with the country of residence of the immediate parent company and the ultimate parent company. Therefore, in order to implement the recommendations made under Action 5 of BEPS Action Plan to bring greater transparency in cross national transactions, Form 34C and 34D (Forms for Advance Rulings) are required to be modified so that details such as name, address and country of the residence of non-resident\u2019s immediate parent company or ultimate parent company etc. are captured at application stage itself.<\/p>\n<\/div>\n<p style=\"text-align: justify;\">Further, vide Finance Act, 2017, the definition of the term \u201capplicant\u201d for the purpose of Advance Rulings has been amended by substituting clause (b) of Section 245N of the Income Tax Act, 1961 (the Act). Therefore, consequential amendments are required in Rule 44E and respective Forms to bring them in harmony with the amendment to the Act.<\/p>\n<p style=\"text-align: justify;\">Accordingly, a draft notification has been framed and uploaded on the website of the Income Tax Department at\u00a0<a href=\"http:\/\/www.incometaxindia.gov.in\/\">www.incometaxindia.gov.in\u00a0<\/a>for comments from stakeholders and general public.The comments and suggestions on the draft Rules and Forms may be sent by 30<sup>th<\/sup>\u00a0April, 2018 electronically at the email address,\u00a0<a href=\"mailto:ts.mapwal@nic.in\">ts.mapwal@nic.in<\/a>.<\/p>\n<p style=\"text-align: right;\">Ministry of Finance<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Under Base Erosion and Profit Shifting (BEPS) Action 5, exchange of rulings on Permanent Establishment (PE) by Authority for Advance Rulings is <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[29867,29866,29868],"class_list":["post-195252","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-notifications","tag-advance-rulings","tag-base-erosion-and-profit-shifting-beps-action-5","tag-cross-national-transactions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Comments invited on draft notification proposing amendment as per BEPS Action 5, for improving transparency in tax rulings\u00a0 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/16\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Comments invited on draft notification proposing amendment as per BEPS Action 5, for improving transparency in tax rulings\u00a0\" \/>\n<meta property=\"og:description\" content=\"Under Base Erosion and Profit Shifting (BEPS) Action 5, exchange of rulings on Permanent Establishment (PE) by Authority for Advance Rulings is\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/16\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-16T05:58:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/08\/North-Block.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"887\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Saba\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Saba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2018\\\/04\\\/16\\\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2018\\\/04\\\/16\\\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\\\/\"},\"author\":{\"name\":\"Saba\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/e8e76b10dfc9c0d576324bfdbb2c2785\"},\"headline\":\"Comments invited on draft notification proposing amendment as per BEPS Action 5, for improving transparency in tax rulings\u00a0\",\"datePublished\":\"2018-04-16T05:58:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2018\\\/04\\\/16\\\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\\\/\"},\"wordCount\":253,\"commentCount\":0,\"keywords\":[\"Advance Rulings\",\"Base Erosion and Profit Shifting (BEPS) Action 5\",\"cross national transactions\"],\"articleSection\":[\"Legislation Updates\",\"Notifications\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2018\\\/04\\\/16\\\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2018\\\/04\\\/16\\\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\\\/\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2018\\\/04\\\/16\\\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\\\/\",\"name\":\"Comments invited on draft notification proposing amendment as per BEPS Action 5, for improving transparency in tax rulings\u00a0 | SCC Times\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\"},\"datePublished\":\"2018-04-16T05:58:06+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/e8e76b10dfc9c0d576324bfdbb2c2785\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2018\\\/04\\\/16\\\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2018\\\/04\\\/16\\\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2018\\\/04\\\/16\\\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Comments invited on draft notification proposing amendment as per BEPS Action 5, for improving transparency in tax rulings\u00a0\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/e8e76b10dfc9c0d576324bfdbb2c2785\",\"name\":\"Saba\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g\",\"caption\":\"Saba\"},\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/author\\\/editor_2\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Comments invited on draft notification proposing amendment as per BEPS Action 5, for improving transparency in tax rulings\u00a0 | SCC Times","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/16\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\/","og_locale":"en_US","og_type":"article","og_title":"Comments invited on draft notification proposing amendment as per BEPS Action 5, for improving transparency in tax rulings\u00a0","og_description":"Under Base Erosion and Profit Shifting (BEPS) Action 5, exchange of rulings on Permanent Establishment (PE) by Authority for Advance Rulings is","og_url":"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/16\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2018-04-16T05:58:06+00:00","og_image":[{"width":1330,"height":887,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/08\/North-Block.jpg","type":"image\/jpeg"}],"author":"Saba","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Saba","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/16\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\/#article","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/16\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\/"},"author":{"name":"Saba","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/e8e76b10dfc9c0d576324bfdbb2c2785"},"headline":"Comments invited on draft notification proposing amendment as per BEPS Action 5, for improving transparency in tax rulings\u00a0","datePublished":"2018-04-16T05:58:06+00:00","mainEntityOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/16\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\/"},"wordCount":253,"commentCount":0,"keywords":["Advance Rulings","Base Erosion and Profit Shifting (BEPS) Action 5","cross national transactions"],"articleSection":["Legislation Updates","Notifications"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.scconline.com\/blog\/post\/2018\/04\/16\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/16\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\/","url":"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/16\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\/","name":"Comments invited on draft notification proposing amendment as per BEPS Action 5, for improving transparency in tax rulings\u00a0 | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"datePublished":"2018-04-16T05:58:06+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/e8e76b10dfc9c0d576324bfdbb2c2785"},"breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/16\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2018\/04\/16\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/16\/comments-invited-on-draft-notification-proposing-amendment-as-per-beps-action-5-for-improving-transparency-in-tax-rulings\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Comments invited on draft notification proposing amendment as per BEPS Action 5, for improving transparency in tax rulings\u00a0"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/e8e76b10dfc9c0d576324bfdbb2c2785","name":"Saba","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g","caption":"Saba"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_2\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/195252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=195252"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/195252\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=195252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=195252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=195252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}