CBDT extends time for applying roll-back facility under APA till 30 June

The Central Board of Direct Taxes (CBDT) has given more time to taxpayers to apply for 'roll back' facility under the advance pricing agreements (APA). Applications for roll back facility could now be made up to June 30 this year, the CBDT said in a statement here.

CBDT said it has amended rules relating to roll-back of advance pricing agreement (APA), giving an option to roll back APA terms to all taxpayers - even those who have already filed for APAs in the past or those who had already signed APAs with the government.

In case an application for entering into an Advance Pricing Agreement has been filed prior to 31 March 2015, the applicant may now be allowed to file afresh, with proof of payment of additional fee, at any time on or before 30 June 2015, or the date of entering into the agreement, whichever is earlier.

CBDT has amended sub-rule (5) of rule 10MA to provide that in case where an application has been filed prior to 31 March 2015, application for roll-back in Form No 3 CEDA along with proof of payment of additional fee may be filed at any time on or before 30 June 2015 or the date of entering into the agreement, whichever is earlier.

Similarly, in a case where an agreement has been entered into before the 31 March 2015, application for roll back in Form No 3CEDA along with proof of payment of additional fee may be filed at any time on or before 30 June 2015, CBDT said.

CBDT will shortly issue a formal notification in this regard, an official release said.

The finance minister had earlier received representations stating that in respect of the applications and agreements, which have been filed or entered into prior to 1 January 2015, the window provided up to 31 March 2015 is very short considering the fact that the relevant rules have been notified only on 14 March 2015.

Further, it has been represented that a reasonable period also needs to be provided in respect of the applications or agreements, as the case may be, filed or entered into up to 31 March 2015.

CBDT said the rules have been amended in view of these problems.