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The Central Board of Direct Taxes (CBDT) has signed two more advance pricing agreements (APAs), taking the total number of such pacts to 117. “The two APAs signed today pertain to the Information Technology and automobile sectors of the economy. The international transactions covered in these agreements include software development services, IT enabled services, manufacturing and business support services,” it said in a statement on Thursday.
Introduced in 2014, APAs provide certainty to taxpayers for transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance.
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