NEW DELHI: In order to bring greater transparency in cross-national transactions, the Income Tax department on Saturday said it will modify the forms for advance ruling and had invited public comments on it.
“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 residence of the non-resident’s immediate parent company or ultimate parent company are captured at application stage itself,” CBDT said in a statement.
The CBDT on Saturday invited comments on draft notification proposing amendment to Rule 44E, Form 34C, 34D and 34DA as per BEPS Action 5.