{"id":57231,"date":"2016-07-19T13:09:27","date_gmt":"2016-07-19T07:39:27","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=57231"},"modified":"2016-09-13T14:41:19","modified_gmt":"2016-09-13T09:11:19","slug":"cbdt-signs-seven-unilateral-advance-pricing-agreements-apas","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/07\/19\/cbdt-signs-seven-unilateral-advance-pricing-agreements-apas\/","title":{"rendered":"CBDT signs seven Unilateral Advance Pricing Agreements (APAs)"},"content":{"rendered":"<p style=\"text-align: justify;\">The Central Board of Direct Taxes (CBDT) entered into seven (7) Unilateral Advance Pricing Agreements (APAs) on 18th July, 2016, with Indian taxpayers. Some of these agreements also have a \u201cRollback\u201d provision in them.<\/p>\n<p style=\"text-align: justify;\">The APA Scheme was introduced in the Income-tax Act in 2012 and the \u201cRollback\u201d provisions were introduced in 2014. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance. Since its inception, the APA scheme has attracted tremendous interest and that has resulted in more than 700 applications (both unilateral and bilateral) having been filed in just four years.<\/p>\n<p style=\"text-align: justify;\">The 7 APAs signed pertain to various sectors of the economy like banking, Information Technology and Automotives. The international transactions covered in these agreements include software development Services, IT enabled Services (BPOs), Engineering Design Services and Administrative &amp; Business Support Services.<\/p>\n<p style=\"text-align: justify;\">Press Information Bureau<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>The Central Board of Direct Taxes (CBDT) entered into seven (7) Unilateral Advance Pricing Agreements (APAs) on 18th July, 2016, with Indian <\/p>\n","protected":false},"author":3,"featured_media":31521,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-57231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin 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